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Dai-ichi Life Holdings (OTC:DCNSF) Stock, Option Chain

Dai-Ichi Life is Japan's second-largest life insurance company excluding recently privatized Japan Post Insurance, with a market share of around 11% of annualized net premiums. Unlike its largest domestic competitors Nippon Life, Meiji Yasuda, and Sumitomo Life, which remain mutually owned by their policyholders, Dai-Ichi Life demutualized and listed on the Tokyo Stock Exchange in 2010. Its main domestic operating company accounts for around 60% of profits, its Frontier bancassurance subsidiary selling mainly savings products accounts for around 10%, Alabama-based Protective Life accounts for around 15%, TAL in Australia accounts for 7%, and Dai-Ichi Life Vietnam around 5%. Dai-Ichi also holds a 30% economic interest in Mizuho's Asset Management One.

Analyst Color

Short Ideas

Emerging Markets

Forex

Markets

Analyst Ratings

Trading Ideas

DCNSF

Credit Suisse Downgrades Japanese Stocks, Says Deflation Could Come Soon

News

Rumors

Movers

TMUS

Benzinga&#39;s M&amp;A Chatter for Wednesday June 4, 2014

Intraday Update

IDCC

VNDA

Benzinga&#39;s Volume Movers

DAI-ICHI LIFE INS CO ORD by Dai-ichi Life Holdings, Inc.

Dai-ichi Life Holdings Inc

Credit Suisse has downgraded Japanese equities to benchmark, saying that the economy could return to deflation.

	&quot;On the current $/&yen;, Japan is set to return to deflation; earnings and PMI momentum have fallen sharply; there is little new news on the Third Arrow (with polls showing Abe&#39;s popularity fading and Abe focusing on constitutional change rather than deregulation/labour market reform),&quot; analysts, including Andrew Garthwaite, wrote in a note this week.

	&quot;Many fundamental problems remain (such as trend growth of just 0.5% in an economy getting close to full capacity),&quot; Garthwaite added.

	The brokerage avoided an underweight because: &quot;i) we believe the BoJ will remain committed to their inflation target ahead of July&#39;s election (and we place a reasonably high probability on more REIT/ETF buying and a supplementary budget); ii) there is some clear evidence of corporate change (buybacks are up &gt;100% Y/Y).&quot;

	Garthwaite continued: &quot;iii) the funds flow picture is the best of any market (foreign investors have capitulated, 53% of household&#39;s financial assets are in cash, and private/public pension funds and the BOJ could buy c.7.5% of market cap); iv) Japan scores top of our valuation scorecard; and v) finally, Japan is the most leveraged market to a rise in global PMI new orders.&quot;

	The analyst noted that while the headline unemployment is extremely low by developed market standards (at 3.3 percent), there may be more hidden slack in the labor market.

	&quot;Our economists estimate that despite the job offer to applications ratio being close to a 25-year high, the U6 unemployment rate (i.e. the unemployment rate taking into account those workers who are marginally attached or working part time for economic reasons) is still high at 5.6%,&quot; Garthwaite said.

	On the forex front, Credit Suisse&#39;s FX strategists forecast that USD/JPY will rise to &yen;105 over the next 12 months.

	The Credit Suisse Japan Focus List stocks include Sony Corp (ADR) (NYSE: <a class="ticker" href="/stock/sne#NYSE">SNE</a>) and Dai-Ichi Life Insurance Co., Ltd. (OTCMKTS:DCNSF), both of which are cheap according to the firm&#39;s HOLT valuation model that ranks stocks based on discounted cash flows.

	According to Tipranks, Garthwaite has a success rate of 67 percent, with average return per recommendation of +29.2 percent. He is ranked 1,461 out of 3,844 analysts.

Financing

Nikkei Reports Dai-Ichi Life Insurance to Raise About ¥250B ($2.44B) in Fresh Capital by Issuing New Shares to Fund Protective Life

The following are the M&amp;A deals, rumors and chatter circulating on Wall Street for Wednesday June 4, 2014:
Tyson Enters Bridge Facility Agreement for Potential Hillshire Bid
The Bridge Facility: Shares of Hillshire Brands (NYSE: <a class="ticker" href="/stock/hsh#NYSE">HSH</a>) rose Wednesday morning on an 8-K filing from Tyson Foods (NYSE: <a class="ticker" href="/stock/tsn#NYSE">TSN</a>), which indicated that Tyson entered into a letter of commitment pursuant to which Morgan Stanley Senior Funding committed to provide a 364-day senior unsecured bridge credit facility in an aggregate principal amount of $6.75 billion and a 364-day senior unsecured backstop revolving credit facility in an aggregate principal amount of $1 billion. The Bridge Facility is intended to finance Tyson's potential acquisition of Hillshire.
Pilgrim's Pride (NYSE: <a class="ticker" href="/stock/ppc#NYSE">PPC</a>) submitted a revised proposal of $55.00 per share for Hillshire on June 1, $5.00 per share more than Tyson's $50.00 per share bid of May 29. Hillshire announced Tuesday that its Board of Directors agreed to conduct separate discussions with Pilgrim's Pride and Tyson regarding their proposals.
Hillshire Brands shares gained another 1% Wednesday, to close at $59.24, while Tyson lost 1.5% to close at $41.43.
Dai-ichi Life to Acquire Protective Life for $70.00/Share in Cash
The Deal: Shares of Protective Life (NYSE: <a class="ticker" href="/stock/pl#NYSE">PL</a>) rose 18% Wednesday, following Tuesday's announcement it would be acquired by Dai-ichi Life (OTC: <a class="ticker" href="/stock/dcnsf#OTC">DCNSF</a>) for $70 per share in cash. Late Tuesday, the company's announced the deal with a total transaction value of approximately $5.7 billion. 
Protective Life closed Wednesday at $69.36, a gain of 18%.
Sprint, T-Mobile Reportedly Near Agreement on Price, Termination Fee
The Rumor: Shares of Sprint (NYSE: <a class="ticker" href="/stock/s#NYSE">S</a>) and T-Mobile (NYSE: <a class="ticker" href="/stock/tmus#NYSE">TMUS</a>) rose after-hours Wednesday, on a report from Bloombergthat the two companies were closed to agreeing on the price, terms and break-up fee for a takeover of T-Mobile by Sprint, according to sources. The deal reportedly is $40 per T-Mobile share, consisting of 50% cash and 50% in Sprint stock.
Sprint closed Wednesday at $9.40 and traded as high as $9.85 after-hours. T-Mobile, gained $0.08 to close at $34.28 and traded as high as $36.50 after-hours.
Medtronic Evaluating Takeover Bid for Smith &amp; Nephew
The Rumor:: Shares of Medtronic (NYSE: <a class="ticker" href="/stock/mdt#NYSE">MDT</a>) and Smith &amp; Nephew (NYSE: <a class="ticker" href="/stock/snn#NYSE">SNN</a>) surged higher Wednesday on a report from Bloomberg that Medical was considering a potential takeover of Smith &amp; Nephew. Stryker (NYSE: <a class="ticker" href="/stock/syk#NYSE">SYK</a>) was mentioned as a potential suitor for S&amp;N last week by Financial Times.
Share of Medtronic, closed Wednesday at $63.22, a gain of 3.5%, while Smith &amp; Nephew shares closed up 12% at $97.27. Shares of Stryker, Zimmer Holdings (NYSE: <a class="ticker" href="/stock/zmh#NYSE">ZMH</a>), St Jude Medical (NYSE: <a class="ticker" href="/stock/stj#NYSE">STJ</a>) and Becton Dickinson (NYSE: <a class="ticker" href="/stock/bdx#NYSE">BDX</a>) also closed higher on the report.

Benzinga's M&A Chatter for Wednesday June 4, 2014

Protective Life (NYSE: <a class="ticker" href="/stock/pl#NYSE">PL</a>) shares moved up 17.94% to $69.25. The volume of Protective Life shares traded was 12792% higher than normal. Dai-ichi Life (OTC: <a class="ticker" href="/stock/dcnsf#OTC">DCNSF</a>) agreed to buy Protective Life for $70 per share.
Rexnord (NYSE: <a class="ticker" href="/stock/rxn#NYSE">RXN</a>) shares rose 4.60% to $27.04. The volume of Rexnord shares traded was 472% higher than normal. Rexnord will participate in the Deutsche Bank Global Industrials and Basic Materials Conference in Chicago, IL, on June 5, 2014.
Vanda Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/vnda#NASDAQ">VNDA</a>) shares climbed 17.66% to $11.79. The volume of AmSurg shares traded was 301% higher than normal. Vanda Pharma expected FY14 operating expense of $110 million to $120 million.
InterDigital (NASDAQ: <a class="ticker" href="/stock/idcc#NASDAQ">IDCC</a>) surged 1.42% to $45.79. The volume of InterDigital shares traded 291% higher than normal. InterDigital shares have gained 1.01% over the past 52 weeks, while the S&amp;P 500 index has jumped 19.60% in the same period.

Benzinga's Volume Movers

TF Financial (NASDAQ: <a class="ticker" href="/stock/thrd#NASDAQ">THRD</a>) shares reached a new 52-week high of $42.13 after National Penn Bancshares (NASDAQ: <a class="ticker" href="/stock/npbc#NASDAQ">NPBC</a>) announced its plans to acquire TF Financial in a cash and stock deal.
LSB Financial (NASDAQ: <a class="ticker" href="/stock/lsbi#NASDAQ">LSBI</a>) shares jumped 41.34% to touch a new 52-week high of $40.00 after the company agreed to be acquired by Old National Bancorp (NASDAQ: <a class="ticker" href="/stock/onb#NASDAQ">ONB</a>) for $41.67 per share in cash and stock.
Protective Life (NYSE: <a class="ticker" href="/stock/pl#NYSE">PL</a>) reached a new 52-week high of $69.285 after Dai-ichi Life (OTC: <a class="ticker" href="/stock/dcnsf#OTC">DCNSF</a>) agreed to buy Protective Life for $70 per share.
Delta Air Lines (NYSE: <a class="ticker" href="/stock/dal#NYSE">DAL</a>) shares surged 1.29% to touch a new 52-week high of $41.68. Delta Air shares have jumped 134.34% over the past 52 weeks, while the S&amp;P 500 index has gained 19.60% in the same period.

LSBI

NPBC

THRD

Stocks Hitting 52-Week Highs

LSB Financial (NASDAQ: <a class="ticker" href="/stock/lsbi#NASDAQ">LSBI</a>) rose 41.31% to $39.99 after the company agreed to be acquired by Old National Bancorp (NYSE: <a class="ticker" href="/stock/onb#NYSE">ONB</a>) for $41.67 per share in cash and stock.
DragonWave (NASDAQ: <a class="ticker" href="/stock/drwi#NASDAQ">DRWI</a>) shares gained 35.02% to $1.65 after the company lifted its Q1 revenue outlook.
NQ Mobile (NYSE: <a class="ticker" href="/stock/nq#NYSE">NQ</a>) jumped 33.94% to $10.22 following the release of Special Committee report.
TF Financial (NASDAQ: <a class="ticker" href="/stock/thrd#NASDAQ">THRD</a>) climbed 32% to $42.03 after National Penn Bancshares (NASDAQ: <a class="ticker" href="/stock/npbc#NASDAQ">NPBC</a>) announced its plans to acquire TF Financial in a cash and stock deal.
Protective Life (NYSE: <a class="ticker" href="/stock/pl#NYSE">PL</a>) gained 17.97% to $69.27 after Dai-ichi Life (OTC: <a class="ticker" href="/stock/dcnsf#OTC">DCNSF</a>) agreed to buy Protective Life for $70 per share.
SunPower (NASDAQ: <a class="ticker" href="/stock/spwr#NASDAQ">SPWR</a>) jumped 5.06% to $33.63 after the company reported that it has been selected by NV Energy to build a 19-megawatt solar power system in Nevada.

DRWI

SPWR

Morning Market Movers 

Protective Life (NYSE: <a class="ticker" href="/stock/pl#NYSE">PL</a>) shares climbed 18.70% to $69.70 in the pre-market trading session after Dai-ichi Life (OTC: <a class="ticker" href="/stock/dcnsf#OTC">DCNSF</a>) agreed to buy Protective Life for $70 per share.
Legg Mason (NYSE: <a class="ticker" href="/stock/lm#NYSE">LM</a>) shares gained 6.99% to $52.63 in pre-market trading after Stifel Financial (NYSE: <a class="ticker" href="/stock/sf#NYSE">SF</a>) announced the acquisition of Legg Mason Investment Counsel &amp; Trust Co. 
Merrimack Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/mack#NASDAQ">MACK</a>) shares jumped 4.56% to $7.80 in pre-market trading after gaining 0.27% on Tuesday.
ValueVision Media (NASDAQ: <a class="ticker" href="/stock/vvtv#NASDAQ">VVTV</a>) soared 3.71% to $4.47 in the pre-market trading. ValueVision Media shares have dropped 7.11% over the past 52 weeks, while the S&amp;P 500 index has gained 19.60% in the same period.

Pre-Market Outlook

MACK

VVTV

Benzinga's Top #PreMarket Gainers

UPDATE: Protective Life Shares Rise 17% Premarket Following Announcement of $70/Share Deal with Dai-ichi Life

Dai-ichi Life Insurance Company (OTC: <a class="ticker" href="/stock/dcnsf#OTC">DCNSF</a>) 
 and Protective Life Corporation (NYSE: <a class="ticker" href="/stock/pl#NYSE">PL</a>) 
 announced that they have entered into a definitive agreement under which 
 Dai-ichi Life will acquire all outstanding shares of Protective Life 
 Corporation for $70.00 per share in cash, or a total transaction value 
 of approximately $5.7 billion. The transaction consideration represents 
 a 34% premium over Protective's unaffected closing stock price of $52.30 
 on May 30, 2014.
 Dai-ichi Life, founded in 1902 and headquartered in Tokyo, Japan, is one 
 of the top 20 global life insurers and operates throughout Japan, 
 Australia, Vietnam, Indonesia, India and Thailand. Protective, whose 
 primary subsidiary, Protective Life Insurance Company, was founded in
 <a href="http://www.benzinga.com/pressreleases/14/06/b4607163/dai-ichi-life-to-acquire-protective-life">See full press release</a>

Guidance

Asset Sales

Management

Global

Press Releases

UPDATE: Dai-ichi Life to Acquire Protective Life for $70.00/Share in Cash

Offerings

UPDATE: Dai-Ichi Life Files Shelf Registration to Offer Up to ¥250B In New Ordinary Shares - Regulatory Filing -Reuters

Dai-Ichi Life to Buy Protective Life for ¥582.2B - Filing -Reuters

Midway through trading Monday, the Dow traded up 0.11 percent to 16,736.27 while the NASDAQ declined 0.17 percent to 4,235.57. The S&amp;P also rose, gaining 0.04 percent to 1,924.40.

	Leading and Lagging Sectors

	In trading on Monday, basic materials shares were relative leaders, up on the day by about 0.54 percent. Top gainers in the sector included MeadWestvaco (NYSE: <a class="ticker" href="/stock/mwv#NYSE">MWV</a>), Century Aluminum Co (NASDAQ: <a class="ticker" href="/stock/cenx#NASDAQ">CENX</a>), and Calgon Carbon (NYSE: <a class="ticker" href="/stock/ccc#NYSE">CCC</a>).

	Technology shares dropped about 0.17 percent in trading on Monday. Top decliners in the sector included Universal Electronics (NASDAQ: <a class="ticker" href="/stock/ueic#NASDAQ">UEIC</a>), down 8 percent, and Himax Technologies, (NASDAQ: <a class="ticker" href="/stock/himx#NASDAQ">HIMX</a>), off 9.2 percent.

	Top Headline

	Conn&#39;s (NASDAQ: <a class="ticker" href="/stock/conn#NASDAQ">CONN</a>) reported a 34% gain in its fiscal first-quarter earnings.

	Conn&#39;s posted a quarterly profit of $28.5 million, or $0.77 per share, versus a year-ago profit of $22.2 million, or $0.61 per share. Excluding certain items, its adjusted earnings came in at $0.80 per share.

	Conn&#39;s same-store sales climbed around 15.6%. Electronics same-store sales gained 3%, while furniture and mattress sales jumped 64.7%. Its revenue jumped 33.6% to $335.4 million. However, analysts were projecting a profit of $0.73 per share on revenue of $329 million.

	Equities Trading UP

	NPS Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/npsp#NASDAQ">NPSP</a>) shares shot up 14.86 percent to $35.76 following Friday&#39;s rumored bid from Shire (NASDAQ: <a class="ticker" href="/stock/shpg#NASDAQ">SHPG</a>) before selling off to $32.30 just before today&#39;s close.

	Shares of Protective Life (NYSE: <a class="ticker" href="/stock/pl#NYSE">PL</a>) got a boost, shooting up 11.85 percent to $58.51. Dai-ichi Life (OTC: <a class="ticker" href="/stock/dcnsf#OTC">DCNSF</a>) is in talks to acquire Protective Life, according to a source as reported by Nikkei Business Daily via Reuters.

	Ariad Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/aria#NASDAQ">ARIA</a>) shares were also up, gaining 7.12 percent to $6.92 following the report of positive Iclusig data at the 2014 American Society of Clinical Oncology.

	Equities Trading DOWN

	Shares of Puma Biotechnology (NYSE: <a class="ticker" href="/stock/pbyi#NYSE">PBYI</a>) were down 24.21 percent to $57.87 after the company presented positive PB272 Phase II data at ASCO.

	MasTec (NYSE: <a class="ticker" href="/stock/mtz#NYSE">MTZ</a>) shares fell 10.78 percent to $32.12 following Sunday&#39;s report of weak outlook. MasTec expected FY14 sales of $4.70 billion to $4.80 billion.

	Clovis Oncology (NASDAQ: <a class="ticker" href="/stock/clvs#NASDAQ">CLVS</a>) was down, falling 6.76 percent to $45.75 after the company presented encouraging data from Phase 1/2a study evaluating lucitanib in advanced solid tumors at ASCO.

	Commodities

	In commodity news, oil traded down 0.33 percent to $102.37, while gold traded down 0.14 percent to $1,244.20.

	Silver traded up 0.28 percent Monday to $18.74, while copper rose 1.38 percent to $3.17.

	Eurozone

	European shares were mostly higher today.

	The eurozone&rsquo;s STOXX 600 climbed 0.24 percent, the Spanish Ibex Index rose 0.27 percent, while Italy&rsquo;s FTSE MIB Index surged 0.77 percent.

	Meanwhile, the German DAX rose 0.07 percent and the French CAC 40 declined 0.07 percent while UK shares climbed 0.42 percent.

	Economics

	The final reading of Markit PMI manufacturing index rose to 56.40 in May, versus a prior reading of 56.20. However, economists were expecting a reading of 56.20.

	The ISM manufacturing composite index fell to 55.40 in May, versus a prior reading of 54.90. However, economists were expecting a reading of 55.50. &nbsp;The number was revised twice Monday morning.

	US construction spending rose 0.20% in April, versus economists&rsquo; expectations for a 0.60% gain.

Earnings

Eurozone

Futures

Commodities

Economics

ARIA

CENX

CLVS

CONN

HIMX

NPSP

PBYI

SHPG

UEIC

Mid-Afternoon Market Update; ISM Revised Twice, CONN Maintains Gains On Earnings Report

​Midway through trading Monday, the Dow traded up 0.11 percent to 16,736.27 while the NASDAQ declined 0.17 percent to 4,235.57. The S&amp;P also rose, gaining 0.04 percent to 1,924.40.

	Leading and Lagging Sectors
<div>
	In trading on Monday, basic materials shares were relative leaders, up on the day by about 0.54 percent. Top gainers in the sector included MeadWestvaco (NYSE: <a class="ticker" href="/stock/mwv#NYSE" style="font-size: 12.727272033691406px;">MWV</a>), Century Aluminum Co (NASDAQ: <a class="ticker" href="/stock/cenx#NASDAQ" style="font-size: 12.727272033691406px;">CENX</a>), and Calgon Carbon (NYSE: <a class="ticker" href="/stock/ccc#NYSE" style="font-size: 12.727272033691406px;">CCC</a>).</div>
<div>
	Technology shares dropped about 0.17 percent in trading on Monday. Top decliners in the sector included Universal Electronics (NASDAQ: <a class="ticker" href="/stock/ueic#NASDAQ" style="font-size: 12.727272033691406px;">UEIC</a>), down 8 percent, and Himax Technologies, (NASDAQ: <a class="ticker" href="/stock/himx#NASDAQ" style="font-size: 12.727272033691406px;">HIMX</a>), off 9.2 percent.</div>
<div>
	Top Headline</div>
<div>
	Conn&#39;s (NASDAQ: <a class="ticker" href="/stock/conn#NASDAQ" style="font-size: 12.727272033691406px;">CONN</a>) reported a 34% gain in its fiscal first-quarter earnings.</div>
<div>
	Conn&#39;s posted a quarterly profit of $28.5 million, or $0.77 per share, versus a year-ago profit of $22.2 million, or $0.61 per share. Excluding certain items, its adjusted earnings came in at $0.80 per share.</div>
<div>
	Conn&#39;s same-store sales climbed around 15.6%. Electronics same-store sales gained 3%, while furniture and mattress sales jumped 64.7%. Its revenue jumped 33.6% to $335.4 million. However, analysts were projecting a profit of $0.73 per share on revenue of $329 million.</div>
<div>
	Equities Trading UP</div>
<div>
	NPS Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/npsp#NASDAQ" style="font-size: 12.727272033691406px;">NPSP</a>) shares shot up 14.86 percent to $35.76 following Friday&#39;s rumored bid from Shire (NASDAQ: <a class="ticker" href="/stock/shpg#NASDAQ" style="font-size: 12.727272033691406px;">SHPG</a>).</div>
<div>
	Shares of Protective Life (NYSE: <a class="ticker" href="/stock/pl#NYSE" style="font-size: 12.727272033691406px;">PL</a>) got a boost, shooting up 10.19 percent to $57.63. Dai-ichi Life (OTC: <a class="ticker" href="/stock/dcnsf#OTC" style="font-size: 12.727272033691406px;">DCNSF</a>) is in talks to acquire Protective Life (NYSE: <a class="ticker" href="/stock/pl#NYSE" style="font-size: 12.727272033691406px;">PL</a>), according to a source as reported by Nikkei Business Daily via Reuters.</div>
<div>
	Ariad Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/aria#NASDAQ" style="font-size: 12.727272033691406px;">ARIA</a>) shares were also up, gaining 7.74 percent to $6.96 following the report of positive Iclusig data at the 2014 American Society of Clinical Oncology.</div>
<div>
	Equities Trading DOWN</div>
<div>
	Shares of Puma Biotechnology (NYSE: <a class="ticker" href="/stock/pbyi#NYSE" style="font-size: 12.727272033691406px;">PBYI</a>) were 19.57 percent to $61.47 after the company presented positive PB272 Phase II data at ASCO.</div>
<div>
	MasTec (NYSE: <a class="ticker" href="/stock/mtz#NYSE" style="font-size: 12.727272033691406px;">MTZ</a>) shares tumbled 11.11 percent to $32.00 following Sunday&#39;s report of weak outlook. MasTec expected FY14 sales of $4.70 billion to $4.80 billion.</div>
<div>
	Clovis Oncology (NASDAQ: <a class="ticker" href="/stock/clvs#NASDAQ" style="font-size: 12.727272033691406px;">CLVS</a>) was down, falling 10.27 percent to $45.95 after the company presented encouraging data from Phase 1/2a study evaluating lucitanib in advanced solid tumors at ASCO.</div>
<div>
	Commodities</div>
<div>
	In commodity news, oil traded down 0.28 percent to $102.42, while gold traded down 0.11 percent to $1,244.60.</div>
<div>
	Silver traded up 0.31 percent Monday to $18.74, while copper rose 1.36 percent to $3.17.</div>
<div>
	Eurozone</div>
<div>
	European shares were mostly higher today.</div>
<div>
	The eurozone&rsquo;s STOXX 600 climbed 0.24 percent, the Spanish Ibex Index rose 0.27 percent, while Italy&rsquo;s FTSE MIB Index surged 0.77 percent.</div>
<div>
	Meanwhile, the German DAX rose 0.07 percent and the French CAC 40 declined 0.07 percent while UK shares climbed 0.42 percent.</div>
<div>
	Economics</div>
<div>
	The final reading of Markit PMI manufacturing index rose to 56.40 in May, versus a prior reading of 56.20. However, economists were expecting a reading of 56.20.</div>
<div>
	The ISM manufacturing composite index fell to 53.20 in May, versus a prior reading of 54.90. However, economists were expecting a reading of 55.50.</div>
<div>
	US construction spending rose 0.20% in April, versus economists&rsquo; expectations for a 0.60% gain.</div>

Mid-Day Market Update: MasTec Tumbles On Weak Forecast; Protective Life Shares Spike Higher

Following the market opening Monday, the Dow traded down 0.12 percent to 16,697.43 while the NASDAQ declined 0.59 percent to 4,217.74. The S&amp;P also fell, dropping 0.28 percent to 1,918.20.

	Leading and Lagging Sectors

	In trading on Monday, telecommunications services shares were relative leaders, up on the day by about 0.34 percent. Top gainers in the sector included ARC Group Worldwide (NASDAQ: <a class="ticker" href="/stock/arcw#NASDAQ">ARCW</a>), Internet Gold Golden Lines (NASDAQ: <a class="ticker" href="/stock/igld#NASDAQ">IGLD</a>), and Portugal Telecom, SGPS S.A. (NYSE: <a class="ticker" href="/stock/pt#NYSE">PT</a>).

	Technology shares dropped about 0.35 percent in trading on Monday. Top decliners in the sector included Universal Electronics (NASDAQ: <a class="ticker" href="/stock/ueic#NASDAQ">UEIC</a>), down 7.7 percent, and Neonode (NASDAQ: <a class="ticker" href="/stock/neon#NASDAQ">NEON</a>), off 9 percent.

	Top Headline

	Conn's (NASDAQ: <a class="ticker" href="/stock/conn#NASDAQ">CONN</a>) reported a <a href="http://www.benzinga.com/news/earnings/14/06/4600418/update-conns-posts-higher-q1-earnings-shares-gain">34% gain </a> in its fiscal first-quarter earnings.

	Conn's posted a quarterly profit of $28.5 million, or $0.77 per share, versus a year-ago profit of $22.2 million, or $0.61 per share. Excluding certain items, its adjusted earnings came in at $0.80 per share.

	Conn's same-store sales climbed around 15.6%. Electronics same-store sales gained 3%, while furniture and mattress sales jumped 64.7%. Its revenue jumped 33.6% to $335.4 million. However, analysts were projecting a profit of $0.73 per share on revenue of $329 million.

	Equities Trading UP

	NPS Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/npsp#NASDAQ">NPSP</a>) shares shot up 18.29 percent to $36.82 following Friday's <a href="http://www.benzinga.com/news/14/06/4601003/nps-pharmaceuticals-shoots-up-20-percent-on-rumor"> rumored bid </a> from Shire (NASDAQ: <a class="ticker" href="/stock/shpg#NASDAQ">SHPG</a>).

	Shares of Protective Life (NYSE: <a class="ticker" href="/stock/pl#NYSE">PL</a>) got a boost, shooting up 12.33 percent to $58.75. Dai-ichi Life (OTC: <a class="ticker" href="/stock/dcnsf#OTC">DCNSF</a>) is in talks to acquire Protective Life (NYSE: <a class="ticker" href="/stock/pl#NYSE">PL</a>), according to a source as reported by Nikkei Business Daily via Reuters.

	Ariad Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/aria#NASDAQ">ARIA</a>) shares were also up, gaining 8.82 percent to $7.03 following the report of positive Iclusig data at the 2014 American Society of Clinical Oncology.

	Equities Trading DOWN

	Shares of Puma Biotechnology (NYSE: <a class="ticker" href="/stock/pbyi#NYSE">PBYI</a>) were 18.52 percent to $62.28 after the company <a href="http://www.benzinga.com/pressreleases/14/06/b4599547/puma-biotechnology-announces-presentation-of-positive-pb272-phase-ii-da"> presented positive </a> PB272 Phase II data at ASCO.

	MasTec (NYSE: <a class="ticker" href="/stock/mtz#NYSE">MTZ</a>) shares tumbled 10.69 percent to $32.15 following Sunday's report of weak outlook. MasTec expected FY14 sales of $4.70 billion to $4.80 billion.

	Clovis Oncology (NASDAQ: <a class="ticker" href="/stock/clvs#NASDAQ">CLVS</a>) was down, falling 7.50 percent to $47.37 after the company presented <a href="http://www.benzinga.com/pressreleases/14/05/b4599095/clovis-oncology-announces-encouraging-data-from-phase-12a-study-evaluat" style="font-size:13.333333969116211px;"> encouraging data from </a> Phase 1/2a study evaluating lucitanib in advanced solid tumors at ASCO.

	Commodities

	In commodity news, <a href="http://www.benzinga.com/news/14/06/4600044/brent-propped-up-by-chinese-data"> oil traded down 0.18 percent </a> to $102.52, while gold traded up 0.08 percent to $1,247.00.

	Silver traded up 0.82 percent Monday to $18.84, while copper rose 1.42 percent to $3.17.

	Eurozone

	European shares <a href="http://www.benzinga.com/news/14/06/4600051/euro-falls-ahead-of-inflation-ecb-meeting"> were mostly higher </a> today.

	The eurozone’s STOXX 600 climbed 0.06 percent, the Spanish Ibex Index rose 0.11 percent, while Italy’s FTSE MIB Index surged 0.23 percent.

	Meanwhile, the German DAX declined 0.30 percent and the French CAC 40 fell 0.22 percent while UK shares gained 0.15 percent.

	Economics

	The final reading of Markit PMI manufacturing index rose to 56.40 in May, versus a prior reading of 56.20. However, economists were expecting a reading of 56.20.

	The ISM manufacturing composite index fell to 53.20 in May, versus a prior reading of 54.90. However, economists were expecting a reading of 55.50.

	US construction spending rose 0.20% in April, versus economists’ expectations for a 0.60% gain.

	The Treasury is set to auction 3-and 6-month bills.

Tech

ARCW

IGLD

NEON

​Mid-Morning Market Update: Markets Fall; Conn's Profit Beats Street View

Protective Life (NYSE: <a class="ticker" href="/stock/pl#NYSE">PL</a>) shares moved up 11.91% to $58.53. The volume of Protective Life shares traded was 1302% higher than normal. Dai-ichi Life (OTC: <a class="ticker" href="/stock/dcnsf#OTC">DCNSF</a>) is in talks to acquire Protective Life, according to a source as reported by Nikkei Business Daily via Reuters. 

Broadcom (NASDAQ: <a class="ticker" href="/stock/brcm#NASDAQ">BRCM</a>) shares rose 8.59% to $34.61. The volume of Broadcom shares traded was 909% higher than normal. Broadcom announced its plans to explore options for cellular baseband business.

NPS Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/npsp#NASDAQ">NPSP</a>) shares climbed 13.11% to $35.21. The volume of NPS Pharmaceuticals shares traded was 523% higher than normal. NPS Pharma surged following Friday's rumored bid from Shire (NASDAQ: <a class="ticker" href="/stock/shpg#NASDAQ">SHPG</a>).

Aerie Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/aeri#NASDAQ">AERI</a>) surged 1.91% to $15.97. The volume of Aerie Pharmaceuticals shares traded 191% higher than normal. Aerie Pharma has a 52-week high of $27.15.

AERI

BRCM

Alder Biopharmaceuticals (NASDAQ: <a class="ticker" href="/stock/aldr#NASDAQ">ALDR</a>) shares gained 6.15% to reach a new 52-week high of $11.40. Credit Suisse initiated coverage on Alder Biopharma with a Outperform rating and a $20.00 price target.

Sabre (NASDAQ: <a class="ticker" href="/stock/sabr#NASDAQ">SABR</a>) shares touched a new 52-week high of $19.37. Sabre's PEG ratio is 1.38.

Protective Life (NYSE: <a class="ticker" href="/stock/pl#NYSE">PL</a>) reached a new 52-week high of $58.66. Dai-ichi Life (OTC: <a class="ticker" href="/stock/dcnsf#OTC">DCNSF</a>) is in talks to acquire Protective Life, according to a source as reported by Nikkei Business Daily via Reuters. 

GasLog Partners LP (NYSE: <a class="ticker" href="/stock/glop#NYSE">GLOP</a>) shares touched a new 52-week high of $28.281. Credit Suisse initiated coverage on shares of GasLog Partners LP with a Outperform rating.

ALDR

GLOP

SABR

Giga-tronics (NASDAQ: <a class="ticker" href="/stock/giga#NASDAQ">GIGA</a>) shares gained 35.54% to $1.64 after the company reported that it has completed a multi-year agreement with a major aerospace company to develop a variant of its high performance fast tuning YIG filters for a third aircraft platform..

NPS Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/npsp#NASDAQ">NPSP</a>) jumped 19.79% to $37.29 following Friday's rumored bid from Shire (NASDAQ: <a class="ticker" href="/stock/shpg#NASDAQ">SHPG</a>).

Protective Life (NYSE: <a class="ticker" href="/stock/pl#NYSE">PL</a>) shares gained 15.16% to $60.23. Dai-ichi Life (OTC: <a class="ticker" href="/stock/dcnsf#OTC">DCNSF</a>) is in talks to acquire Protective Life, according to a source as reported by Nikkei Business Daily via Reuters.

EveryWare Global (NASDAQ: <a class="ticker" href="/stock/evry#NASDAQ">EVRY</a>) rose 14.54% to $1.26 after the company provided an update on credit agreements. 

Ariad Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/aria#NASDAQ">ARIA</a>) jumped 12.38% to $7.26 following the report of positive Iclusig data at the 2014 American Society of Clinical Oncology.

Broadcom (NASDAQ: <a class="ticker" href="/stock/brcm#NASDAQ">BRCM</a>) shares gained 11.95% to $35.68 after the company announced its plans to explore options for cellular baseband business.

Conn's (NASDAQ: <a class="ticker" href="/stock/conn#NASDAQ">CONN</a>) climbed 10.27% to $51.43 after the company reported better-than-expected first-quarter earnings.

American Realty Capital Healthcare Trust (NASDAQ: <a class="ticker" href="/stock/hct#NASDAQ">HCT</a>) surged 8.54% to $10.80 after Ventas (NYSE: <a class="ticker" href="/stock/vtr#NYSE">VTR</a>) announced its plans to acquire American Realty Capital Healthcare for $2.6 billion in stock and cash.

Omeros (NASDAQ: <a class="ticker" href="/stock/omer#NASDAQ">OMER</a>) rose 6.42% to $12.44 after the company received the FDA approval of Omidria for use in cataract and other intraocular lens replacement procedures. 

Pharmacyclics (NASDAQ: <a class="ticker" href="/stock/pcyc#NASDAQ">PCYC</a>) shares jumped 5.62% to $93.82 on positive IMBRUVICA data presented at the American Society of Clinical Oncology.

EVRY

GIGA

OMER

PCYC

Dai-ichi Life (OTC: <a class="ticker" href="/stock/dcnsf#OTC">DCNSF</a>) is in talks to acquire Protective Life (NYSE: <a class="ticker" href="/stock/pl#NYSE">PL</a>), according to a source as reported by Nikkei Business Daily via Reuters. The deal could be worth $4.9 billion, according to the source, or about $62.00 per share. 

Protective Life closed Friday at $52.30, a gain of $0.18.

View full article <a href="http://www.reuters.com/article/2014/06/01/daiichi-life-ins-protective-life-talks-u-idUSL3N0OI0QV20140601">http://www.reuters.com/article/2014/06/01/daiichi-life-ins-protective-life-talks-u-idUSL3N0OI0QV20140601</a>

Reuters Reports Dai-ichi Life in Advanced Talks to Buy Protective Life, According to Source

Nordic American Tankers Ltd (NYSE: <a class="ticker" href="/stock/nat#NYSE">NAT</a>) posted a wider fourth-quarter loss. Nordic American Tankers posted a quarterly loss of $17.7 million, or $0.37 per share, versus a year-ago loss of $12.8 million, or $0.27 per share. Its net voyage revenue fell 5.9% to $19.3 million. Analysts were expecting a loss of $0.29 per share on revenue of $26 million. 

Drew Industries Inc (NYSE: <a class="ticker" href="/stock/dw#NYSE">DW</a>) posted weaker-than-expected fourth-quarter profit. Drew Industries' quarterly profit rose to $4.1 million, or $0.18 per share, from $3.1 million, or $0.14 per share, in the year-ago period. Its net sales surged 50% to $160 million. Analysts were expecting earnings of $0.20 per share.

TAM SA (NYSE: <a class="ticker" href="/stock/tam#NYSE">TAM</a>) reported a 36% drop in its fourth-quarter profit. TAM's quarterly net profit fell to 95.5 million Brazilian reais ($55.3 million), from BRL150.1 million, in the year-ago period. Its fuel costs climbed 31.6% to BRL1.23 billion. TAM's net revenue surged 11% y/y to BRL3.6 billion. TAM's earnings before interest, tax, depreciation, amortization and aircraft rental costs (EBITDAR) rose to BRL611.9 million, from BRL506.8 million. For the full year of 2011, TAM posted a loss of BRL335.1 million, versus a year-ago profit of BRL637.4 million.

Orbotech Ltd (NASDAQ: <a class="ticker" href="/stock/orbk#NASDAQ">ORBK</a>) reported its Q4 earnings at $0.15 per share on revenue of $133.3 million.

Singapore Telecommunications Ltd (OTC: <a class="ticker" href="/stock/sngnf#OTC">SNGNF</a>) reported a 9.6% drop in its fiscal third-quarter net profit. SingTel's quarterly net profit fell to S$902 million (US$717 million), from S$998 million, in the year-ago period. However, analysts were expecting a net profit of S$931 million. Pretax profit from SingTel's regional mobile associates dipped 7.9% to S$449 million. SingTel's operating revenue climbed 2.7% y/y to S$4.83 billion from S$4.70 billion. However, analysts were expecting operating revenue of S$4.78 billion.

Regeneron Pharmaceuticals Inc (NASDAQ: <a class="ticker" href="/stock/regn#NASDAQ">REGN</a>) reported a Q4 loss of $0.37 per share on revenue of $123.00 million. However, analysts were expecting a loss of $0.60 per share on revenue of $131.50 million.

Thai Oil (OTC: <a class="ticker" href="/stock/toipf#OTC">TOIPF</a>) reported a 65.7% surge in its 2011 net profit. Thai Oil's 2011 net profit climbed to THB14.85 billion ($481.5 million), from THB8.96 billion. However, analysts were expecting a net profit of THB14.69 billion. Thai Oil's revenue surged to THB448.77 billion from THB324.35 billion. 

KVH Industries Inc (NASDAQ: <a class="ticker" href="/stock/kvhi#NASDAQ">KVHI</a>) reported its Q4 EPS at $0.11 on revenue of $31.90 million. However, analysts were expecting earnings of $0.11 per share on revenue of $31.91 million.

Olympus Corp (OTC: <a class="ticker" href="/stock/ocpny#OTC">OCPNY</a>) posted a net loss in the fiscal third quarter. Olympus posted a quarterly net loss of Y756 million, versus a year-ago net profit of Y2.04 billion. Olympus' operating profit dropped to Y8.42 billion, versus Y9.66 billion, in the year-ago period. Its revenue surged to Y210.13 billion from Y206.69 billion.

Dai-ichi Life Insurance Co (OTC: <a class="ticker" href="/stock/dcnsf#OTC">DCNSF</a>) reported a 19% drop in its net profit in the April-December period. Dai-ichi Life's quarterly net profit fell to Y12.71 billion, from Y15.70 billion, in the year-ago period. Its revenue rose 5.7% to Y3.597 trillion, versus Y3.402 trillion. For the fiscal year ending March, the company continues to project a net profit of Y20 billion on revenue of Y4.780 trillion.

Anglo American Platinum Ltd (OTC: <a class="ticker" href="/stock/agppy#OTC">AGPPY</a>) reported a decline in its 2011 output and profit. Anglo American Platinum's refined platinum production fell 2% y/y to 2.53 million ounces. It plans to refine between 2.5 million and 2.6 million ounces in 2012, versus its earlier forecast of 2.7 million ounces. Anglo American Platinum's profit attributable to shareholders dropped to 3.591 billion rand, from ZAR9.959 billion, in the year-ago period.

Songa Offshore SE (OTC: <a class="ticker" href="/stock/sgazf#OTC">SGAZF</a>) reported a decline in its net profit for the fourth quarter. Songa Offshore's quarterly net profit fell to $35.77 million, from $93.29 million, in the year-earlier period. Its operating revenue dropped to $96.25 million from $159.13 million. Songa Offshore's EBITDA fell to $23.99 million, from $130.06 million.

India's Sun Pharmaceutical Industries Ltd reported a 91% rise in its Q3 net profit. Sun Pharmaceutical's quarterly net profit climbed to INR6.68 billion, from INR3.50 billion, in the year-ago period. Its sales surged 37% to INR21.45 billion from INR15.62 billion. Analysts were expecting a net profit of INR5.47 billion. 

Canacol Energy Ltd (OTC: <a class="ticker" href="/stock/caaef#OTC">CAAEF</a>) reported a narrower Q2 loss. Canacol Energy posted a quarterly net loss of $2.4 million, versus a year-ago net loss of $14.9 million. Canacol Energy's total revenue surged to $55.2 million.

AGPPY

CAAEF

KVHI

OCPNY

ORBK

REGN

SGAZF

SNGNF

TOIPF

Earnings Roundup

Dai-ichi Life Insurance Co (OTC: DCNSF) reported a 19% drop in its net profit in the April-December period.

Dai-ichi Life's quarterly net profit fell to Y12.71 billion, from Y15.70 billion, in the year-ago period. Its revenue rose 5.7% to Y3.597 trillion, versus Y3.402 trillion. 

For the fiscal year ending March, the company continues to project a net profit of Y20 billion on revenue of Y4.780 trillion.

Dai-ichi Life Posts 19% Decline In Quarterly Net Profit

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Dai-ichi Life Boosts Shareholder Benefits Program

Dai-ichi Life Holdings (JP:8750) has released an update. Dai-ichi Life Holdings has announced the repurchase of 8,911,500 shares of common stock at...

Dai-ichi Life Holdings Reports Share Buyback Progress

In a report released today, Sam Wong from Jefferies maintained a Buy rating on Dai-ichi Life Holdings (DCNSF – Research Report), with a price targe...

Jefferies Reaffirms Their Buy Rating on Dai-ichi Life Holdings (DCNSF)

Dai-ichi Life Holdings (JP:8750) has released an update. Dai-ichi Life Holdings, Inc. has completed its share repurchase program, acquiring a total...

Dai-ichi Life Completes Share Buyback Program

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