Stockwinners Market Radar for May 12, 2017 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

18:50 EDT General Electric says no LEAP design issues, no change to build plan for 2017 - "Earlier today, Boeing restarted a limited number of flights in the 737 MAX flight test program. On Wednesday, Boeing announced that it had temporarily suspended test flights of the 737 MAX after CFM notified Boeing of a potential manufacturing quality concern with two low-pressure turbine discs in certain LEAP-1B engines that had been delivered. LEAP engines are a product of CFM International, a 50/50 joint company of GE and Safran Aircraft Engines.The manufacturing quality concern was discovered during inspections at one supplier of the LPT discs. A second and third supply source are already up and running, and have been for some time. There are no LEAP design issues and we don't anticipate any change in our build plan for 2017. The LEAP-1A is not affected by this quality concern. CFM is committed to supporting Boeing to ensure that MAX airplanes are delivered to meet our customer's needs. LEAP production continues and engines are being installed at Boeing."

18:40 EDT Boeing says no LEAP design issues, no change to 2017 build plans - "On Wednesday, Boeing announced that it had temporarily suspended test flights of the 737 MAX after CFM notified Boeing of a potential manufacturing quality concern with two low-pressure turbine discs in certain LEAP-1B engines that had been delivered. LEAP engines are a product of CFM International, a 50/50 joint company of GE and Safran Aircraft Engines.The manufacturing quality concern was discovered during inspections at one supplier of the LPT discs. A second and third supply source are already up and running, and have been for some time. There are no LEAP design issues and we don't anticipate any change in our build plan for 2017. The LEAP-1A is not affected by this quality concern. CFM is committed to supporting Boeing to ensure that MAX airplanes are delivered to meet our customer's needs. LEAP production continues and engines are being installed at Boeing."

17:41 EDT Kimbell Royalty Partners provides update on ceiling test calculation - Management said, "The oil and natural gas properties that were acquired in connection with the IPO were recorded at the acquisition price of those assets at the time of the IPO. As previously disclosed in our filings with the SEC, as a result of the significant difference between the acquisition price at the time of the IPO and the full-cost ceiling limitation, we could have been required to record a significant impairment to our oil and natural gas properties in the quarter ending March 31, 2017. However, we requested and received an exemption from the SEC to exclude the recently acquired properties from the ceiling test calculation. The Partnership will continue to assess the fair value of the acquired assets at each periodic reporting date to ensure inclusion in the ceiling calculation is not required through the December 31, 2017 reporting period, the period of the exemption provided by the SEC."

17:23 EDT JCP Investment reports 8.8% stake in Fiesta Restaurant

17:16 EDT Viex Capital reports 4.99% stake in Maxwell

17:02 EDT Third Point takes T-Mobile stake, exits Apple stake - Third Point disclosed in an SEC filing its holdings as of March 31. Third Point's twelve new buys during the first quarter included, by size of previous position, T-Mobile (TMUS), Salesforce.com (CRM), Qualcomm (QCOM), and Celanese (CE). Third Point exited thirteen positions during the quarter, including by size of previous position, Apple (AAPL), Molson Coors (TAP), PrivateBancorp (PVTB), and Chubb (CB). Third Point increased its stake in five holdings, including by size of previous position, Rice Energy (RICE), Time Warner (TWX), Alphabet (GOOGL), and Anthem (ANTM). Third Point reduced its stake in fifteen holdings, including by size of previous position, Humana (HUM), JPMorgan Chase (JPM), Bank of America (BAC), and Nomad (NOMD). Third Point's top holdings as of March 31, in order of size, were Baxter (BAX), Dow Chemical (DOW), Constellation Brands (STZ), Facebook (FB), and Alphabet.

16:47 EDT Progressive announces new 25M share repurchase program - The Board of Directors of Progressive approved a new authorization for the company to repurchase up to 25M of its common shares. This authorization replaces the shares that remained under the Board's June 2011 authorization, which was also terminated on May 12. The new authorization does not have an expiration date.

16:42 EDT Avis Budget announces resignation of CFO David Wyshner - Avis Budget Group announced the resignation of David Wyshner, President and CFO. Wyshner, who has served as the company's CFO since 2006 and its president since January 2016, will leave the company in June to pursue other opportunities. The company intends to appoint Martyn Smith, who previously served as finance director of the company's Avis Budget EMEA subsidiary and of Avis Europe plc, to serve as interim CFO and is conducting a search to fill the CFO position on a permanent basis.

16:32 EDT Vivo Capital VIII reports 5.8% passive stake in Biohaven Pharmaceutical

16:17 EDT Empyrean Capital reports 5.5% passive stake in Elevate Credit

16:11 EDT Ballantyne Strong identifies two misstatements in FY16 financial statements - Ballantyne Strong made an announcement about previously released financial statements. During the preparation of its Form 10-Q for the quarter ended March 31, 2017, management of Ballantyne Strong, Inc. identified two misstatements in the company's previously issued consolidated financial statements for the year ended December 31, 2016. Accordingly, investors should no longer rely upon the company's previously released financial statements for the year ended December 31, 2016. The first misstatement related to approximately $477,000 of maintenance service revenue that was pre-billed at a customer's request, but related to services not completed by December 31, 2016. This revenue was improperly recognized during the year ended December 31, 2016. The company continues to evaluate revenue recognition for maintenance services as of December 31, 2016. The second misstatement related to earnings at one of the company's Canadian subsidiaries that would be subject to a withholding tax if repatriated to the U.S. The company improperly excluded earnings to the extent of certain intercompany loans between its Canada and U.S. entities from its provision for deferred income taxes, resulting in an understatement of deferred income tax expense of approximately $238,000. On May 9, 2017, the company's management and the Audit Committee of its board of directors decided to file an amended Form 10-K for the year ended December 31, 2016, to restate the company's Consolidated Balance Sheet as of December 31, 2016, and the related Consolidated Statement of Operations, Consolidated Statement of Comprehensive Income, Consolidated Statement of Stockholders' Equity and Consolidated Statement of Cash Flows for the year then ended to correct the misstatements described above. The restated financial statements to be included in the amended Form 10-K should be relied on in lieu of the financial statements included in the company's original Form 10-K for the year ended December 31, 2016. Although the company cannot yet estimate when it will complete the restatement and file its amended report, it is diligently pursuing completion of the restatement and intends to file the amended report as soon as reasonably practicable. The company expects to file its Form 10-Q for the quarter ended March 31, 2017 promptly after the restatement is complete.

16:03 EDT Allscripts names Dennis Olis as interim CFO - Allscripts announced that Dennis Olis has been named interim CFO. Olis will report to CEO Paul Black and will replace Melinda Whittington, who will be leaving the company. Since November, 2016, Olis has served as Allscripts Senior Vice President, Strategic Initiatives and from November 2012 until November 2016, was the company's Senior Vice President, Operations. Prior to joining Allscripts in 2012, Olis worked for over 25 years in various finance roles at Motorola, most recently as Corporate Vice President Finance Operations of Motorola Mobility and before that as Corporate Vice President of Finance, Research & Development, Portfolio Management and Planning at Motorola.

15:57 EDT Exar trading resumes

14:19 EDT Orogen Viper reports 8.6% stake in Virtusa

13:59 EDT Box Office Battle: 'Guardians of the Galaxy' expected to repeat at top - Expected to repeat its win at the box office this weekend is Disney's (DIS) superhero sequel "Guardians of the Galaxy Vol. 2," which has grossed over $175M domestically to date, and is looking to add an additional $65M-$70M in its second weekend at theaters. Opening this weekend, and battling for second place, are Time Warner's (TWX) subsidiary Warner Bros.' "King Arthur: Legend of the Sword" and 21st Century Fox's (FOX, FOXA) "Snatched." The reimagining of "King Arthur," directed by Guy Ritchie and starring Charlie Hunnam and Jude Law, is expected to open in the $20M-$25M range, while the R-rated comedy "Snatched," starring Amy Schumer and Goldie Hawn, is expected to open in the $20M-$21M range. Comcast (CMCSA, CMCSK) subsidiary Universal's "The Fate of the Furious" is expected to earn an additional $4M-$5M domestically in its fourth weekend at theaters. Other publicly traded companies in filmmaking include Lionsgate (LGF.A, LGF.B), Sony (SNE), and Viacom (VIA, VIAB).

13:48 EDT Raging Capital reports 9.8% stake in Immersion

13:11 EDT Andina Acquisition obtains extension to complete business combination - Andina Acquisition said it has executed several letters of intent for a potential business combination. As a result, Andina now has until September 1 to consummate an initial business combination. If Andina is unable to complete a business combination by September 1, or such later date as may be approved by shareholders at a meeting called for such purpose at which dissenting shareholders will be given the opportunity to have their shares redeemed for a pro rata portion of the funds in Andina's trust account, it will then liquidate.

12:57 EDT Citi Trends says agrees with ISS recommendation of director Barbara Levy - Citi Trends issued the following statement in response to a May 11 report from Institutional Stockholder Services relating to the election of directors to Citi Trends' Board of Directors at the company's May 24 Annual Meeting of Stockholders. Citi Trends urges stockholders to vote on the BLUE proxy card "FOR" the reelection of its highly-qualified and experienced director nominees: Barbara Levy, Lawrence E. Hyatt and R. Edward Anderson. "While we strongly disagree with ISS' failure to recommend the full slate of Citi Trends' highly-qualified Director nominees, we are pleased ISS recognizes the importance of Barbara Levy's Board membership to Citi Trends' future growth plans and continued success. Independent of ISS' recommendations, we are confident stockholders will reach the conclusion that Citi Trends' nominees have the experience and expertise necessary to continue successfully driving value at the Company, as evidenced by the strong results the Board has overseen in a very difficult retail environment. We believe the two nominees proposed by Macellum Advisors GP, LLC and certain affiliated entities - Jonathan Duskin and Paul Metcalf - are ill-suited and poorly equipped to serve on the Company's Board. Macellum and its dissident nominees have offered no new ideas or strategic direction for the Company. If successful in its activist campaign, Macellum would supplant two of your qualified and experienced directors - one of whom serves as your Executive Chairman - with individuals that either have a history of significant value destruction as a board member of retail companies, or no public director experience whatsoever."

12:46 EDT Honeywell recalls about 900 SWIFT wireless gateway sold with fire alarm systems - Honewell is recalling about 900 SWIFT wireless gateway sold with fire alarm systems, as the smoke detectors connected to the gateway can fail to activate properly when significant environmental contaminants are present, posing a risk that consumers will not be alerted to a fire. No injuries or accidents have been reported.

12:41 EDT Sarepta up 2% after FDA posts documents ahead of advisory committee meeting - Shares of Sarepta Therapeutics are up about 2% in early afternoon trading after the FDA earlier posted to its website a background document ahead of a joint meeting of the Pediatric Advisory Committee and Pediatric Ethics Subcommittee that is planned for May 18. The Office of Pediatric Therapeutics, or OPT, received a referral on March 15, 2017 from the University of California at Los Angeles Institutional Review Board for federal panel review of a protocol entitled "A Double-Blind, Placebo-Controlled, Multicenter Study With an Open-Label Extension to Evaluate the Efficacy and Safety of SRP-4045 and SRP-4053 in Patients with Duchenne Muscular Dystrophy," or the ESSENCE study. This came after a parent of a child in the study asked the UCLA investigator to permit the use of a central venous access port because of continued peripheral venous access issues for her son who is enrolled in the ESSENCE trial. "Placement of a central venous catheter or port for placebo administration exceeds a minor increase over minimal risk, and thus is not approvable by an IRB without a determination by the FDA Commissioner following review by a panel of experts," document explains. Following the joint meeting, OPT will draft a decisional memorandum to the FDA Commissioner that will include a recommended course of action based on an analysis of the issues, the PAC/PES discussion and public comments.

12:31 EDT Second part of Aclaris short report posted by Art Doyle - Art Doyle tweeted out to his 386 followers the second part of his research report arguing a short Aclaris Therapeutics (ACRS), long Concert Pharmaceuticals (CNCE) pair trade. Doyle reiterates his $5 price target on Aclaris shares. Reference Link

12:05 EDT TESSCO announces U.S. distribution agreement with STRAX - TESSCO Technologies has announced an exclusive U.S. distribution agreement with STRAX. As part of their agreement, TESSCO will stock accessories from STRAX proprietary and licensed brands including Adidas, Bugatti, FLAVR, and Urbanista.

11:57 EDT Goldman ups Tiffany to buy as luxury buyers' spending power rises - Goldman Sachs analyst Lindsay Drucker Mann upgraded Tiffany (TIF) to Buy from Neutral and increased her price target on the stock to $107 from $82 as the luxury backdrop is "cyclically improving" through increased international tourist spending and "rising net worth for high-end U.S. consumers." In addition, the analyst said management changes could unlock "significant" free-cash flow through improved operations while lower diamond costs support gross margins in the near-term. NOTABLE: Earlier this week, BofA Merrill Lynch analyst Lorraine Hutchinson said she has more confidence in the handbag and accessories company's comparable sales turn following a "strong start to the year" for global luxury retailers. Hutchinson raised Tiffany's first quarter earnings estimate to 70c from 64c per share and expects positive Q1 comps with an acceleration in the second half of 2017. The analyst rates Tiffany a Buy with a $110 price target on the shares. PRICE ACTION: Tiffany is up 0.3% to $92.29 near noon today, though over the last month the stock is little changed.

11:37 EDT Tesla, Green Mountain working together to bundle Powerwall, Powerback batteries - Tesla says, "Tesla can now bundle Powerwall and Powerpack batteries into a single portfolio, also called aggregation, to make the grid cleaner and more efficient. Meanwhile, Powerwall customers who allow Tesla and the utilities to use their battery when energy demand is highest will not only have home backup power, but will also receive compensation for its use on the grid. To introduce this program, Tesla and Green Mountain Power, a utility in Vermont, are working together to bundle Powerwall and Powerpack batteries into a single resource of shared energy for the first time. Green Mountain Power will install Powerpacks on utility land and deploy up to 2,000 Powerwall batteries to homeowners within the utility's service territory, which will enable more renewable energy and increase grid efficiency. For only $15 a month or a $1,500 one-time fee, customers will receive backup power to their home for the next 10 years, eliminating the need for traditional, manually-controlled backup generators that use fossil fuel. At the same time, Tesla and Green Mountain Power will provide a variety of grid services using the network of installed Powerwall batteries, delivering dynamic capacity (energy reserves that can be dispatched when they are needed most) and additional grid stability, while sustainably lowering costs for all utility customers. Tesla will also work with Green Mountain Power to dispatch the aggregated resource into New England's wholesale electricity markets, producing additional savings for customers in the region. The Green Mountain Power program is just the beginning. Tesla is working with energy retailers, grid operators, utilities and aggregators across the globe to unlock the ability for Tesla batteries to deliver grid services while providing reliable power at all times of day. As the deployment of Tesla batteries continues to accelerate, we can scale the adoption of renewable energy, cost-effectively modernize our aging infrastructure, and improve the resilience of our electric grid to benefit everyone." Reference Link

11:27 EDT Canadian Pacific, TCRC-MWED reach tentative five-year agreement - Canadian Pacific and the Teamsters Canada Rail Conference Maintenance of Way Employees Division, or TCRC-MWED, announced they have reached a tentative five-year agreement. "We have been working collaboratively and proactively with the TCRC-MWED leadership on a deal that makes sense for both sides and provides stability over the long-term," said CP's President and CEO Keith Creel. "CP has worked hard, and will continue to work hard, to achieve long-term, innovative agreements with its unions that provide the framework for continued success for the company and its valued employees." Details of the agreement will be presented to the TCRC-MWED for ratification by the union's leadership. TCRC-MWED represents approximately 2,000 workers at CP.

11:10 EDT Morgan Stanley upgrades supplier Visteon as play on 'Auto 2.0' - Morgan Stanley upgraded auto supplier Visteon (VC) to Overweight from Market Weight, citing the company's first quarter beat and an increase in the market's valuation of high tech auto suppliers. RESULTS: Visteon reported "strong" first quarter results, as its net income came in 25% above Morgan Stanley's estimate, wrote Adam Jonas, an analyst at the firm. The auto supplier's gross margin was 16.2%, versus Morgan Stanley's forecast of 15%, he noted. Meanwhile, Jonas raised his 2019 and 2020 EPS estimates for the company by 14% and 18% respectively. At that point, the company's investments in auto infotainment and autonomous driving should start to pay off, the analyst stated. DELPHI RE-RATING: On May 4, another auto supplier, Delphi (DLPH), announced that it would split itself into two publicly traded companies, with one focusing on high-tech products for automobiles and one focusing on powertrain propulsion products. Jonas noted that Delphi's stock has surged since the announcement, saying that the Delphi news "has focused investor attention" on the value of companies best positioned for the migration to the next generation of automobiles, or what he call "Auto 2.0." Jonas responded by increasing his valuation of Visteon's stock by $8 per share, setting a new $115 price target on Visteon. PRICE ACTION: In morning trading, Visteon rose 3% to $104.88.

10:45 EDT J.C. Penney, Nordstrom join department store peers in retail wreckage - Shares of J.C. Penney (JCP) and higher-end peer Nordstrom (JWN) added to the retail wreckage of the last few days, after reporting lower comparable store sales in the first quarter. The retailers' reports followed disappointing reports from others in the space, including Macy's (M) and Kohl's (KSS), which both posted lower overall sales and same-store sales in the quarter. J.C. PENNEY: J.C. Penney reported Q1 adjusted EPS of 6c, compared to forecasts for a 21c loss. However, revenue of $2.7B fell below forecasts of $2.77B, and comp sales slid 3.5%. CEO Marvin Ellison noted that February was a "very challenging month," but said on the earnings call that the nine-week March-April combined comp improved 600 basis points from February. The company said Home, Sephora, Fine Jewelry and Salon all comped positively in the quarter. Looking ahead, J.C. Penney backed its guidance for fiscal 2017 adjusted EPS of 40c-65c and SSS down 1%-up 1% and gross margin up 20-40bps. Ellison said the retailer is "confident" Q2 comps will be within the guided range for the year and backed his view that EBITDA for the year will be about $1.1B and free cash flow will be about $300M-$400M. Ellison said J.C. Penney plans to enhance Nike (NKE) departments in 600 stores and add women's Adidas (ADDYY) apparel to 400 stores by back to school. J.C. Penney is delaying its planned closure of 138 stores by about a month after sales picked up in the locations. The company will begin the liquidation process later this month for the majority of the stores, J.C. Penney said today. NORDSTROM: Nordstrom yesterday reported adjusted EPS of 43c, well above estimates of 27c. Revenue for the quarter of $3.35B was slightly above the $3.34B consensus, but comp sales declined 0.8% for the total company. Nordstrom brand net sales fell 1.7% in Q1 and comp sales declined 2.8%, while net sales at the Nordstrom Rack brand, which includes Nordstrom Rack stores and NordstromRack.com/HauteLook, increased 8.7% for the quarter and SSS rose 2.3%. Nordstrom backed its adjusted EPS view of $2.75-$3.00, revenue growth view of 3%-4% and SSS growth view of roughly flat. Nordstrom said on its earnings call that while there may be opportunities to close stores, it is not part of its strategy. WHAT'S NOTABLE: Mall-based retailers have been hurt by the increasing popularity of fast-fashion retailers like Zara, Forever 21 and H&M, as well as an increase in online shopping. SECTOR PEERS: Yesterday, sector peer Macy's cratered after reporting lower EPS, revenue and comparable sales than analysts expected. While Macy's backed its guidance for fiscal 2017, it acknowledged that the back half of the quarter performed better than the first half. Macy's expects the improvement in the comp trend to begin in Q2 and continue to build in Q3 and Q4. On its earnings call, Macy's CEO Jeff Gennette said that he has known "for some time" that the U.S. is over-retailed compared to other markets, not surprising to see contraction in retail square footage. Macy's will introduce a new marketing strategy in Q3. Kohl's also reported earnings yesterday, with EPS that beat expectations, though its revenue fell below estimates and its SSS declined 2.7%. Kohl's CEO Kevin Mansell said sales in February declined high single digits and improved to down 1% in the March-April combined period, but he is putting February "to the side," citing colder weather and delayed tax refunds. Kohl's said it sees an opportunity to capture sales from competitors' stores that are closing, which may include closing stores from Macy's and J.C. Penney. Earlier in the week, Sears (SHLD) CEO Edward Lampert accused the media of "unfairly singling out" the company over the past decade, blaming "irresponsible" news for the company's issues, Reuters reported, citing a presentation Lampert made at an annual shareholders' meeting. Sears, which has not reported a profit for six years, is in the midst of a turnaround strategy, but the retailer has warned it may not be able to continue as a going concern. ANALYST COMMENTARY ON NORDSTROM, MACY'S: Commenting on Nordstrom, UBS analyst Michael Binetti reiterated his Buy rating and $51 price target said the underlying fundamental story is largely unchanged despite the slightly worse than expected same-store sales and gross margins. Meanwhile, Cowen analyst Oliver Chen said Macy's financial model is "worrisome," cutting hsi price target to $29 from $44. Citi analyst Paul Lejuez also lowered his price target for Macy's to $23 saying the company's results yesterday "stood out as extremely weak" amid disappointing quarters across the sector. Jefferies analyst Randal Konik said Macy's Q1 miss reinforces his view that department stores are in a "tough spot" and significant hurdles remain to reinvigorate sales growth. PRICE ACTION: In morning trading, J.C. Penney is down 8.3% to $4.85, while Nordstrom is down 7.4% to $42.78. Kohl's is down 1.3%, Macy's is down about 1% and Sears is down nearly 7%. Dillard's (DDS), another retailer that reported its results this week, is flat.

10:31 EDT Delta expands connectivity between Rio de Janeiro and New York - Delta Air Lines continues to expand its connections between Brazil and the United States with a new nonstop flight between Rio de Janeiro and New York-JFK, available for booking through the company's website on Saturday. Delta will connect the two cities with a daily service, starting southbound Dec. 21, 2017, and northbound the next day. The airline's strategic alliance with GOL Linhas Aereas Inteligentes will extend the reach of this service to 23 destinations within Brazil and provides seamless connections at Antonio Carlos Jobim International Airport in Rio de Janeiro. On the other end, Delta will offer 49 U.S. destinations beyond its hub at New York-JFK.

10:13 EDT Macau casino names upgraded on positive long-term outlook - The shares of Macau casino owners are rising after Barclays upgraded two names in the sector, Las Vegas Sands (LVS) and Wynn Resorts (WYNN), to Overweight from Equal Weight. Macau's momentum is "continuing to build," the firm stated. PICKING UP STEAM: Noting that Macau's non-VIP gross gaming revenue has risen for four consecutive quarters, Barclays analyst Felicia Hendrix wrote that Macau "has been picking up steam." Macau's gross gaming revenue "is in the early stages of a multi-year growth cycle," the analyst believes. Historical data indicates that Macau stocks should rise much further, she indicated. LAS VEGAS SANDS: The company should grow for many years to come as Macau fundamentals improve and infrastructure improvements make it easier for people to visit the region, according to Hendrix. Las Vegas Sands' earnings before interest, taxes, depreciation and amortization from Macau probably won't increase significantly until next year, but its Macau EBITDA should rise 6.5% in 2018 and 7.3% in 2019, likely pushing its stock price higher, she believes. The analyst raised her price target on the stock to $68 from $55. WYNN: The company should gain market share as its new Wynn Palace casino becomes more popular and revenue from all of its new projects raise its cash flow, the analyst stated. Hendrix increased her price target on Wynn Resorts to $144 from $87. OTHERS TO WATCH: Melco Crown (MLCO) and MGM Resports (MGM) are two other publicly traded Macau casino owners. PRICE ACTION: In morning trading, Wynn rose 3.5% to $126.50 and Las Vegas Sands advanced 2% to $58.60.

10:01 EDT Deutsche Bank hires Bruce Harting as managing director in FIG - Deutsche Bank (DB) announced that it has hired Bruce Harting as a Managing Director in its Financial Institutions Group. Harting will join the bank's New York office this summer as Head of Banks Investment Banking Coverage. He joins from Credit Suisse (CS) where he was most recently a Managing Director in the Financial Services Coverage group. Harting will report to Celeste Guth, Co-Head of Global FIG.

09:53 EDT Alere delays filing of Quarterly Report on Form 10-Q - In a regulatory filing last night, Alere disclosed that it is unable to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 within the prescribed time period without unreasonable effort or expense. As previously disclosed, the company is delayed in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2016 due to the company's review of certain revenue transactions at the company's South Korea and Japan locations, as well as the review of financial statements and inappropriate conduct at the company's subsidiary in South Korea, Standard Diagnostics, Inc. As also previously disclosed, the Audit Committee of the company's board, after considering the recommendations of management, concluded that the company's financial statements as of December 31, 2015 and 2014 and for each of the years ended December 31, 2015, 2014 and 2013, and for each quarterly and year-to-date periods in 2015 and the first three quarterly and year-to-date periods in 2016 should not be relied upon because of certain misstatements. "While the Company continues to work expeditiously to conclude this review and file its Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and the Quarterly Report for the fiscal quarter ended March 31, 2017 as soon as practicable, the Company does not anticipate filing such Quarterly Report on Form 10-Q within the five day extension provided by Rule 12b-25(b)," Alere noted.

09:40 EDT Barracuda reports four directors resign from board - In a regulatory filing, Barracuda Networks reported that James Goetz and David Golob resigned from the board of directors of the company on May 10. Goetz and Golob served nine years and eleven years on the Board, respectively, and through Sequoia Capital and Francisco Partners, respectively, were early investors in the company. Also, Zachary Levow, Founder and CTO, resigned from the board on May 10. Levow will continue his employment with the company and serve as the CTO. Gordon Stitt retired from the board after serving ten years as a Director, and tendered his resignation on May 10, the company also disclosed. "The decision of each of Messrs. Goetz, Golob, Levow and Stitt was for personal reasons and not the result of a disagreement with the Company on any matter relating to the Company's operations, policies or practices, Barracuda stated. On May 11, the board accepted the resignations and reduced the number of authorized members of the board from ten to six directors, effective immediately.

09:28 EDT On The Fly: Pre-market Movers - UP AFTER EARNINGS: Finjan Holdings (FNJN), up 14.9%... Trade Desk (TTD), up 21.4%... CA Technologies (CA), up 5.2%. ALSO HIGHER: Corning (GLW), up 1.9% following Apple's (AAPL) announcement that it will award the company $200M from its new Advanced Manufacturing Fund to support Corning's research and development, capital equipment needs and glass processing... Apple is up marginally... Sprint (S), up 2.5% after Bloomberg reports the company entered into preliminary talks to merge with T-Mobile (TMUS)... T-Mobile is up 1.7%. DOWN AFTER EARNINGS: J.C. Penney (JCP), down 6.6%... Cyberark (CYBR), down 7.8%... Voxeljet (VJET), down 10.8%... Chromadex (CDXC), down 13.3%... Presidio (PSDO), down 12.3%. ALSO LOWER: Tidewater (TDW), down 26.8% after announcing an agreement with certain lenders and note holders as well as announcing that it expects to file for chapter 11.

09:19 EDT Terreno Realty acquires building in Washington D.C. for $3.7M - Terreno Realty has acquired an industrial property located in Washington, D.C. on May 10 for a purchase price of approximately $3.7M. The property consists of one industrial distribution building containing approximately 22,000 square feet on 0.7 acres. The estimated stabilized cap rate of the property is 5%. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer's due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.

09:07 EDT Richmond Brothers, Ravich urge Rockwell shareholders to vote Ravich on board - Richmond Brothers and Mark Ravich, who together with their affiliates beneficially own over 6.1M shares, or 11.8% of Rockwell Medical's outstanding common stock, sent a letter to Rockwell shareholders urging them to vote for Ravich for election to the board at the upcoming annual meeting of shareholders. The letter said, "As you know, we are currently fighting to put a stop to the chronic underperformance, poor communication, and egregious corporate governance that have characterized Rockwell Medical for years. We believe that Mark Ravich, our highly-qualified nominee, is well-equipped to deliver the change that Rockwell sorely needs. Mark has the experience and ability that will make him an effective director at Rockwell - including experience as a CEO of a NASDAQ-traded company, experience serving on the boards of several companies, and nearly three decades of successful investing in medical device companies. We urge you to vote for Mark to install a true representative of all shareholders in the boardroom so that your best interests are protected."

09:04 EDT J.C. Penney CEO says 'confident' Q2 comps can be within FY guided range

08:52 EDT J.C. Penney sees adding women's Adidas apparel to 400 stores by BTS - J.C. Penney (JCP) says has "a lot of work to do" for sustained gross margin improvement. Says to begin liquidation process later this month for majority of 138 stores slated for closure. Sees 80bp impact to gross margin in Q2 as a result of closures. Sees total inventory at end of 2017 down "at least" 5% vs. end of 2016. Notes company is adding 70 new locations opening over the next few months and says 32 existing Sephora inside JCPenney shops will expand in size by nearly 50% to accommodate more products and client services. Says opening 100 new appliance showrooms this quarter, adding new appliance partners in 2017. Says Home Services testing turnkey services for heating and cooling systems, simple bathroom remodels, quick ship and installed blinds. Says "We know we'll never be number one in market share" in home categories, but says wants to "gain a piece" of the market. Says footwear to be a focus in 2017. Says to enhance Nike (NKE) departments in 600 stores, add women's Adidas (ADDYY) apparel to 400 stores by back to school.

08:37 EDT Total signs exploration and production contract with Mauritania - Total and Mauritania have signed an exploration and production contract to perform exploration works on Block C7, which covers an area of 7,300 square kilometers. The Group will be the operator with a 90% interest alongside the Societe Mauritanienne des Hydrocarbures et de Patrimoine Minier holding the remaining 10%.

08:33 EDT Pingtan Marine Enterprise enters e-commerce and restaurant markets - Pingtan Marine Enterprise has signed a tripartite Framework Agreement with Shanghai City Supermarket and Shenzhen Honglicun Restaurant to provide its fish products. Pursuant to the Agreement, Pingtan will provide its deep ocean fish products directly to City Shop and Honglicun as a primer supplier. The three parties will form a broad strategic cooperation in production, processing and supply management of Pingtan's fishing products. The company expects to complete the preparations and begin recognizing sales in Q4.

08:18 EDT Abeona Therapeutics reports results from Phase 1/2 trial for ABO-102 - Abeona Therapeutics announced updated data from the ongoing gene therapy clinical trial for Sanfilippo syndrome Type A at the American Society Gene and Cell Therapy 20th Annual Meeting. The ongoing Phase 1/2 trial for ABO-102 is a first-in-man clinical trial utilizing a single intravenous injection of AAV gene therapy for subjects with Sanfilippo syndrome, a rare autosomal-recessive lysosomal storage disease. Subjects are evaluated at multiple time points post-injection for safety assessments and initial signals of biopotency and clinical activity, which suggest that ABO-102 successfully reached target tissues throughout the body, including the central nervous system. Highlights on five out of the six patients treated to date in the gene therapy trial included: positive dose response observed in Cohort 2 with 60.7% - +/- 8.8% - reduction in cerebral spinal fluid heparan sulfate, consistent reduction in liver volume observed, evidence of cognitive stabilization at six months in Cohort 1 and no serious adverse events reported in subjects in either cohort. The ongoing Phase 1/2 clinical trial, which has received FastTrack designation, Orphan Product Designation, and Rare Pediatric Disease designation by the FDA, is designed to evaluate safety and efficacy of ABO-102 in patients with MPS IIIA.

08:07 EDT Frontier Communications sets reverse stock split ratio - Frontier Communications announced that, following stockholder approval of the reverse stock split proposal at Frontier's May 10 Annual Meeting, Frontier's board of directors has determined to effect the reverse stock split of the issued shares of common stock at a ratio of one share for 15 shares. The reverse stock split will be effective as of the beginning of trading on July 10. In addition, and at the same time, the total number of shares of common stock that Frontier is authorized to issue will change from 1shares to 175M shares.

07:38 EDT J.C. Penney plans retirement of $520M in outstanding debt - Says taking actions to strengthen balance sheet through planned retirement of $520M in outstanding debt

07:35 EDT J.C. Penney: March-April combined SSS improved significantly vs. February

07:32 EDT J.C. Penney reaffirms FY guidance

07:14 EDT Hydrogenics' Prolaris test shows predictability in prostate cancer study - Myriad Genetics announced new data demonstrating the utility of the Prolaris test to "accurately" predict the 10-year risk of metastases in men treated for prostate cancer. The data are being presented tomorrow at the American Urological Association (AUA) 2017 Annual Meeting in Boston, Mass. A total of 767 men with localized prostate cancer were evaluated using the Prolaris test plus CAPRA to predict the risk of metastatic disease up to 10 years following diagnosis. Approximately 40% of the patients in the study were African Americans. The results showed that the Prolaris test was a significant predictor of metastatic disease with a nearly 3-fold increased risk for each one-unit increase on the Prolaris test score. There was no difference in predictive performance between races or treatment groups. When combined with CAPRA the Prolaris test was highly predictive of metastatic disease. This large study found no evidence that AA men have more aggressive prostate cancer than non-AA men after accounting for all molecular and clinical information. Based on the data, Myriad has added risk of metastases to the Prolaris test report for clinicians, making Prolaris the first and only genetic test to provide this endpoint as validated by two outcomes studies.

07:08 EDT Fortis to buy Teck's two-thirds interest in Waneta Dam, related assets for $1.2B - Fortis (FTS) and Teck Resources Limited (TECK) announced an agreement under which Fortis will purchase Teck's two-thirds interest in the Waneta Dam and related transmission assets in British Columbia, Canada, for $1.2B cash. Under the agreement, Teck Metals Ltd. will be granted a 20-year lease to use Fortis' two-thirds interest in Waneta to produce power for its industrial operations in Trail. Annual payments will begin at approximately $75M per year and escalate at 2% per annum, equivalent to an initial power price of $40/MWh based on 1,880 GWh of energy per annum. Teck Metals will have an option to extend the lease for a further 10 years at comparable rates. Teck expects to realize a net book gain of approximately $800M on the closing of the transaction. No cash tax will be payable on the proceeds. The Waneta Dam will operate as a non-regulated energy infrastructure subsidiary of Fortis Inc. Fortis will finance the transaction through a combination of cash on hand, debt and equity. Closing of the transaction is subject to customary conditions, including receipt of certain approvals and consents. In addition, BC Hydro, which owns one-third of the Waneta Dam assets and currently receives one-third of the Waneta Dam generation, has a right of first offer with respect to the sale of Teck's two-third interest under the 2010 co-ownership and operating agreement between Teck Metals and BC Hydro in relation to Waneta. In addition, certain consents and amendments from BC Hydro are required in connection with the transaction. Teck will pay a break fee to Fortis in the event BC Hydro exercises its right of first offer. Closing is expected to occur in the fourth quarter of 2017. CIBC World Markets Inc. is acting as exclusive financial advisor to Teck Resources with respect to the transaction.

07:01 EDT Bruker announces new $225M share repurchase program - Bruker announced that its Board of Directors has approved a new share repurchase program authorizing the purchase of up to $225M of the company's common stock over a two-year period commencing May 12. The company's repurchases may be executed using open market purchases, privately negotiated purchases or other transactions during the period from May 12, 2017 to May 11, 2019.

06:54 EDT Cytokinetics treatment of spinal muscular atrophy granted FDA orphan status - Cytokinetics' fast skeletal muscle troponin activator was designated for FDA orphan status as a treatment of spinal muscular atrophy, according to a post to the agency's website. Reference Link

06:46 EDT Loxo Oncology says FDA grants orphan drug designation to larotrectinib - Loxo Oncology announced that the U.S. FDA has granted orphan drug designation to larotrectinib for the "treatment of solid tumors with NTRK-fusion proteins." NTRK fusions are genetic abnormalities that occur rarely in various adult and pediatric solid tumors.

06:36 EDT Capricor says ALLSTAR trial unlikely to achieve primary efficacy endpoint - Capricor Therapeutics announced that a pre-specified administrative interim analysis performed on six-month follow-up data from the ALLSTAR Trial, an ongoing randomized, double-blind, placebo-controlled, 142-patient Phase II clinical trial of CAP-1002 in adults who have experienced a large heart attack with residual cardiac dysfunction, has demonstrated a low probability of achieving a statistically-significant difference in the 12-month primary efficacy endpoint of percent change from baseline infarct size as a percent of left ventricular mass, measured by cardiac magnetic resonance imaging, or MRI. Capricor will continue to perform analyses of the cumulative ALLSTAR data to better understand the basis for this outcome. At six months, a near-statistically-significant reduction of mean end-diastolic volume, as well as a trend of reduction of mean end-systolic volume, were seen in the CAP-1002 treatment group. There was no notable difference between treatment groups with respect to the change in ejection fraction. There were no safety signals in the CAP-1002 treatment cohort.

06:14 EDT Edison says no inaccuracies found in Akari research note - Edison Investment Research, an investment research and advisory company, said it "wishes to comment" on statements made by Akari Therapeutics ("AKTX) in its press release dated April 27 and the SEC filing dated May 11. Edison said, "Edison's analysts follow a strict and extensive review process prior to the publication of any report, including the April 26, 2017 note on Akari. Edison's analyst team carried out the Edison Process, including engaging the client, Akari, to review and provide feedback on the report and notify us if any inaccuracies or misrepresentations appeared in the final draft of the Note. Following a review of the report by Akari's senior management, Edison was provided with specific written approval for the publication of the Note as published. Following the publication of the Note on April 26, 2017, Akari management contacted Edison to notify that 'certain errors' were found in the Note without providing Edison with further explanation regarding the alleged errors. Akari management subsequently requested Edison retract the Note and announced 'material inaccuracies' were found in the Note. Despite an in-depth investigation, Edison has yet to find any evidence of inaccuracies nor have details of any alleged inaccuracies been provided by Akari representatives, despite multiple requests from Edison and by Edison's legal counsel, Barton LLP, to Edison's legal counsel. Edison believes the published Note consistently reflected the accuracy of the information contained in and written by Akari in Akari's press release dated April 24, 2017."

06:02 EDT Apple to award Corning $200M from Advanced Manufacturing Fund - Apple (AAPL) announced Corning (GLW) will receive $200M from Apple's new Advanced Manufacturing Fund as part of the company's commitment to foster innovation among American manufacturers. The investment will support Corning's R&D, capital equipment needs and state-of-the-art glass processing. Corning's 65-year-old Harrodsburg facility has been integral to the 10-year collaboration between these two innovative companies and will be the focus of Apple's investment.

05:26 EDT Comstock Mining progresses strategic activities - Comstock Mining (LODE) reported today that Apple (AAPL) just announced an additional $1B investment in northern Nevada, doubling the size of its existing data center near the Tahoe Reno Industrial, or TRI, Center. This investment by Apple will create 300 construction jobs plus 100 permanent data-center jobs. Corrado De Gasperis, Executive Chairman and CEO of the company stated, "Apple just joined Tesla (TSLA) and Switch in announcing $1B+ investments each, in addition to Google's (GOOG) recent large land purchase in the TRI Center. These are staggering commitments to the economies near our recently certified Comstock Industrial Site, driving value and interest toward our non-mining properties. We hosted three site visits alone just this past week." The company believes the biggest catalyst and value driver for its lands is the completion of the new USA Parkway and its roundabout connection into Highway 50, both scheduled for completion this year. The Nevada Department of Transportation has already announced over $125M in infrastructure road projects directly associated with the new Parkway and/or Highway 50 connections and expansions. The company also advanced three out of four strategic venture discussions this week and anticipates that at least one transaction will occur during Q2.