Today's noteworthy initiations include: Ashford Hospitality (AHT) initiated with a Buy at Brean Capital... Axovant Sciences (AXON) initiated with an Outperform at Baird... Baxalta (BXLT) initiated with a Hold at Deutsche Bank... Criteo (CRTO)initiated with an Outperform at RBC Capital... Cynapsus Therapeutics (CYNA) initiated with a Buy at BofA/Merrill... Fitbit (FIT) initiated with a Buy at Deutsche Bank... Invuity (IVTY) initiated with an Overweight at Piper Jaffray... Nivalis Therapeutics (NVLS) initiated with a Buy at H.C. Wainwright... Orrstown Financial (ORRF) initiated with an Outperform at Keefe Bruyette... Palo Alto (PANW) initiated with an Overweight at JPMorgan... PayPal (PYPL) initiated with a Buy at Deutsche Bank... Phillips 66 Partners (PSXP) initiated with an Outperform at Wells Fargo... Restaurant Brands (QSR) initiated with an Outperform at Scotia Howard Weil... TASER (TASR) initiated with a Neutral at CL King.

DMG Blockchain Solutions (DMGGF) announced a strategic collaboration with PayPal (PYPL) and Energy Web to explore ways to decarbonize the Bitcoin blockchain. The companies are working together on developing methods for transacting on the Bitcoin network which would expand its use as a carbon neutral payment rail, thus advancing its application. DMG, Energy Web, and PayPal are working together to publish a research paper, which we collectively believe will benefit users of the Bitcoin network who would like to take advantage of carbon neutral options in their transactions. PayPal, with its focus on developing its bitcoin payment rail, has been a leader in new payment technologies with the introduction of its enhanced services by integrating blockchain technology, launching the PayPal USD stablecoin with Paxos Trust Company in August 2023 for efficient transactions.

Reports Q1 tangible book value per share $23.47. "We began this year with another solid quarter, highlighted by strong earnings. The successful workout of a large commercial real estate loan that entered non-accrual status at the end of 2022 aided our first quarter performance. Our team remains conscious of the current credit environment as we seek to limit risk while still taking steps to grow prudently. Excluding loan payoff activity that we initiated, we experienced modest loan growth and expect that to continue throughout the year. Orrstown's Wealth Management team is leading the way in generating strong fee income. As in prior years, expenses were higher in the first quarter and, excluding merger-related costs, are expected to normalize in the second quarter. Our liquidity position was bolstered by strong deposit growth, which included successful CD and money market production, as well as seasonal and short-term balances from which we expect some runoff," commented Thomas Quinn, Jr., President and Chief Executive Officer.