>>> Charter Comm misses by $0.32, reports revs in-line

Charter Comm misses by $0.32, reports revs in-line
  • Reports Q1 (Mar) loss of $1.68 per share, $0.32 worse than the Capital IQ Consensus of ($1.36); revenues rose 7.1% year/year to $2.53 bln vs the $2.53 bln Capital IQ Consensus.
  • Net cash flows from operating activities totaled $424 mln, compared to $528 mln in 1Q15. Free cash flow for 1Q16 totaled negative $61 mln, compared to $101 mln during the same period last year. The decrease was primarily due to higher cash interest paid in 1Q16 vs 1Q15, and the year-over-year increase in capital expenditures.
  • As of March 31, 2016, total principal amount of debt was approximately $37.3 bln, and CHTR held $21.8 bln in proceeds from debt in escrow for CHTR's pending transactions with TWC and Bright House. As of March 31, 2016, CHTR's credit facilities provided approximately $1.2 bln of additional liquidity.

>>> Baxalta beats by $0.01, beats on revs

Baxalta beats by $0.01, beats on revs
  • Reports Q1 (Mar) earnings of $0.47 per share, $0.01 better than the Capital IQ Consensus of $0.46; revenues rose 10.3% year/year to $1.55 bln vs the $1.47 bln Capital IQ Consensus.
    • Undertaking efforts to expand global access and indications for HYQVIA including recent regulatory approval in Australia. In addition, the company has received orphan drug designation from the FDA for the treatment of chronic inflammatory demyelinating polyneuropathy (CIDP), a neurological disorder characterized by progressive weakness and impaired sensory function in the legs and arms, and a Phase 3 clinical trial is underway.
    • Accelerating treatment for patients with significant unmet medical needs with Health Canada's Priority Review of the New Drug Submission (NDS) for irinotecan liposome injection, also known as "nal-IRI," for the treatment of patients with metastatic adenocarcinoma of the pancreas previously treated with gemcitabine-based therapy. The expedited review is expected to be conducted in the second half of 2016.
    • Accelerating innovation in growing immuno-oncology portfolio with announcement of global collaboration with Precision BioSciences, a genome editing company, to develop a broad series of allogeneic chimeric antigen receptor (CAR) T cell therapies directed toward areas of major unmet need in multiple cancers. The companies will develop CAR T therapies for up to six unique targets, with the first program expected to enter clinical studies in late 2017.
  • Given the proposed merger agreement with Shire plc announced on January 11, 2016, Baxalta will not be hosting an investor conference call to discuss financial results. In addition, the company will not be providing financial guidance for the second quarter or full-year 2016, and previously-issued guidance for Baxalta as a standalone entity is no longer applicable.

>>> Pinnacle Foods reports EPS in-line, misses on revs; guides FY16 EPS in-line

Pinnacle Foods reports EPS in-line, misses on revs; guides FY16 EPS in-line
  • Reports Q1 (Mar) earnings of $0.40 per share, in-line with the Capital IQ Consensus of $0.40; revenues rose 13.4% year/year to $754.3 mln vs the $774.55 mln Capital IQ Consensus.
  • Co issues reaffirms guidance for FY16, sees EPS of $2.08-2.13 vs. $2.11 Capital IQ Consensus Estimate.
  • Adjusted EBITDA in the first quarter of 2016 grew 13.2% to $131.7 mln, compared to $116.3 mln in the first quarter of 2015.
  • This outlook includes the following unchanged assumptions: Input cost inflation for the year is estimated in the range of 2% to 3%. Productivity for the year is estimated in the range of 3.5% to 4.0% of cost of products sold, including Boulder Brands organic cost savings, but excluding acquisition synergies.

>>> MasterCard beats by $0.01, beats on revs; guides on call at 9:00

MasterCard beats by $0.01, beats on revs; guides on call at 9:00
  • Reports Q1 (Mar) earnings of $0.86 per share, $0.01 better than the Capital IQ Consensus of $0.85; revenues rose 9.7% year/year to $2.45 bln vs the $2.38 bln Capital IQ Consensus. On a currency-neutral basis, net revenue increased 14%.
  • Net revenue growth was driven by the impact of the following: An increase in processed transactions of 14%, to 12.6 billion; A 13% increase in gross dollar volume, on a local currency basis, to $1.1 trillion; and An increase in cross-border volumes of 12%.
  • These factors were partially offset by an increase in rebates and incentives, primarily due to new and renewed agreements and increased volumes.
  • Worldwide purchase volume during the quarter was up 12% on a local currency basis versus the first quarter of 2015, to $838 billion. As of March 31, 2016, the company's customers had issued 2.3 billion MasterCard and Maestro-branded cards.
  • Operating income for the first quarter of 2016 was flat, or up 4% on a currency-neutral basis, versus the year-ago period. The company delivered an operating margin of 55.1%.
  • Updates FY16 guidance on call at 9:00

>>> AbbVie to acquire Stemcentrx for ~$5.8 bln in cash & stock, updates FY16 gui

AbbVie to acquire Stemcentrx for ~$5.8 bln in cash & stock, updates FY16 guidance
  • AbbVie will acquire Stemcentrx for approximately $5.8 billion in cash and stock. AbbVie will pay approximately $2.0 billion of the transaction value in cash and fund the remaining portion with stock. In addition, Stemcentrx investors are eligible to receive up to $4 billion in cash for additional, success-based milestone payments for the achievement of certain regulatory and clinical developments
  • Expected to close in second-quarter 2016
  • AbbVie expects this transaction to be approximately $0.20 dilutive to our ongoing earnings per share in 2016, with accretion beginning in 2020
  • As a result, AbbVie is updating its 2016 adjusted diluted earnings per share guidance range to $4.62 to $4.82
  • AbbVie will host a conference call on April 28, 2016, at 8:00 am Central time to discuss this transaction and first-quarter 2016 results

>>> Vale S.A. reports Q1 net income of $1.776 bln vs $8.569 bln in Q4; Q1 revs $

Vale S.A. reports Q1 net income of $1.776 bln vs $8.569 bln in Q4; Q1 revs $5.719 bln vs $5.559 bln Capital IQ consensus, which fell $180 mln QoQ
  • Adjusted EBITDA was US$ 2.005 bln in 1Q16, 44% higher than in 4Q15 mainly as a result of the improvement in the EBITDA for Ferrous Minerals (US$ 329 mln) and Base Metals (US$ 218 mln). Carajás iron ore production of 32.4 Mt; (iii) Tubarão pellet production of 7.2 Mt; (iv) nickel production of 73,500 t; and (v) copper production of 109,900 t. Adjusted EBITDA for Ferrous Minerals was US$ 1.738 bln in 1Q16, US$ 329 mln higher than the US$ 1.409 bln achieved in 4Q15, mainly as a result of higher realized sales prices (US$ 565 mln) and lower costs6 (US$ 244 mln).
  • Copper Outlook: The copper market is expected to remain in surplus in 2016 with no significant production cuts announced during 1Q16 and South American supply steadly increasing with the ramp-up of new projects

>>> Diebold misses by $0.21, misses on revs; lowers FY16 EPS, revs guidance

Diebold misses by $0.21, misses on revs; lowers FY16 EPS, revs guidance
  • Reports Q1 (Mar) loss of $0.05 per share, $0.21 worse than the Capital IQ Consensus of $0.16; revenues fell 11.3% year/year to $509.6 mln vs the $536.1 mln Capital IQ Consensus.
  • Co lowers guidance for FY16, sees EPS of $1.45-1.60 (Prior $1.55-1.70) vs. $1.59 Capital IQ Consensus Estimate; sees FY16 revs of $2.38-2.42 bln (-2% to flat vs. Prior guidance for relatively flat) vs. $2.44 bln two analyst estimate.

>>> US Early premarket gappers

Early premarket gappers
Gapping up: STJ +28.3%, AEZS +9.9%, DLB +9.5%, FB +9.4%, EXTR +9.1%,ANIK +7.8%, NTGR +6.8%, TTMI +6.8%, PPC +6.7%, CVEO +6.3%, RNG +6.2%,MDVN +5.7%, INUV +5.3%, YNDX +4.7%, BGC +4.1%, ASGN +3.7%, CSH +3.5%,ACTG +3.4%, NVO +3.2%, SPRT +3.2%, CSGP +3.1%, SBGL +3%, F +3%, ELY+2.9%, HMY +2.8%, VRX +2.8%, HBI +2.6%, INSY +2.6%, CRR +2.3%, NEFF+2%, DB +2%, HTCH +1.9%, MAR +1.8%, GG +1.8%, PYPL +1.6%, SIMO +1.6%,AMID +1.4%, AG +1.4%, GDX +1.4%, CATM +1.3%, ALGT +1.3%, VIV +1.3%,DNKN +1.3%, USCR +1.1%, SNDK +1.1%, NEM +1%, SLV +1%, KIM +1%, CAB+1%, CAKE +0.9%, LQ +0.9%, RGLD +0.9%, ABX +0.8%, GLD +0.8%, SQNS+0.8%, MT +0.7%, RIO +0.7%, HY +0.7%, NEU +0.6%

Gapping down: OCN -19.7%, INFN -12.7%, OSIS -10.9%, MSTR -9.5%, WLL-9.2%, SGI -8.7%, OTEX -8.6%, PRXL -8.6%, CAVM -8.2%, VSLR -7.2%, GNC-6.8%, SJW -6.7%, LOCK -6.1%, EVEP -5.6%, X -5.5%, TS -5.3%, FIX -5%, POT-5%, LLNW -4.9%, LYG -4.4%, RCII -4.2%, ABT -4.2%, FSLR -4.1%, ABT -3.6%,BUD -3.5%, WLL -3.5%, XLNX -3.4%, FSLR -3.3%, ORLY -3.3%, VRTX -3%, AR-3%, BKCC -2.7%, TER -2.3%, VAR -2.2%, SAN -2.1%, CHK -2%, HSBC -2%,TMO -2%, AA -1.7%, ARMH -1.7%, SPWR -1.5%, DOW -1.5%, TYL -1.3%, BCS-1.2%, BKFS -1.2%, ORC -1.2%, CIT -1.2%, RXDX -1.1%, RXDX -1.1%, TROV-1.1%, AZN -1.1%, TILE -0.9%, LOGI -0.8%, CGI -0.7%, NE -0.7%, JKS -0.6%,DXCM -0.6%, KRA -0.6%, TAL -0.6%, FENG -0.5%