>>> US After Hours Summary: FNSR +1.1%, LIFE +0.7%, CO +0.5%, HWAY -26

After Hours Summary: FNSR +1.1%, LIFE +0.7%, CO +0.5%, HWAY -26.0%, SWHC -3.7%, RHT -1.5% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: FNSR +1.1%, LIFE +0.7%, CO +0.5%

Companies trading higher in after hours in reaction to news: CAG +6.3% (Jana Partners discloses 7.2% active stake in 13D filing; prepared to make nominees to the Board), SLI +2.9% (confirmed receipt of proposal from Handy & Harman (HNH) to acquire it for $43-45/share), MNTA +2.4% (announced launch of Glatopa (glatiramer acetate injection), a generic equivalent of daily COPAXONE), NTIP +2.3% (authorized an increase to its previously announced share repurchase program)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: HWAY -26.0%, SWHC -3.7%, RHT -1.5%

Companies trading lower in after hours in reaction to news: PVCT -9.3% (announced proposed public offering of common stock and warrants, size not disclosed), WSTC -4.4% (announced an underwritten public offering of 7 mln shares of common stock by certain of its existing stockholders; West to repurchase 1 mln shares in a private transaction), RESI -2.1% (announced Ashish Pandey will step down as CEO, effective June 30, 2015; Board has appointed George G. Ellison to serve as CEO), ZGNX -1.9% (shareholders approved 1-8 reverse stock split; split will take effect on July 1, 2015), BIOS -1.6% (announced June 25, 2015 record date for previously announced rights offering) 

>>> US Close

Closing Market Summary: Nasdaq Composite Leads Stocks Higher

The major averages ended Thursday on an upbeat note with the Nasdaq Composite (+1.3%) leading the market higher. In addition to pacing today's advance, the Nasdaq set a fresh nominal intraday record high at 5,143.32, overtaking levels last seen in March 2000.

Equity indices rallied throughout the morning after the combination of yesterday's FOMC policy statement and today's economic data set the tone for interest rates to remain at their current levels for longer. To that point, the CPI report for May (+0.4%; Briefing.com consensus 0.5%) was cooler than expected while the remaining data points released today indicated improving economic conditions.

Stocks extended their gains in the early afternoon once Germany's Die Zeit reported that Greece is on track to receive an extension until the end of the year without the involvement of the International Monetary Fund. However, that report was struck down promptly as German Chancellor Angela Merkel said she is only aware of the proposal that was brought forth by the creditors.

Furthermore, Reuters reported European Central Bank member Benoit Coeure was asked if Greek banks will be able to open tomorrow, to which he responded, "Tomorrow, yes. Monday, I don't know." However, the ECB was quick to deny issuing this warning.

Despite the continued uncertainty, all ten sectors posted gains with health care (+1.5%) holding the lead throughout the session. The countercyclical group rallied behind biotechnology as iShares Nasdaq Biotechnology ETF (IBB 377.88, +11.33) spiked 3.1%. In turn, biotechnology helped the Nasdaq Composite spend the day ahead of the Dow and S&P 500.

The tech-heavy Nasdaq enjoyed all-around support as chipmakers displayed relative strength with the PHLX Semiconductor Index climbing 1.5%. Meanwhile, most large cap tech names held their own, but Oracle (ORCL 42.75, -2.16) fell 4.8% after missing earnings/revenue estimates and guiding below consensus expectations. Oracle's underperformance kept the tech sector (+0.8%) behind the broader market throughout the day.

Elsewhere among cyclical sectors, industrials ended in-line with the broader market, but that masked relative strength in transport names. The Dow Jones Transportation Average spiked 1.5% with all 20 members ending in the green. Alaska Air (ALK 63.99, +1.96) climbed 3.2% to pace the rally while five other components gained at least 2.0% apiece.

Also of note, the energy sector (unch) surrendered its gain ahead of the close even though crude oil added 1.1%, settling at $60.42/bbl. In other commodities, gold futures jumped 2.1% to $1202/ozt, contributing to a 1.2% gain in the Market Vectors Gold Miners ETF (GDX 19.09, +0.23).

Treasuries surrendered their overnight gains and continued their retreat into the afternoon, sending the benchmark 10-yr yield higher by three basis points to 2.35%.

Today's trading volume surpassed recent totals as more than 830 million shares changed hands at the NYSE floor.

Economic data included Initial Claims, CPI, Current Account Balance, Leading Indicators, and the Philadelphia Fed Survey:

* The initial claims level declined to 267,000 for the week ending June 13 from an unrevised 279,000 while the consensus expected a decline to 276,000 

* The four-week moving average dipped to 277,000 from 279,000 

* The Consumer Price Index increased 0.4% in May after increasing 0.1% in April while the consensus expected an increase of 0.5% 

* That was the largest monthly increase in the headline index since a 0.6% gain in February 2013. Prices were flat on a year-over-year basis  * Total energy prices increased 4.3% in May after decreasing 1.3% in April 

* Gasoline prices rose 10.4% after declining 1.7% in April 

* Excluding food and energy, core CPI increased 0.1% in May after increasing 0.3% in April while the consensus expected an increase of 0.2% 

* The current account deficit for the first quarter totaled $113.30 billion while the consensus expected the deficit to hit $116.70 billion 

* The fourth quarter deficit was revised to $103.10 billion from $113.50 billion 

* The Leading Indicators report for May was up 0.7% while the consensus expected an increase of 0.4%  * The Philadelphia Fed Survey for June rose to 15.2 from 6.7 while economists polled by had expected an improvement to 8.0 

There is no economic data on tomorrow's schedule.

* Nasdaq Composite +8.4% YTD  * Russell 2000 +6.7% YTD  * S&P 500 +3.0% YTD  * Dow Jones Industrial Average +1.6% YTD

>>> American Science & Engineering heard considering sale

Deal reporter

American Science & Engineering heard considering sale – industry sources

American Science & Engineering (NASDAQ:ASEI), a Billerica, Massachusetts-based inspection and detection products company, is reconsidering a sale, according to an industry source and sector advisor.

According to the industry source, AS&E has been talking to investment bankers about the possibility of a sale. The industry source and sector advisor said, to their knowledge, the company is not currently running an auction.

AS&E, which has a USD 294m market capitalization, did not return calls for comment.

Last October, AS&E shareholder Willner Capital called on the company to hire an investment bank to explore strategic options.

AS&E was last reported by this news service to have considered a sale in January 2012 alongside then financial advisor Credit Suisse. It was further reported that the effort did not yield a transaction, in part, given the company’s rich price expectations.

Earlier this month, AS&E announced a realignment of the company into two focused business units: Detection Products and Detection Services.

The industry source and sector advisor said this internal restructuring could make AS&E more appealing in the event of a sale. According to the company, the realignment is expected to generate annual cost savings of about USD 6m. The industry source said by eliminating costs, AS&E could command a higher price if it sold.

The company may be weighing a potential sale in light of its recent stock performance, said the industry source. AS&E was trading at USD 41.12 per share early Thursday, compared to a, respective, 52-week low and high of USD 36.32 and USD 72.73.

Its share price took a hit in late April after announcing it received a subpoena from the Office of the Inspector General of the US General Services Administration (GSA) on 17 April, relating to an investigation by the GSA and the Department of Defense of its compliance with the terms and conditions of its contractual arrangements with the GSA. AS&E’s stock tumbled 21% on the news.

Potential buyers of AS&E could include x-ray inspection companies with a Transportation Security Administration (TSA) presence, the industry source and sector advisor said. They pointed to L-3 Communications (NYSE:LLL) as one company that could look at AS&E to strengthen its detection presence. France-based aerospace and defense group, Safran (EPA:SAF), was also named as a potential buyer for AS&E in a previous report by this news service.

AS&E had USD 126.8m in revenue for the fiscal year ending 31 March 2015, down 33% from USD 190.2m in sales for the same period a year prior.

In its 4Q15 earnings call last month, AS&E CFO Ken Galaznik attributed the decline in sales to a decrease across all product lines. On the same call, CEO Chuck Dougherty added that fiscal 2015 proved challenging due to a number of market conditions. He touched on large cargo projects, with AS&E experiencing continued delays based on market dynamics such as administration changes, political unrest and construction delays especially in the Middle East.

>>> GlaxoSmithKline takes another big swing at cancer drug R&D


GlaxoSmithKline takes another big swing at cancer drug R&D

Contrary to a common misperception in the industry, GlaxoSmithKline ($GSK) still has big plans in the burgeoning field of cancer drug R&D. And one of the pharma giant's top cancer drug R&D execs says Glaxo is ready to strike new deals to beef up the pipeline as it considers rebuilding a late-stage research effort and new commercial operations to support marketing the most successful drugs to come out of it.


GSK's Axel Hoos


Glaxo's big asset flip with Novartis ($NVS) spun out its late-stage cancer programs, a portfolio of drugs and hundreds of workers concentrated around tumor signaling. And now that the swap is completed, exchanging cancer drugs for a vaccine portfolio, the pharma giant's cancer drug discovery division has refocused, according to Axel Hoos, who runs the immuno-oncology group.

Just last month, says Hoos, the cancer division completed the big internal review it does for all its drug development teams every three years. GSK's remaining 185 cancer R&D staffers has regrouped around two key fields--next-gen immuno-oncology work and cancer epigenetics, extinguishing the last of the early-stage tumor signaling work. The cancer team is dedicating itself to hitting one or more new oncology drugs out of the proverbial ballpark, looking for some clear evidence that it can mount a transformational advance in oncology as it ponders rebuilding a late-stage pipeline effort and a whole new commercial effort to support it.

"I have no interest in developing a marginal drug," says Hoos, a veteran developer who headed up the development effort for Bristol-Myers Squibb's ($BMY) Yervoy (the pioneering CTL-4 immuno-oncology drug ipilimumab).

In the process, Hoos says, you can expect more collaborations and acquisitions that fit this focus, with recruiting to continue in key areas of expertise where the company feels it's shorthanded.

"The aim is to create transformational medicines, with bigger effects for mono-therapies or combinations," says Hoos, who participated in a FierceBiotech panel discussion on cancer drug R&D at BIO's annual conference in Philadelphia. "In the next 2 to 3 years we will know if we have a transformational drug, and then we can decide to rebuild a late-stage development organization, if we have a blockbuster and want to progress quickly. The same is true for commercialization; we will rebuild if we have a reason to rebuild."

Transformational drug development has been the goal at GSK for years, but it's proven easier to ask for than it has been to deliver. The rap at Glaxo is that they've had some modest successes in cancer and respiratory ailments, but never connected on their big home run swings in R&D. Revenue suffered and the inevitable retrenching followed. With a big commitment to two major fields--respiratory and vaccines, now the domain of former R&D chief Moncef Slaoui--the company has been tagged as an industry laggard among the top 10, with little that's exciting to show analysts or investors.

For the cancer R&D division, which is primarily concentrated in Glaxo's facilities in the Philadelphia area with cell and gene work being done at Stevenage in the U.K., any new drugs that don't measure up to a potential breakthrough are going to be handed off to Novartis, which has a first-right-of-refusal, or some other company looking for cancer drug assets.

Cancer epigenetics is the older of the two groups, adds Hoos, dating back some 6 years, when Glaxo was rolling out its biotech-like DPU model in R&D. There are now 4 drugs in the clinic, says Hoos, "and the pipeline is the industry's leading pipeline. There is no other company with the same level of epigenetics pipeline as GSK."

Those programs, led by Chris Carpenter, include one for BET, which is still in early stage development.

The immuno-oncology effort is much younger, says Hoos. It started in February of 2013. The plan now is to catch a next-gen wave and ride it into a significant niche.

The first generation in immuno-oncology was really Yervoy and Dendreon's Provenge, says Hoos. And while the biotech's drug ultimately proved a commercial flop, it was a major scientific advance that helped open the door for the whole field.

The second generation, he says, are the PD1 and PDL1 drugs like Keytruda and others that are now shaking up the way cancer is treated, with broad applicability to a wide variety of cancers. But that wave is already delivering products, with more close behind, making it a more mature field than Glaxo wants to be in as it takes a second crack at success.

Where Hoos as his team are focused is on generation three: "Generation two could be a backbone," says the researcher, "but that doesn't mean that generation three can't be big. We are focused on building a program that nobody else has."

There's an OX40 program, one of only a handful in the industry, as well as small molecule drugs that can influence the tumor microenvironment--a shot at amping up the efficacy of T cells in tumors. There's also a next gen program that Hoos says goes beyond IDO, "but I'm not telling you what they are yet." Add in new work on bispecific molecules and the company's cell and gene therapy programs, exemplified by the deal it did last year with fast-growing Adaptimmune in the U.K., and you have the broad outlines of what Hoos is in charge of.

Time is a luxury GSK can't afford right now.

Says Hoos: "We want to move this fast."

(Makor) Tech View S&P 500 Index (2,119 last) - Price still capped between 2,072 and 2,119-34



 

                Summary

 

·         On a daily scale, the Index is trading in a wide range with 2,072 and 2,119 capping the price

·         In May The Index tried to break higher and reached 2,134, this breakout was followed by very light volume and eventually ended up as a failed attempt.

·         In most cased a false break in one direction is followed by an aggressive move in the other direction – so far this scenario didn't work

·         On a weekly scale, divergence between price and RSI, weakening volume, low percentage of stocks trading above their 200dma (60%) and an extremely low percentage of stocks making new 52 week highs (less than 5%) all point out and highlight the fact that it might be pretty dangerous to chase the market higher.

·         Also from a time perspective, the May 2015 high distance from the October 2007 high is equal to the distance between the March 2000 high and the October 2007 high. So far the mkt has held below the May 2015 high and while below it from a time cycle perspective the like hood for a move lower still exists

·         The current high of 2,134 was just points away from 2,138 which is the 161.8& Fibonacci extension of the 2007-2009 move lower

 

Bottom line: I would be caution about chasing the mkt higher, while below 2,134-8 I like playing the short side, I have no open target and will amend the position if the trade moves my way. Short 2 unit from mkt price with a stop loss on a daily close above 2,140

 

Daily chart

 

Weekly chart

 

Monthly chart

>>> Dragasakis reportedly told bank CEOs "deal is close in the weeknd"

{http://www.euro2day.gr/news/economy/article/1342249/ekroes-rekor-stis-katatheseis-thn-pempth.html}

Tweeter

Output record deposits Thursday

Growing deposits outflows citizens to "pull" today to 1 billion. Euro. According to banking sources, there is particular concern for tomorrow as there are already significant demands for withdrawal of deposits. Dragasaki-bankers meeting.

To 1 billion. Euro rose today outflows of deposits from the banking system amount broke all records in front of daily output for the period after February 20, when Athens and its creditors agreed to a four-month extension of the Greek economy support program .

These outflows are increasing daily and according to banking sources, particularly prevalent concern for tomorrow as there are already significant demands for withdrawal of deposits.

Yesterday, the system left deposits of approximately EUR 900 million. EUR 700 million yesterday. Euro on Monday outflows were formed at 500-600 mn. Euros.

The same sources report that the outputs of the last four days have absorbed the opening of the liquidity of ELA which has the European Central Bank in the last two weeks.

As for the liquidity cushion in ELA, sources claim that moving to marginal levels. Recall that yesterday the ECB has provided to the Greek banking system liquidity 1.1 billion. Euros bringing the limit in ELA 84.1 billion. EUR 83 bn. Euros.

Dragasaki-Bankers Meeting

Meanwhile concluded the meeting of the Deputy Prime Minister John Dragasaki the Presidium of the Union of Greek Banks in offices of the Union.

In a meeting attended by the presidents and CEOs of Piraeus, Alpha Bank , National, Eurobank and Attica Bank. Secure Euro2day.gr information said Deputy Prime Minister pointed out to bankers that "we have come close enough to the agreement and we hope to get closer to the achievement of the weekend ', while the description seemed that landmark is the summit.

For their part, bankers pointed to Vice elevated liquidity problems observed in the last days and bring home that liquidity reserves are depleted as they increase daily outputs.

Discussing employment and the issue of capital controls with Vice state, according to reports, that in his view has not committed any such type discussion

(Manager MAg) Nokia CEO Suri announces return to the mobile phone business to

Hamburg - Nokia CEO Rajeev Suri is planning to re-enter the mobile phone business: "We are to look for suitable partners," Suri said in an interview with the manager magazin and announced it on to license the brand from 2016 to mobile phone manufacturers. Still, it's the former largest manufacturer in the world does not allow mobile phones for sale: The Finnish company had in 2013 his cell phone business at Microsoft show stock market chart and sold a contract agreeing to stay away until the second half of 2016, the industry.

After the expiry of the clause Nokia will market chart show his former partner in the business but challenging: "Microsoft manufactures mobile phones, we would only design and make the brand name on the license is available, but of course we would be attacking able otherwise. we could be equal to his, "Suri said in the conversation further.
Nokia has been granted a trademark license for the production of tablets of the Taiwanese iPhone manufacturer Foxconn.

No preferential treatment of the German carmaker at HERE Sales

The Nokia CEO is about to re-establish the Group. Suri has announced the network equipment with competitors Alcatel-Lucent to show stock market chart to merge and to want the digital maps business HERE sale.

In order HERE a bidding race has emerged, in which also the German automaker BMW stock market chart show , Audi show stock market chart and Daimler stock market chart showing participate together. The German premium carmakers granted Suri a refusal to be preferred as major customers in the deal: "Anyone who can make the deal better in the long term, a good buyer is," Suri said in the interview on.

More economic firsthand ? The above text is only a minimal section of the July issue of the manager magazin . The new book (and the next issue) you can here the advantage offer order. The digital edition is available here for you, starting on Friday is the print edition on newsstands. Subscribers , we deliver the fresh manager magazin on Thursday in the letterbox or electronically. Or both.