HEFFX Live Options Alerts

WSBC WesBanco Inc misses by $0.03 (35.25 -0.32)

Reports Q2 (Jun) earnings of $0.58 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.61.

· Net interest income increased $12.5 million or 25.8% in the second quarter of 2015 compared to the second quarter of 2014 due to a 33.2% increase in average earning assets, primarily through the acquisition, and through a 7.8% increase in average loan balances, exclusive of ESB, partially offset by a 20 basis point decrease in the net interest margin.

· The net interest margin decreased to 3.44% in the second quarter compared to 3.64% in the same quarter of 2014. The decrease in the net interest margin is primarily due to a 51 basis point decline in the average rate earned on securities due to lower yields on ESB’s retained securities portfolio and other purchased securities. The lower securities rates were due to the low interest rate environment and were somewhat mitigated by a significantly smaller decrease in rates on loans of only 10 basis points, and a reduction in funding costs of 11 basis points.

16:25

HTS Hatteras Financial misses by $0.03; maintains $0.50/share quarterly dividend (16.81 -0.10)

Reports Q2 (Jun) earnings of $0.50 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.53.

· The Company’s book value (shareholders’ equity less preferred stock liquidation preference) per share on June 30, 2015 was $21.06, decreasing from $22.05 on March 31, 2015 primarily due to falling asset prices.

· The Company declared a dividend of $0.50 per common share with respect to the quarter ended June 30, 2015, consistent with the quarter ended March 31, 2015. Based on the closing share price of $16.30 on June 30, 2015, the second quarter dividend equates to an annualized yield of 12.3%.

16:23

PEGI Pattern Energy Group announces an offering of $125 mln of its Class A common stock; also reports that it will acquire the remaining stake in a 283 MW Gulf Wind facility in Kenedy County, Texas

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16:22

ZTS Zoetis files mixed securities shelf offering (49.12 +0.14)

16:21

UBNK United Financial reports Q2 net income per share of $0.27 vs $0.24 Capital IQ Consensus Estimate (13.51 -0.02)

Q2 net charge-offs decreased by $119,000 to $904,000, or 0.09% annualized as a percentage of average loans outstanding, from $1.0 mln, or 0.10% annualized as a percentage of average loans outstanding, in the linked quarter.

16:20

NAVI Navient reports EPS in-line (16.60 +0.18)

Reports Q2 (Jun) earnings of $0.40 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.40.

· “The overwhelming majority of our private education loans continue to demonstrate strong credit performance consistent with our expectations, but private education loan credit quality overall fell short of our forecast due to unfavorable trends for a small and declining segment of borrowers who re-entered repayment after returning to school during the recession. We revised our guidance based on our assessment of default trends for this segment, as well as based on marketplace conditions for private loan purchases and opportunities to lower cost of funds that did not materialize. Still, our industry-leading default prevention work combined with an improving job market makes a meaningful difference to help student loan borrowers succeed.”

16:20

GPRO GoPro – – Earnings Mover finds more stable price action after-hours as it climbs off the $57 low to $63 (62.04 )

16:20

BBG Bill Barrett provides a Q2 update on its commodity hedging

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16:20

VDSI VASCO Data Security discloses it recently become aware that certain of its products which were sold by a VASCO European subsidiary to a third-party distributor may have been resold by the distributor to parties in Iran; sales may be in violation of U.S. economic sanctions (26.69 +0.25)

The co disclosed that it has recently become aware that certain of its products which were sold by a VASCO European subsidiary to a third-party distributor may have been resold by the distributor to parties in Iran, potentially including parties whose property and interests in property may be blocked pursuant to Executive Order 13224, Executive Order 13382 or that may be identified under Section 560.304 of 31 C.F.R. Part 560 as the “Government of Iran”.

· The Audit Committee of the Company’s Board of Directors has initiated an internal investigation to review this matter with the assistance of outside counsel. VASCO has stopped all shipments to such distributor pending the outcome of the investigation which will include a review and recommendations to improve, if necessary, VASCO’s applicable compliance procedures regarding these matters. As a precautionary matter, concurrent initial notices of voluntary disclosure were submitted on June 25, 2015 with each of the U.S. Department of the Treasury, Office of Foreign Assets Control, and the U.S. Department of Commerce, Bureau of Industry and Security). The Company will file a further report with each of OFAC and BIS after completing its review and fully intends to cooperate with both agencies. Total VASCO revenues from all sales to the particular distributor during the period relevant to review by OFAC and BIS (June 1, 2010 through June 25, 2015) were approximately $3.1 million.

· OFAC and BIS will review the results of the Company’s investigation when it is submitted. Following that review, OFAC and BIS may conclude that the disclosed sales resulted in violations of U.S. economic sanctions and/or export control laws and warrant the imposition of civil penalties, such as fines, limitations on the Company’s ability to export products from the United States, and/or referral for further investigation by the U.S. Department of Justice. While the filing of a voluntary disclosure may be a mitigating factor in consideration of any penalties by these agencies, any resulting fines or restrictions may nonetheless be material to the Company’s financial results in the period in which they are imposed, but at this time the Company is not able to estimate the possible loss or range of loss in connection with this matter. Additionally, disclosure of this conduct and any fines or other action relating to this conduct could harm the Company’s reputation and have a material adverse effect on our business, operating results and financial condition. The Company cannot predict when OFAC and BIS will conclude their own review of our voluntary self-disclosures or whether they may impose any penalties.

16:20

AMSG AmSurg files for offering of common and preferred stock, size not disclosed (69.08 +0.07)

16:20

UCFC United Comm. Financial reports Q2 EPS of $0.08 vs $0.08 single estimate (5.09 )

· Total outstanding loans, including loans held for sale, increased $90.7 mln to $1.3 bln at June 30, 2015, compared to December 31, 2014.

· Efficiency ratio improved to 63.4% from 70.1% at March 31, 2015.

16:19

LTXB LegacyTexas Group beats by $0.03 (29.42 +0.03)

Reports Q2 (Jun) core earnings of $0.44 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.41.

· Return on average assets for the second quarter of 2015 was 1.28%, up 20 basis points from the first quarter of 2015 and up 32 basis points from the second quarter of 2014.

· Gross loans held for investment at June 30, 2015, excluding Warehouse Purchase Program loans, grew $198.1 mln, or 4.7%, from March 31, 2015, with $135.6 mln of growth in commercial real estate and commercial and industrial loans.

· Excluding $1.17 bln of net growth resulting from loans acquired from LegacyTexas Group, Inc., gross loans held for investment, excluding Warehouse Purchase Program loans, increased by $872.9 mln, or 24.8%, from June 30, 2014.

· Net interest margin for the quarter ended June 30, 2015 was 4.06%, a three basis point increase from the linked quarter and a 30 basis point increase compared to the second quarter of 2014, which includes 20 basis points of accretion of interest related to purchase accounting fair value adjustments for the second quarter of 2015

16:18

TRST TrustCo Bank Corp NY reports Q2 EPS of $0.11 vs $0.11 single estimate (7.02 -0.02)

· Average loans were up $252.5 mln or 8.5% in the second quarter of 2015, over the same period in 2014.

· The net interest margin for the second quarter of 2015 was 3.07% compared to 3.08% in the first quarter of 2015 and 3.16% in the second quarter of 2014.

· Efficiency ratio of 54.71%.

16:17

RT Ruby Tuesday appoints David Skena as Chief Marketing Officer (6.26 -0.03)

Over the past nine years, Skena progressed through PepsiCo (PEP) with increasing levels of responsibility, most recently serving as the Vice President of Premium and Value Brands, including Stacy’s Pita Chips and Smartfood popcorn, among others. Skena has been recognized by Effie Worldwide for his role in developing effective advertising creative for various marketing campaigns. Prior to PepsiCo, Skena served over six years at Kraft Foods (KRFT) in brand management for multiple product lines.

16:17

YHOO Yahoo! guides in Presentation Slides; Sees Q3 Revenue ex TAC in the range of $1.00-1.04 bln, Capital IQ consensus $1.07 bln (39.73 +0.19)

Other Q3 guidance from slides:

· GAAP revenue $1,230 mln — $1,270 mln

· Cost of revenue – TAC $230 mln — $270 mln

· Revenue ex-TAC $1,000 mln — $1,040 mln

· Adjusted EBITDA $200 mln — $240 mln

· Non-GAAP operating income $50 mln — $90 mln

YHOO is trading at 38.99 in after-hours.

16:17

NS NuStar Energy receives lease approval from Port of Corpus Christi (54.90 -0.10)

The Port of Corpus Christi today approved a lease for NuStar, which would give the NuStar the space to develop another private marine loading dock at its North Beach Terminal in Corpus Christi, Texas. NuStar is developing plans for the new dock and hopes it will be completed in the second quarter of 2017

16:16

Z Zillow announces its Board has unanimously approved a stock dividend of non-voting Class C capital stock (82.68 +1.90)

Shareholders of record, of Zillow Group’s Class A and Class B common stock as of July 31, 2015, will receive a dividend of two shares of Class C capital stock for each share of Class A and Class B common stock held by them.

· Application to the Nasdaq Stock Market has been made to list the Class C capital stock. Following the issuance date of the dividend, Zillow Group expects the Class C capital stock will trade under the ticker symbol “Z” and the Class A common stock will trade under the ticker symbol “ZG”

16:16

QEPM QEP Midstream Partners and Tesoro Logistics (TLLP) shareholders approve merger of the companies (16.51 +0.10)

16:16

FXCM FXCM announces Board approval for a 1-for-10 reverse stock split; will seek shareholder approval via a special meeting on September 21, 2015 (1.29 -0.02)

16:16

FWRD Forward Air misses by $0.10, beats on revs; guides Q3 EPS below consensus, revs in-line; guides FY15 EPS below consensus (51.80 +0.14)

Reports Q2 (Jun) earnings of $0.51 per share, $0.10 worse than the Capital IQ Consensus Estimate of $0.61; revenues rose 28.8% year/year to $249.69 mln vs the $244.14 mln consensus.

· Co issues mixed guidance for Q3, sees EPS of $0.58-0.62 vs. $0.67 Capital IQ Consensus Estimate; sees Q3 revs +23-27% to ~$247.8-255.9 mln vs. $256.43 Capital IQ Consensus Estimate.

· Co issues downside guidance for FY15, sees EPS of $2.15-2.25 vs. $2.42 Capital IQ Consensus Estimate.

The co said that due to slower than anticipated integration of Towne Air it was reducing its full year 2015 earnings guidance

16:15

LADR Ladder Capital files for ~2.36 mln share common stock offering by selling shareholders (16.21 -0.19)

16:14

YHOO Yahoo! misses by $0.03, beats on revs (39.73 +0.19)

Reports Q2 (Jun) earnings of $0.16 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.19; revenues rose 0.3% year/year to $1.04 bln vs the $1.03 bln consensus.

· Q2 Adjusted EBITDA $262 mln, guidance in the range of $240-260 mln

· Q2 GAAP Search revenue +15% y/y, Q1 +20% y/y

· Q2 GAAP Display Revenue +15% y/y, Q1 +2% y/y

· Q2 GAAP Mavens Revenue (Growth investments that include mobile, video, native, and social) +60% y/y, Q1 +58% y/y

· Q2 Mobile GAAP Revenue +55% y/y, Q1 +61% y/y

· Q2 PC GAAP Revenue +5% y/y, Q1 -1.7% y/y

· Q2 Global Search

o Number of Paid Clicks +13% y/y, Q1 +21% y/y

o Price Per click +4% y/y, Q1 +3% y/y

· Q2 Global Display

o Number of Ads Sold +9% y/y, Q1 +29% y/y

o Price per Ad +10% y/y, Q1 -17% y/y

16:14

MSFT Microsoft beats by $0.05, reports revs in-line (47.28 +0.36)

Reports Q4 (Jun) earnings of $0.62 per share, excluding $1.02/share in restructuring and impairment charges, $0.05 better than the Capital IQ Consensus of $0.57; revenues fell 5.1% year/year to $22.18 bln vs the $22.06 bln consensus.

· Licensing revenues of $3.23 bln versus guidance of $3.2-3.4 bln

· Computing and Gaming Hardware revenues of $1.93 bln versus guidance of $1.5-1.6 bln

o Total Xbox revenue grew 27% based on strong growth in consoles, Xbox Live transactions and first party games

· Phone Hardware revenues of $1.23 bln versus guidance of $1.3-1.4 bln

· Devices and Consumer Other revenues of $2.30 bln versus guidance of $2.1-2.2 bln

· Licensing revenues of $10.45 bln versus guidance of $10.5-10.6 bln

o Commercial cloud revenue grew 88% (up 96% in constant currency) driven by Office 365, Azure and Dynamics CRM Online and is now on an annualized revenue run rate of over $8 billion

16:13

DISCA Discovery files mixed securities shelf offering (31.82 -0.82)

16:12

ISRG Intuitive Surgical – – Earnings Mover is bid up +6% in the after-hours near $540 (505.09 )

16:12

EXPO Exponent beats by $0.01, reports revs in-line (45.22 -0.38)

Reports Q2 (Jun) earnings of $0.43 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.42; revenues rose 4.1% year/year to $75.3 mln vs the $75.76 mln consensus. Sees full year 2015 growth in revenues before reimbursements to be in the low single digits (consensus +5%) and EBITDA1 margin to be down approximately 50 basis points from the 25% achieved in 2014.

· “We have previously indicated that we expected a major project to step down in the second half of 2015 to approximately half its run rate. As a result of a proposed resolution of this matter, our efforts going forward will be de minimis. While our underlying growth remains in the high single digits, it will be partially offset by the significant decline in this major project as well as our defense work. As a result, we expect full year 2015 growth in revenues before reimbursements to be in the low single digits and EBITDA1 margin to be down approximately 50 basis points from the 25% we achieved in 2014.”

· “We are optimistic about our long-term growth as our market position expands. We continue to be called upon to investigate the most significant accidents. We are also seeing strong growth in design consulting, regulatory support and risk management,” concluded Dr. Johnston.

16:12

ILMN Illumina beats by $0.03, reports revs in-line; raises FY15 EPS in-line, reaffirms revs below consensus (237.54 -2.48)

Reports Q2 (Jun) earnings of $0.80 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.77; revenues rose 20.5% year/year to $539.4 mln vs the $542.12 mln consensus.

· Co raises EPS guidance for FY15, sees EPS of $3.39-3.45, excluding non-recurring items, vs. $3.44 Capital IQ Consensus Estimate, from $3.36-3.42; continues to see FY15 revs growth of ~20%, which ~$2.23 bln vs. $2.26 bln Capital IQ Consensus Estimate.

16:11

GPRO GoPro beats by $0.09, beats on revs (62.04 +1.24)

Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $0.26; revenues rose 71.7% year/year to $419.9 mln vs the $396.3 mln consensus.

· Non-GAAP gross margin came in at 46.4% vs 42.2% a year ago.

· “With the introduction of HERO4 Session and HERO+ LCD, we’ve launched five new cameras in the past 10 months, exciting both new and existing customers and contributing to strong second quarter results…Our core business is enjoying terrific momentum as we charge forward into attractive adjacent markets.”

MKTIN Market Internals

The Dow closed down 181 (-1.00%) at 17919, the S&P 500 closed down 9 (-0.43%) at 2119, and the Nasdaq closed down 11 (-0.21%) at -5208. Action came on near average volume (NYSE 762 mln vs. avg. of 789; NASDAQ 1645 mln vs. avg. of 1601), with decliners outpacing advancers (NYSE 1269/1881, NASDAQ 1153/1650) and new lows outpacing new highs (NYSE 76/210, NASDAQ 92/129).

Relative Strength:
Junior Gold Miners-GDXJ +3.8%, Natural Gas-UNG +2.06%, Silver Miners-SIL +1.92%, Middle East and Africa-GAF +1.58%, New Zealand-ENZL +1.51%, Oil-USO +1.32%, BRICs-EEB +1.28%, Oil Services-OIH +1.17%, Greece-GREK +1.11%, Russia-RSX +1.02%.

Relative Weakness:
Thailand-THD -2.02%, Columbia Index-GXG -1.79%, Biotechnology-XBI -1.69%, Livestock-COW -1.38%, Egypt-EGPT -1.33%, Vietnam-VNM -1.26%, Industrials-XLI -1.02%, Telecommunications-IYZ -1%, Cotton-BAL -0.94%, United Kingdom-EWU -0.64%.

WRAPX Closing Market Summary: Dow Jones Industrial Average Leads Stocks Lower

The stock market retreated on Tuesday with the Nasdaq Composite (-0.2%) backing away from yesterday’s record close. However, the tech-heavy index held up relatively well considering the Dow (-1.0%) and S&P 500 (-0.4%) registered wider losses.

The price-weighted Dow Jones Industrial Average paced the retreat with IBM (IBM 163.07, -10.15) and United Technologies (UTX 102.67, -7.81) largely responsible for the underperformance. The second largest index member—IBM—lost 5.9% following its bottom-line beat that was aided by a lower tax rate while the company’s year-over-year revenue showed the 13th consecutive quarterly decline.

Separately, United Technologies fell 7.1% after below-consensus revenue and lowered earnings guidance for the year overshadowed an earnings beat. In addition to pressuring the Dow, shares of UTX weighed on the industrial sector (-1.1%), which ended behind the remaining cyclical groups. Interestingly, the sector finished among the laggards even though transport stocks displayed relative strength, sending the Dow Jones Transportation Average higher by 0.7%.

Elsewhere among cyclical groups, the energy sector (+0.1%) tried to resist the market-wide pressure, but could only eke out a slim gain while crude oil rose 0.9% to $50.87/bbl. Also of note, the top-weighted technology sector (-0.5%) settled just behind the broader market.

Just like the energy sector, high-beta chipmakers surrendered the bulk of their gains during afternoon action with the PHLX Semiconductor Index narrowing its advance to 0.1%. As for large cap tech components, Apple (AAPL 130.71, -1.36) lost 1.0% ahead of its earnings report. Investors will be most interested in iPhone sales and the pace of sales growth, but the report should also provide an early look at Apple Watch sales. Apple is the top-weighted stock in the market-cap weighted S&P 500 (3.98%), the top-weighted stock in the market-cap weighted Nasdaq 100 (13.9%), and the fifth highest-priced stock in the price-weighted Dow Jones Industrial Average.

Over on the countercyclical side, health care (-0.4%) and consumer staples (-0.3%) settled near the broader market while telecom services (-1.7%) and utilities (-1.0%) underperformed throughout the session. The telecom sector ended at the bottom of the leaderboard as Verizon (VZ 46.97, -1.13) tumbled 2.4% despite reporting a bottom-line beat.

Treasuries made a brief appearance in the red this morning, but they rallied as stocks declined with the 10-yr yield falling three basis points to 2.34%.

Investors did not receive any economic data today, but tomorrow will include the release of the weekly MBA Mortgage Index at 7:00 ET, followed by the FHFA Housing Price Index for May, which will be reported at 9:00 ET. The day’s data will be topped off with the Existing Home Sales report for June, which will cross at 10:00 ET (Briefing.com consensus 5.40 million).

· Nasdaq Composite +10.0% YTD

· Russell 2000 +4.2% YTD

· S&P 500 +2.9% YTD

· Dow Jones Industrial Average +0.5% YTD

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