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July 9, 2014
12:30 EDTAA, TCS, GIMO, RAI, AVAV, BTIOn The Fly: Midday Wrap
Stocks on Wall Street were moderately higher at midday, helped in part by better than expected earnings from Alcoa (AA), solid monthly numbers from the airlines sector, and a bounce from the two day losing streak that had seen the S&P lose 1% and the Nasdaq pullback by more than 2%. The market has been unable to gather any upside momentum and has moved in a narrow range throughout the morning, as investors await the release of the Fedís FOMC minutes. ECONOMIC EVENTS: The minutes from the Federal Open Market Committee meeting held June 17-18 are scheduled to be released at 2:00 pm ET. In China, the producer-price index declined 1.1% from a year earlier, compared with a consensus forecast for a 1% drop. China's consumer-price index rose 2.3%, below projections for a 2.4% gain. COMPANY NEWS: Alcoa swung to a second-quarter profit of 18c a share on an adjusted basis, beating the consensus estimate of 7c a share, as its revenue also topped expectations. The aluminum producer, whose report is widely considered to mark the start of an earnings season, said its transformation is in "high gear" and that its cost position continues to improve. The stock rose 5% near midday following its report. MAJOR MOVERS: Among the notable gainers was AeroVironment (AVAV), which develops a portfolio of products and services for unmanned aircraft and efficient energy systems. The stock rallied 14% after the company reported better than expected fourth quarter results. Also higher was Reynolds American (RAI), which rose more than 2.5% after the U.K.'s Daily Mail reported that British American Tobacco (BTI), which currently holds a 42% stake in Reynolds, is speculated to be "on the verge" of buying out the remainder of its U.S. peer that it does not already own. Among the noteworthy losers was IT infrastructure technology provider Gigamon (GIMO), which was downgraded by at least five firms and plunged 32% after the company lowered its Q2 revenue guidance, citing challenges closing deals. Also lower following its earnings reports was specialty storage and organizational product retailer The Container Store (TCS), which fell 10%. INDEXES: Near midday, the Dow was up 36.86, or 0.22%, to 16,943.48, the Nasdaq was up 18.93, or 0.43%, to 4,410.39, and the S&P 500 was up 4.59, or 0.23%, to 1,968.30.
News For AA;TCS;GIMO;RAI;AVAV;BTI From The Last 14 Days
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September 30, 2014
18:07 EDTAVAVAmerican Science & Engineering lower after guiding to Q2 net loss
Shares of American Science & Engineering (ASEI), a manufacturer of X-ray inspection and other detection products for homeland security, are sharply lower after disclosing that the company will record a net loss in the second quarter. WHAT'S NEW: AS&E is projecting a net loss for Q2 while the consensus estimate for Q2 EPS is 21c. The company said it has reduced its workforce by approximately 10% and has implemented additional targeted cost reductions to further reduce its operating expenses in response to the continued global volatility impacting its markets. "While our opportunity pipeline remains robust, we have reduced our expenses to manage through the quarter to quarter variability that has affected us and others in our industry. As we move forward, we will continue to execute on our strategic growth initiatives to help us leverage and capture the increased global opportunity pipeline for our expanded portfolio of product and service offerings," said AS&E CEO Chuck Dougherty. PRICE ACTION: Shares of American Science & Engineering are lower by almost 8% to $51.15 in after-hours trading. OTHERS TO WATCH: Other stocks in the homeland security space include: FLIR Systems (FLIR), I.D. Systems (IDSY), CACI International (CACI) and AeroVironment (AVAV).
13:56 EDTAAAlcoa October volatility increases into Q3 and outlook
Alcoa October call option implied volatility is at 34, November is at 31, December is at 29, January and April is at 29; compared to its 26-week average of 28 according to Track Data, suggesting large near term price movement into the expected release of Q3 results in early October 8.
10:02 EDTAAOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AMAG Pharmaceuticals (AMAG) upgraded to Outperform at FBR Capital... Addus HomeCare (ADUS) upgraded to Outperform from Perform at Oppenheimer... Alcoa (AA) upgraded at BofA/Merrill... Ashford Hospitality Prime (AHP) upgraded to Outperform from at FBR Capital... Associated British Foods (ASBFY) upgraded to Outperform from Neutral at Credit Suisse... CSC (CSC) upgraded at Raymond James... Century Aluminum (CENX) upgraded to Buy from Neutral at BofA/Merrill... Dominion Diamond (DDC) upgraded to Overweight from Equal Weight at Barclays... Flagstar Bancorp (FBC) upgraded to Neutral from Sell at BTIG... Freeport McMoRan (FCX) upgraded to Buy from Neutral at BofA/Merrill... Hudbay Minerals (HBM) upgraded to Buy from Neutral at BofA/Merrill... ICU Medical (ICUI) upgraded at Raymond James... Lockheed Martin (LMT) upgraded at Stifel... Mellanox (MLNX) upgraded to Overweight from Neutral at Piper Jaffray... NiSource (NI) upgraded to Outperform from Neutral at Credit Suisse... Northwest Bancshares (NWBI) upgraded to Outperform at Boenning & Scattergood... NuVasive (NUVA) upgraded to Buy from Hold at Brean Capital... Patterson-UTI Energy (PTEN) upgraded to Equal Weight at Morgan Stanley... Raytheon (RTN) upgraded at Stifel... Royal Dutch Shell (RDS.A) upgraded to Outperform from Market Perform at Bernstein... Seventy Seven Energy (SSE) upgraded to Buy from Hold at Jefferies... TIBCO (TIBX) upgraded to Equal Weight from Underweight at Barclays... Taseko Mines (TGB) upgraded to Neutral from Underperform at BofA/Merrill... Teekay (TK) upgraded to Buy from Hold at Deutsche Bank... Toyota (TM) upgraded to Overweight from Neutral at JPMorgan.
09:11 EDTAVAVAeroVironment awarded $27.2M in orders from U.S. Army
AeroVironment announced it received three firm fixed-price orders from the United States Army totaling $27.18M for RQ-11B Raven and RQ-20A Puma AE unmanned aircraft systems spare parts. The company received two orders on August 29 and one on September 18. Delivery is anticipated within 12 months. The latest orders increase the total value of orders for Raven and Puma AE UAS spare parts and Raven upgrades received since May 2014 to $77.6M.
07:39 EDTAAAlcoa upgraded at BofA/Merrill
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06:16 EDTAAAlcoa upgraded to Buy from Neutral at BofA/Merrill
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September 29, 2014
06:41 EDTRAI, BTITobacco companies placing tough warnings on e-cigarettes, NY Times says
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September 26, 2014
12:12 EDTTCSContainer Store October volatility elevated into Q4
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06:47 EDTAVAVFAA drone decision could be milestone, NY Times says
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September 25, 2014
14:58 EDTAAAlcoa October volatility elevated into Q3 and outlook
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06:58 EDTAAAlcoa estimates raised ahead of earning on higher aluminum prices at Stifel
Stifel raised Alcoa's Q3 EPS estimate to 24c from 20c, vs. consensus of 20c, 2014 EPS to 70c from 67c, vs. consensus of 64c, and 2015 EPS to $1.25 from $1.05, vs. consensus of 87c, reflecting higher aluminum prices. The firm believes price strength has been due to rising demand and producer discipline. Shares are Buy rated with a $20 price target, up from $17.
September 24, 2014
09:55 EDTAVAVAeroVironment reports $22M order from Marine Corps
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September 23, 2014
10:54 EDTAAAlcoa initiated with a Buy at Tigress Financial
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September 22, 2014
12:59 EDTAAToyota to use aluminum for Camry hood, Automotive News says
Toyota Motor (TM) looks set to begin using aluminum instead of steel to build the hood of its widely popular Camry vehicle, according to Automotive News. The change will begin in 2018, the website quoted an unnamed source as saying, Alcoa (AA) mines aluminum. Reference Link
September 19, 2014
09:53 EDTRAIRJ Reynolds Tobacco appoints Debra Crew Chief Commercial Officer
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