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News Breaks
April 9, 2014
12:18 EDTCTCT, PG, WLT, SBGI, GM, AA, STZ, ANR, GTN, TM, ACI, NXSTOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday ahead of the release of the minutes for the Federal Reserve’s last policy meeting. Investors may have gained some optimism about the upcoming earnings season following Alcoa’s (AA) first quarter report, sending its shares and the major averages higher right from the outset of today’s trading. The indexes have moved in a relatively narrow range, but have remained in positive ground throughout the morning. ECONOMIC EVENTS: In the U.S., wholesale inventories rose 0.5% in February, matching economists’ forecast. The minutes for the March 18-19 FOMC meeting are scheduled to be released at 2 pm ET. COMPANY NEWS: Shares of aluminum producer Alcoa gained more than 3% after the company unofficially kicked off the earnings season with its report last night. The company reported first quarter adjusted profit that beat estimates, on revenue that missed expectations, adding that its year-to-date productivity gains are ahead of schedule… Toyota Motor (TM) saw its New York listed shares slip a bit over 1.5% after the company announced the recall of over 6M vehicles worldwide and its shares were downgraded to a Neutral rating at Bank of America Merrill Lynch. Another automaker grappling with its own recall issues, General Motors (GM), declined 2% after Morgan Stanley downgraded the stock to Underweight from Equal Weight. GM will need to invest heavily into connected vehicles, advanced power trains and eventually autonomous cars, which will pressure margins and earnings, the analyst contended… Procter & Gamble (PG) shares were fractionally higher after the consumer goods giant agreed to sell its three major pet food brands - Iams, Eukanuba, and Natura - to Mars for $2.9B. MAJOR MOVERS: Among the notable gainers was marketing software and solutions provider Constant Contact (CTCT), which surged 28% higher after the company’s preliminary first quarter revenue exceeded analysts' projection. Also higher were shares of several companies that own local TV stations, including Gray Television (GTN), Sinclair Broadcast (SBGI), and Nexstar (NXST), after Wells Fargo upgraded all three stocks after its meetings with FCC representatives relieved its prior concerns that the agency could veto sharing deals among stations. Among the noteworthy losers was beer and wine importer and distributor Constellation Brands (STZ), which slid 3% despite the company reporting sales that matched estimates and adjusted profits that beat the consensus forecast. Also lower were shares of a number of coal producers, including Alpha Natural Resources (ANR), Walter Energy (WLT) and Arch Coal (ACI), after all three stocks were downgraded to Sell at UBS. INDEXES: Near noon, the Dow was up 57.81, or 0.36%, to 16,313.95; the Nasdaq was up 29.81, or 0.72%, to 4,142.80; and the S&P 500 was up 6.06, or 0.33%, to 1,858.02.
News For AA;PG;TM;GM;CTCT;GTN;SBGI;NXST;ANR;WLT;ACI;STZ From The Last 14 Days
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April 15, 2015
09:55 EDTGMBofA/Merrill U.S. autos analysts hold an analyst/industry conference call
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09:08 EDTTMToyota to realign North American manufacturing operations
As reported, Toyota plans to invest in a new plant will be built in Guanajuato, Mexico, to support improved competitiveness in North America. The plant will produce Corolla taking into consideration forecasted steady, mid and long-term growth in North America. Building this plant will be one of Toyota's efforts to realign its North American manufacturing operations and begin a new approach to plant building; featuring new work processes, including Toyota New Global Architecture production engineering innovations, and will be a model for global manufacturing. To more efficiently supply high-quality and attractive vehicles, Toyota will continue regional consolidation of North American production based on vehicle body type and size. In 2019, production of the Corolla will be shifted from the plant in Cambridge Ontario, Canada to the newly opened plant in Mexico and the plant in Blue Springs, Mississippi will continue to produce the Corolla; consolidating compact vehicle production to the Southern U.S. and Mexico. TMMC will then focus its production on mid-sized vehicles of higher value, along with Toyota Motor Manufacturing, Kentucky and Toyota Motor Manufacturing, Indiana.
09:06 EDTTMToyota to build new plant in Mexico, expand Chinese joint venture
Toyota announced that it will build a new plant in Mexico and expand its joint venture, Guangzhou Toyota Motor Co., in China. These investments are grounded on its plans to construct production lines that are more competitive, with greatly reduced initial investment, improved efficiency, flexibility, environmental performance and safety, the company said. The new plant in Mexico and the expansion in China will be designed to accelerate innovation by implementing new technologies into real production lines. These "simple and slim" production lines can be easily lengthened or shortened depending on demand, with over-head conveyance devices eliminated, compact equipment installed on top of the plant floors, and paint-booths that are smaller. Toyota had previously suspended construction of new plants in order to improve capacity utilization of existing plants and plan for reduced model change-over and new plant construction investment. Currently, total capacity utilization is more than 90% and the initial portion of new simple and slim plant costs, including structure and equipment, is expected to be approximately 40% lower when compared to 2008. Production at the new plant in Mexico is scheduled to start in 2019 and the investment will be approximately $1B. Production at the new plant in China is to start as needed after completion of new line 3 in 2017 and Toyota plans to invest about Y52.5B.
07:37 EDTWLTWalter Energy provides update on efforts to improve capital structure
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April 14, 2015
18:07 EDTGMGeneral Motors seeks to cut costs via longer term supply contracts, WSJ says
General Motors’ new purchasing chief said the company is trying to lock in its supplier contracts for a term covering two vehicle generations, or as long as a decade, in a bid to cut costs and gain access to advanced technology, The Wall Street Journal reports. Reference Link
12:23 EDTTMFord likely to announce $2.5B investment in Mexico this week, Reuters reports
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10:34 EDTSTZOptions with decreasing implied volatility
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10:01 EDTSTZOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: AB InBev (BUD) initiated with a Neutral at Susquehanna... AMC Networks (AMCX) initiated with an Overweight at Piper Jaffray... Avery Dennison (AVY) initiated with a Hold at BB&T... Boston Beer (SAM) initiated with a Neutral at Susquehanna... Brocade (BRCD) initiated with a Neutral at Wedbush... Bunge (BG) initiated with an Overweight at Stephens... CIRCOR (CIR) initiated with a Speculative Buy at Global Hunter... Cabot Microelectronics (CCMP) initiated with a Buy at BB&T... Canadian Natural (CNQ) initiated with a Buy at GMP Securities... Cenovus Energy (CVE) initiated with a Hold at GMP Securities... China Distance Education (DL) initiated with a Buy at Brean Capital... Coca-Cola Enterprises (CCE) initiated with a Negative at Susquehanna... Coca-Cola (KO) initiated with a Negative at Susquehanna... Constellation Brands (STZ) initiated with a Neutral at Susquehanna... Discover (DFS) initiated with an Outperform at Wells Fargo... Dr Pepper Snapple (DPS) initiated with a Neutral at Susquehanna... Flex Pharma (FLKS) initiated with a Buy at H.C. Wainwright... Flowserve (FLS) initiated with a Neutral at Global Hunter... Goldman Sachs BDC (GSBD) initiated with a Neutral at BofA/Merrill... ITT Corp. (ITT) initiated with an Accumulate at Global Hunter... Intra-Cellular (ITCI) initiated with an Outperform at RBC Capital... Keurig Green Mountain (GMCR) initiated with a Positive at Susquehanna... Microsemi (MSCC) initiated with a Buy at Topeka... Molson Coors (TAP) initiated with a Positive at Susquehanna... Monster Beverage (MNST) initiated with a Neutral at Susquehanna... New Oriental Education (EDU) initiated with a Hold at Brean Capital... OM Group (OMG) initiated with a Buy at BB&T... Pattern Energy (PEGI) initiated with a Buy at Citigroup... Pentair (PNR) initiated with a Neutral at Global Hunter... PepsiCo (PEP) initiated with a Positive at Susquehanna... Ply Gem (PGEM) initiated with an Overweight at KeyBanc... SodaStream (SODA) initiated with a Positive at Susquehanna... Splunk (SPLK) initiated with an Outperform at Baird... SteadyMed (STDY) initiated with an Outperform at JMP Securities... Suncor (SU) initiated with a Hold at GMP Securities... SuperCom (SPCB) initiated with a Buy at B. Riley... TAL Education (XRS) initiated with a Buy at Brean Capital... Tarena (TEDU) initiated with a Buy at Brean Capital... Ulta Salon (ULTA) initiated with a Buy at Evercore ISI... Versartis (VSAR) initiated with a Buy, $50 target at SunTrust... WisdomTree (WETF) initiated with a Market Perform at Keefe Bruyette... uniQure (QURE) initiated with a Buy at Roth Capital.
06:23 EDTTMToyota to spend $1B to build factory in Mexico, Reuters reports
According to two sources, Toyota will announce plans on Wednesday to invest $1B to build a car factory in Mexico, Reuters reports. The factory, which would be in Guanajuato, is expected to produce about 200,000 cars per year and create about 2,400 direct jobs, one source says. Reuters previously reported that the factory would produce the Corolla car starting in the summer of 2019. Reference Link
06:11 EDTPGProcter & Gamble CEO could step down as early as summer, WSJ reports
Procter & Gamble CEO A.G. Lafley and other senior executives have reportedly made comments in private meetings with Wall Street analysts and investors that Lafley could step down as early as this summer, The Wall Street Journal reports, citing sources who attended the meetings. Analysts believe Lafley could remain chairman for "another year or two" to help smooth a CEO transition. The company's next CEO, which is likely to be an internal candidate, is widely expected to be P&G executive David Taylor. Reference Link
April 13, 2015
17:21 EDTGMGeneral Motors confirms raising quarterly dividend to 36c from 30c per share
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17:16 EDTSTZConstellation Brands initiated with a Neutral at Susquehanna
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13:31 EDTGMDeath claims linked to GM ignition switches up to 84, WSJ reports
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12:58 EDTGMGM says it has resolved Bolt's technical challenges, Financial Times reports
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12:44 EDTGMFiat Chrysler interested in partnering with GM, Reuters says
Fiat Chrysler 9FCAU) CEO Sergio Marchionne is looking to make a "mega deal" before stepping down in early 2019 and has shown "particular interest" in partnering with GM(GM), according to Reuters. GM is strong in Asia, an area of weakness for Fiat Chrysler, while GM is looking to expand in Europe, the news service stated. Reference Link
10:33 EDTSTZOptions with decreasing implied volatility
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10:00 EDTANROn The Fly: Analyst Downgrade Summary
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09:34 EDTAAActive equity options trading on open
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07:16 EDTGMTechWeek to hold a conference
TechWeek Detroit 2015 is being held in Detroit on 4/13-19.
06:05 EDTANRAlpha Natural downgraded to Sell from Neutral at UBS
UBS downgraded Alpha Natural to Sell on expectations the company will become "more distressed" amid the slower recovery in coal and gas prices. The firm cut its price target for shares to 50c from $1.25.
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