A researcher was interested in the claim that the price of gold was out-performi
ID: 1178743 • Letter: A
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7:58AM S&P futures vs fair value: +13.20. Nasdaq futures vs fair value: +19.20. (WRAPX) : U.S. equity futures trade sharply higher with the S&P 500 futures up 0.8%. Index futures registered the bulk of their gains during the Monday global session as Asian and European indices charged ahead. The risk-on sentiment was fueled by generally upbeat economic data and the lack of military action in Syria as many participants had expected going into the weekend. On Saturday, President Obama announced Congress, during the week of September 9, will get a chance to debate whether or not U.S. forces should take action in Syria. Treasuries are trading lower with the benchmark 10-yr yield up three basis points at 2.82%.
Looking at overnight developments:
In U.S. corporate news:
Today's economic data will be limited to July construction spending and the August ISM Index. Both reports will be released at 10:00 ET.
7:58AM Forest Oil announces sale of a portion of its permian basin acreage for $35 mln (FST) 5.56 : Co announced that it has entered into a definitive agreement with an undisclosed buyer to sell a portion of its largely undeveloped acreage position located in the Permian Basin of West Texas for proceeds of ~$35 million. The transaction includes ~58,200 gross acres (52,350 net) located in Crockett County, Texas.
The sale is expected to close on or before September 10, 2013 and is subject to customary purchase price adjustments and closing conditions. The Company intends to use the proceeds from this divestiture to reduce outstanding borrowings under its bank credit facility. Following the closing of this transaction, Forest will retain its Permian Basin acreage position of ~68,250 gross acres (63,500 net) located in Pecos and Reeves Counties, Texas.
7:47AM On The Wires (WIRES) :
7:32AM Dollar Hits One-Month High: 10-yr: -08/32..2.813%..USD/JPY: 99.42..EUR/USD: 1.3167 (SUMRX) : The Dollar Index is higher for a fifth session, and testing a one-month high. The greenback has seen little response to headlines out of the Middle East that point to a joint missile defense test between Israel and the U.S. as there was a firm bid prior to the report. Today's gains have action probing the 50- and 100-day moving averages as the 82.60 resistance level comes into focus.
7:31AM Hillshire Brands to acquire Golden Island Jerky Brand -- not expected to have a material impact on our earnings this fiscal year (HSH) 32.31 : Co has signed an agreement to acquire the maker of Golden Island jerky products, a leader in the gourmet jerky category. Terms were not disclosed, and the transaction is expected to close by the end of September 2013, pending closing conditions.
"This highly appealing category generates retail sales of more than $2 billion annually and has had 10 percent volume growth over the past two years... While we are excited about our future prospects in this category, this is a small acquisition for us and is not expected to have a material impact on our earnings this fiscal year."
7:30AM Activision Blizzard announces private offering of $1.0 bln senior secured notes, $1.5 bln senior notes (ATVI) 16.32 : Co announced that it plans to offer $1.0 bln aggregate principal amount of senior secured notes due 2020, $1.0 bln aggregate principal amount of senior notes due 2021 and $500.0 mln aggregate principal amount of senior notes due 2023. The co intends to use the net proceeds of the offering, along with cash on hand and proceeds from borrowings under senior secured credit facilities to be entered into concurrently with the completion of this offering, to: (i) finance the consideration to be paid by the co to Vivendi S.A. (VIVEF) in connection with stock purchase transactions previously announced among the , Vivendi and ASAC II LP, an exempted limited partnership established under the laws of the Cayman Islands and acting by ASAC II LLC, its general partner; and (ii) pay the co's fees and expenses incurred in connection with the Transactions.
7:30AM Esperion Therapeutics announces positive top-line results from Phase 2 clinical study of ETC-1002 as an add-on to statin therapy in patients with hypercholesterolemia (ESPR) 16.12 : Co announced positive top-line results from a Phase 2a study of ETC-1002 when added to statin therapy in patients with elevated levels of low density lipoprotein cholesterol (LDL-C or "bad cholesterol").
The study demonstrated that oral, once-daily ETC-1002 achieved incremental LDL-C lowering of 22 percent at eight weeks, compared with 0 percent in the placebo group, when added to 10 mg of atorvastatin (p<0.0001). ETC-1002 was well tolerated over eight weeks of treatment when added to a statin and no serious adverse events (SAEs) were reported.
7:29AM On The Wires (WIRES) :
7:07AM The Medicines Co: Totality of data from three Phase III trials of MDCO's intravenous cangrelor presented and published (MDCO)31.61 : Co reported presentation and publication of a pooled analysis of three Phase III clinical trials of an investigational intravenous (IV) antiplatelet, cangrelor. The trials compared IV cangrelor to either oral clopidogrel or placebo for prevention of thrombotic (clotting) complications during and after percutaneous coronary intervention. The findings of the pooled CHAMPION program confirm the results of the CHAMPION PHOENIX trial presented and published in April 2013. This pre-specified, pooled analysis of patient-level data from CHAMPION-PCI, CHAMPION-PLATFORM, and CHAMPION-PHOENIX was presented at the European Society of Cardiology today and concurrently published in The Lancet.
The totality of evidence in approximately 25,000 patients undergoing PCI demonstrates that cangrelor significantly reduced the odds of the primary composite endpoint of death, myocardial infarction (MI), ischemia-driven revascularization (IDR) or stent thrombosis at 48 hours after randomization by 19% (3.8% for cangrelor vs. 4.7% for control; OR 0.81, 95% CI 0.71-0.91, p=0.0007) and stent thrombosis by 41% (0.5% vs. 0.8%, OR 0.59, 95% CI 0.43-0.80, p=0.0008). The pooled analysis also showed that the incidence of clinically important major bleeding as measured by GUSTO and TIMI bleeding scales was not increased with cangrelor.
7:07AM Galena Biopharma initiates RELIEF patient registry for Abstral (fentanyl) sublingual tablets (GALE) 2.22 : Co announced the initiation of its Institutional Review Board-approved cancer patient registry study entitled RELIEF: Rapid Evaluation of Lifestyle, Independence, and Elimination of breakthrough cancer pain with Freedom from oral discomfort through the use of Abstral (fentanyl) Sublingual Tablets. RELIEF is a post-marketing multicenter trial to assess Abstral for breakthrough cancer pain in opioid-tolerant cancer patients. Abstral is available to patients and health care professionals at pharmacies nationwide, and recruitment and enrollment for the registry trial is underway.
Co also announced the debut of Abstral's sales and marketing campaign at the PAINWeek conference taking place Sep 4-7, 2013 in Las Vegas, NV. Co's commercial team is now fully staffed and on schedule for a fourth quarter launch with senior level executives and a highly experienced sales force. The co's patient assistance and reimbursement program has been implemented and is being accessed by patients across the country.
7:04AM NanoViricides reports that the DengueCide Orphan Drug Application has been submitted and received by the European Medicines Agency (NNVC) 1.21 : Co announced that the European associates of the consulting firm Cote Orphan Consulting, on behalf of NanoViricides, have submitted an Orphan Drug Application to the European Medicines Agency for DengueCide, a drug candidate for the treatment of dengue and dengue hemorrhagic fever.
7:04AM Sigma-Aldrich: Sigma Life Science has entered a non-exclusive license agreement with Horizon Discovery for use of Sigma's CompoZr Zinc Finger Nuclease (ZFN) technology (SIAL) 82.47 : Sigma Life Science, its innovative biological products and services business, has entered a non-exclusive license agreement with Horizon Discovery for use of Sigma's CompoZr Zinc Finger Nuclease (ZFN) technology. The agreement gives Horizon the commercial freedom to apply the technology alongside its proprietary rAAV technology in its gene-editing service and cell line product business units.
Horizon will immediately begin applying the CompoZr ZFN technology as part of its custom cell line generation service, in which the company currently uses its own rAAV technology, to efficiently and cost-effectively generate a number of novel gene-edited cell lines. The offering will be marketed under Horizon's precision gene-editing brand GENESIS.
Under the terms of the deal, Horizon will obtain CompoZr ZFNs manufactured by Sigma Life Science for use in commercial development of cell-based products and to provide commercial gene editing services. Financial terms were not disclosed.
7:03AM Furiex Pharmaceuticals confirms alogliptin cardiovascular safety outcomes trial (EXAMINE) met primary endpoint (FURX) 38.46 : Co confirmed that Takeda Pharmaceutical (TKPYY) announced top line results of the EXAMINE (EXamination of CArdiovascular OutcoMes: AlogliptIN vs. Standard of CarE in Patients with Type 2 Diabetes Mellitus and Acute Coronary Syndrome) cardiovascular safety outcomes trial showing the primary endpoint of non-inferiority compared to placebo in addition to standard of care was met with no increase in CV risk in a Type 2 diabetes patient population at high-risk for cardiovascular events. These data, published in the New England Journal of Medicine and also presented at the ESC 2013 Congress, demonstrate that alogliptin does not increase CV risk in Type 2 diabetes patients at high risk for major adverse cardiac events due to a recent acute coronary syndrome. The trial's primary objective was to evaluate non-inferiority with respect to CV risk based on a primary composite endpoint of CV death, nonfatal myocardial infarction and nonfatal stroke. The primary endpoint occurred at similar rates in the alogliptin and placebo groups (11.3% vs. 11.8% during a median follow-up period of 18 months; hazard ratio, 0.96; one sided repeated confidence interval bound, 1.16).
7:03AM Smithfield Foods: Shuanghui International secures financing for merger with SFD (SFD) 33.53 : Shuanghui International Holdings Limited announced that is has entered into a facilities agreement with Bank of China Limited, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., Credit Agricole Corporate and Investment Bank, DBS Bank Ltd., Natixis, The Royal Bank of Scotland plc, Standard Chartered Bank (Hong Kong) Limited and Industrial & Commercial Bank of China (Asia) Limited whereby Shuanghui will obtain ~$4.0 billion in debt financing to fund its pending acquisition of Smithfield Foods (SFD).
7:02AM Stewart Info: Stewart Lender Services, a Stewart co, acquires key assets of Allonhill (STC) 30.59 : Stewart Lender Services (SLS), a Stewart co, announced that it has acquired key assets of Allonhill, a due diligence and risk management company, which is located in Denver, CO. Financial terms were not disclosed.
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