Rigs Counts Continue to Rise

Baker Hughes reports U.S. rig count up 8 to 941 rigs

This marks the 23rd straight week of increases

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Baker Hughes (BHI) reports that the U.S. rig count is up 8 rigs from last week to 941, with oil rigs up 11 to 758, gas rigs down 3 to 183.

 

The U.S. Rig Count is up 520 rigs from last year’s count of 421, with oil rigs up 428, gas rigs up 93, and miscellaneous rigs down 1 to 0.
The U.S. Offshore Rig Count is unchanged from last week at 22 and up 1 rig year over year.
The Canadian Rig Count is up 11 rigs from last week to 170, with oil rigs up 7 to 98 and gas rigs up 4 to 72.
The Canadian Rig Count is up 94 rigs from last year’s count of 76, with oil rigs up 62, gas rigs up 33, and miscellaneous rigs down 1 to 0.

 

This marks the 23rd straight week of increases, and comes despite oil prices having fallen below $43 bbl this week into bear market territory.

 

#WTI is on track for its worst 1H since the 1990s. WTI crude prices are presently down by 20.2% on the year-to-date.

 

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Box Office Battle for this Weekend

‘Transformers’ expected to top ‘Cars 3,’ ‘Wonder Woman’

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Viacom (VIA, VIAB) subsidiary Paramount’s “Transformers: The Last Knight,” the fifth installment in the transforming robots series, is expected to open domestically at about $46M, after opening Wednesday to an estimated $15.7M, the lowest single-day opening for any film in the Transformers franchise, which hints at franchise fatigue.

Disney/Pixar’s (DIS) “Cars 3,” an animated film featuring anthropomorphic cars, is expected to take second place this weekend with a domestic gross of around $29M, after topping the box office in its opening weekend last week.

Time Warner’s (TWX) superhero flick “Wonder Woman,” starring Gal Gadot, is expected to take third place in its fourth weekend at theaters, earning an additional $28M-$29M, which would bring the domestic total for the film to $322M.

Lionsgate’s (LGF.A, LGF.B) Tupac biography “All Eyez on Me” is expected to earn an additional $9M-$10M domestically, after opening last weekend with $26.4M.

Other publicly traded companies in filmmaking include 21st Century Fox (FOX, FOXA), Comcast (CMCSA, CMCSK), and Sony (SNE).

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FDA Approves Portola Pharmaceuticals’ Bevyxxa

Portola Pharmaceuticals announces FDA approval of Bevyxxa, Shares rise 45%

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#Portola Pharmaceuticals (PTLA) announced the U.S. Food and Drug Administration has approved #Bevyxxa, which it said is “the first and only” anticoagulant for hospital and extended duration prophylaxis of venous thromboembolism, or #VTE, in adult patients hospitalized for an acute medical illness who are at risk for thromboembolic complications due to moderate or severe restricted mobility and other risk factors for VTE.

The drug, BevyxXa, known also as betrixaban, is the first oral treatment and first extended duration treatment for this patient population, the company said.

Roughly 200,000 people in the United States develop deep vein #thrombosis each year, with about 40,000 of them dying of pulmonary embolism, caused when a blood clot breaks loose and travels to the lungs, blocking blood flow, the company said.

The timeline on which Portola expects to launch Bevyxxa is between August and November 2017.

During this period, Portola will complete salesforce hiring and training, drug manufacturing validation and inventory buildup, the company said.

BevyxXa was tested using a novel clinical trial strategy designed to test a series of subgroups before testing the broader patient population. It first tested the highest risk patients. Then it tested a lower risk group, and finally the overall patient population.

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Siris Capital Offers $18 a Share for Synchronoss

Synchronoss surges after Siris Capital offers to Acquire Company for $18/share

SNCR receives a $18 per share offer. See Stockwinners.com Market Radar

Shares of Synchronoss have jumped after the company disclosed in a regulatory filing that Siris Capital Group delivered a letter to the company indicating that they believe they could be in a position to acquire the company in an all-cash acquisition at $18.00 per share of common stock, subject to completion of customary due diligence, including a review of outstanding shareholder litigation and the company’s financial statements, as well as the negotiation and execution of a transaction agreement acceptable to the company and Siris.

Synchronoss Technologies, Inc. provides cloud solutions and software-based activation for connected devices worldwide.

Siris, which holds a roughly 13% stake in Synchronoss, stated in its letter:

“We believe that we would be able to complete due diligence, obtain satisfactory financing commitments, and negotiate and sign a definitive agreement within six weeks from the date on which Synchronoss provides a fully-populated data room. We have engaged legal counsel and are prepared to engage financial and accounting advisors to assist us in this potential transaction. In order to commit the time and resources necessary to proceed on this expedited timeframe, we would request a limited period of exclusivity.”

Synchronoss shares have been heavily shorted and are getting a ‘short-squeeze’ today. As of May 31, a total of 7,678,091 shares have been shorted giving the stock a 4.8 days to cover. SNCR has a 52-week trading range of $10.11 to $49.94. SNCR last traded at $16.39, up 34% on the day!

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Glencore Raises Offer for Rio Tinto’s Coal & Allied

Glencore raises offer for Rio Tinto’s Coal & Allied to $2.675B plus royalties

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Glencore (GLNCY) announced that it has submitted an improved irrevocable binding offer to acquire Rio Tinto’s (RIO) 100% interest in Coal & Allied Industries Limited for $2.675B cash plus a coal price linked royalty.

All cash is payable in full immediately upon completion. Glencore’s offer is at least $225M greater than Yancoal’s proposal, the company stated.

The Glencore offer remains conditional only on approval from China, Korea, Taiwan and Australia. Japanese regulatory approval to acquire C&A has already been obtained. “Demonstrating our confidence in securing all approvals, Glencore’s Offer is supported by a $225M deposit which will be forfeited if the transaction does not complete as a result of a failure to obtain a regulatory approval.

Glencore believes that it will obtain all regulatory approvals in a timely manner and that its offer fully compensates Rio Tinto for any potential delays beyond Yancoal’s expected completion date as announced by Rio Tinto,” the company said.

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AVEO Oncology’s FOTIVDA Receives Europe’s Pre Approval for Renal Cell Carcinoma

AVEO Oncology reports positive CHMP opinion for tivozanib as RCC treatment

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AVEO Oncology (AVEO) announced that the Committee for Medicinal Products for Human Use, the scientific committee of the European Medicines Agency, has recommended #FOTIVDA for approval as a treatment for patients with advanced renal cell carcinoma.

The #CHMP’s recommendation is now referred to the European Commission.

The EC, which typically adheres to the recommendation of the CHMP, but is not obligated to do so, is expected to make its final decision in about 67 days.

If approved by the EC, marketing authorization for tivozanib will be granted in all 28 countries of the European Union, Norway, Iceland and Liechtenstein. EUSA Pharma, a specialty pharmaceutical company with a focus on oncology and oncology supportive care, is the European licensee for tivozanib.

Under the terms of their December 2015 agreement, EUSA Pharma has agreed to pay AVEO up to $394M in future research and development funding and milestone payments, assuming successful achievement of specified development, regulatory and commercialization objectives, as well as a tiered royalty ranging from a low double-digit up to mid-twenty percent on net sales of tivozanib in the agreement’s territories.

Thirty percent of milestone and royalty payments received by AVEO, excluding research and development funding, are due to Kyowa Hakko Kirin as a sublicensing fee in Europe.

In the United States, the royalty obligation to KHK ranges from the low- to mid-teens on net sales.

AVEO says, “If the European Commission grants marketing approval for #tivozanib, it would trigger a $4 million research and development reimbursement payment from EUSA, and AVEO will also be eligible for up to $12M in additional milestones from EUSA based on member state reimbursement and regulatory approvals.

These payments would add significant resources to our balance sheet as we work toward the anticipated readout of our U.S. pivotal trial in third-line RCC, the TIVO-3 trial, in the first quarter of 2018.”

AVEO closed at $0.72. Shares are up 50% in pre-market trading.


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Cara Therapeutics Sharply Higher on FDA Action

FDA has granted Breakthrough Therapy designation to I.V. CR845 for the treatment of moderate-to-severe uremic pruritus in chronic kidney disease patients undergoing hemodialysis

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Cara Therapeutics announced that the FDA has granted Breakthrough Therapy designation to I.V. CR845 for the treatment of moderate-to-severe uremic pruritus in chronic kidney disease patients undergoing hemodialysis.

Cara Therapeutics, Inc. (CARA) is a biopharmaceutical company. The company is focused on developing and commercializing new chemical entities designed to alleviate pain and pruritus by selectively targeting peripheral kappa opioid receptors.

“The FDA’s decision to grant Breakthrough Therapy designation is recognition of both the significant unmet medical need among CKD patients with UP and the potential of I.V. CR845 to address it,” said Derek Chalmers, Ph.D., D.Sc., President and Chief Executive Officer of Cara Therapeutics.

“We have already initiated our Phase 3 program and look forward to working closely with the FDA to bring this potential new treatment option to hemodialysis patients as quickly as possible.”

Breakthrough Therapy designation is granted to expedite the development and review process for new therapies addressing serious or life-threatening conditions, where preliminary clinical evidence indicates that the drug candidate may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints.

CARA closed at $24.25. Shares are up $2 in pre-market trading.

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