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Stock Market & Financial Investment News

News Breaks
August 15, 2014
10:01 EDTUPL, TCO, SHOO, HOT, PRGO, MNST, MBI, JMPLY, GK, FANG, DANG, CELP, GSJK, CHL, BBG, ATHL, AAUKY, ABDCOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Alcentra Capital (ABDC) upgraded at RW Baird... Anglo American (AAUKY) upgraded to Sector Perform from Underperform at RBC Capital... Athlon Energy (ATHL) upgraded to Buy from Accumulate at Tudor Pickering... Bill Barrett (BBG) upgraded to Buy from Neutral at Global Hunter... China Mobile (CHL) upgraded to Neutral from Underperform at Mizuho... Compressco (GSJK) upgraded to Overweight from Neutral at JPMorgan... Cypress Energy (CELP) upgraded to Outperform from Neutral at RW Baird... Dangdang (DANG) upgraded to Neutral from Underweight at JPMorgan... Diamondback Energy (FANG) upgraded to Buy from Accumulate at Tudor Pickering... G&K Services (GK) upgraded to Overweight from Neutral at JPMorgan... Johnson Matthey (JMPLY) upgraded to Conviction Buy from Neutral at Goldman... MBIA (MBI) upgraded to Buy from Neutral at BTIG... Monster Beverage (MNST) upgraded to Outperform from Underperform at CLSA... Perrigo (PRGO) upgraded at B. Riley... Starwood (HOT) upgraded to Overweight from Equal Weight at Barclays... Steven Madden (SHOO) upgraded to Buy from Neutral at Sterne Agee... Taubman Centers (TCO) upgraded at Morgan Stanley... Ultra Petroleum (UPL) upgraded to Overweight from Equalweight at Capital One.
News For ABDC;AAUKY;ATHL;BBG;CHL;GSJK;CELP;DANG;FANG;GK;JMPLY;MBI;MNST;PRGO;HOT;SHOO;TCO;UPL From The Last 14 Days
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September 17, 2014
16:09 EDTFANGDiamondback Energy files to sell 2.5M shares of common stock for holders
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10:00 EDTBBGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AB InBev (BUD) upgraded to Hold from Sell at Societe Generale... Baker Hughes (BHI) upgraded to Outperform from Sector Perform at Howard Weil... Bank of the Ozarks (OZRK) upgraded to Buy from Hold at BB&T... Bill Barrett (BBG) upgraded to Buy from Neutral at Mizuho... Cepheid (CPHD) upgraded to Buy from Hold at Cantor... Cigna (CI) upgraded to Positive from Neutral at Susquehanna... Extra Space Storage (EXR) upgraded to Buy from Hold at Jefferies... GNC Holdings (GNC) upgraded to Outperform from Neutral at Wedbush... MB Financial (MBFI) upgraded at DA Davidson... Mondelez (MDLZ) upgraded to Buy from Hold at Societe Generale... Radian Group (RDN) upgraded to Buy from Neutral at Compass Point... Skullcandy (SKUL) assumed with a Overweight from Neutral at Piper Jaffray... Under Armour (UA) upgraded to Overweight from Neutral at Piper Jaffray.
05:59 EDTBBGBill Barrett upgraded to Buy from Neutral at Mizuho
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September 16, 2014
16:33 EDTHOTStarwood continues to expand Latin American portfolio
From the South American Hotel Investment Conference in Quito, Starwood Hotels & Resorts Worldwide announced that it is continuing its aggressive growth strategy in Latin America with significant gains across its Specialty Select Brands’, Four Points by Sheraton and Aloft. Currently, Starwood operates 80 hotels in the region, with 17 additional properties under development. The company also announced the appointment of Victor Vazquez to the role of Vice President, Development and Acquisitions for Latin America.
16:27 EDTCHLOn The Fly: Closing Wrap
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12:18 EDTCHLOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday, with some attributing the move to noted Fed watcher Jon Hilsenrath of The Wall Street Journal giving the opinion that he does not believe the central bank will drop the language that interest rates will "remain low for an extended period of time" when it issues its latest policy statement tomorrow. The averages began the session in negative territory and appeared to be heading for another listless day of trading. The market drifted lower during the opening hour but the Dow and S&P crossed into positive ground and the Nasdaq eventually followed. ECONOMIC EVENTS: In the U.S., the Producer Price Index was unchanged in August, as expected. The core reading, which excludes food and energy, increased 0.1%, also matching expectations. Of note, the Fed's FOMC rate setting group kicked off its two-day policy meeting. COMPANY NEWS: Shares of Apple (AAPL) slid over 1% after Chinese-language 21st Century Business Herald reportedly said the company might not get the necessary approval to launch its new iPhone 6 models throughout China until next year after failing to come to an agreement with a regulator in the nation. Shares of China Mobile (CHL), which is buy far the largest phone carrier in China, slipped 2% after the report... Glimcher Realty Trust (GRT) surged 29% after it agreed to sell itself to fellow REIT Washington Prime Group (WPG) for $14.20 per share. Washington has agreed to buy Glimcher for about $4.3B in a cash and stock deal. Glimcher shareholders will receive $10.40 in cash and 0.1989 of a share of Washington stock upon the closing of the transaction, the companies stated. As part of the deal, Simon Property Group (SPG), which completed its separation of Washington Prime Group this May, agreed to buy two shopping malls owned by Glimcher for $1.09B in cash. Shares of fellow mall owning REITs CBL & Associates (CBL), Rouse Properties (RSE) and Pennsylvania REIT (PEI) rose following the deal announcement. MAJOR MOVERS: Among the notable gainers was Bill Barrett (BBG), which rose 12% after selling natural gas, oil and natural gas liquids assets in the Piceance Basin in Colorado for $525M to Vanguard Natural (VNR). Vanguard Natural also gained 1% following the deal announcement. Among the noteworthy losers was VirnetX (VHC), which plunged nearly 50% after an appeals court vacated a jury’s damages award in its patent case with Apple. Also lower were shares of Atlantic Power (AT), which dropped 32% after announcing that it concluded a sale or merger of the company is not in the best interests of the company or its stakeholders and the company cut its annual dividend. INDEXES: Near midday, the Dow was up 88.18, or 0.52%, to 17,119.32, the Nasdaq was up 16.11, or 0.36%, to 4,535.01, and the S&P 500 was up 11.94, or 0.6%, to 1,996.07.
10:52 EDTCHLApple, China Mobile trade lower as iPhone 6 unlikely to debut in China this year
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09:59 EDTMNSTOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: ACI Worldwide (ACIW) initiated with a Neutral at Sterne Agee... ADP (ADP) initiated with a Market Perform at Bernstein... ANSYS (ANSS) initiated with a Sector Perform at RBC Capital... Accenture (ACN) initiated with a Market Perform at Bernstein... Blackhawk (HAWK) initiated with a Neutral at Sterne Agee... Coca-Cola (KO) initiated with a Market Perform at Cowen... Cognizant (CTSH) initiated with an Outperform at Bernstein... Constellation Brands (STZ) initiated with a Market Perform at Cowen... Dr Pepper Snapple (DPS) initiated with a Market Perform at Cowen... GenCorp (GY) initiated with a Hold at KeyBanc... Global Payments (GPN) initiated with a Neutral at Piper Jaffray... GoPro (GPRO) initiated with a Buy at Cleveland Research... Green Dot (GDOT) initiated with a Neutral at Sterne Agee... Lionsgate (LGF) initiated with a Buy at ISI Group... MEDNAX (MD) initiated with a Neutral at SunTrust... MasterCard (MA) initiated with a Buy at Sterne Agee... Molson Coors (TAP) initiated with an Outperform at Cowen... Monster Beverage (MNST) initiated with a Market Perform at Cowen... NetSuite (N) initiated with an Outperform at RBC Capital... Oracle (ORCL) assumed with a Sector Perform at RBC Capital... PepsiCo (PEP) initiated with an Outperform at Cowen... SAP (SAP) initiated with a Sector Perform at RBC Capital... Teekay (TK) initiated with a Hold at Deutsche Bank... Tesla (TSLA) initiated with a Buy at ISI Group... Visa (V) initiated with a Buy at Sterne Agee... Western Union (WU) initiated with a Neutral at Sterne Agee... Workday (WDAY) initiated with an Outperform at RBC Capital... Yelp (YELP) initiated with a Neutral at RW Baird... Zillow (Z) initiated with an Overweight at Stephens... zulily (ZU) initiated with an Outperform at RW Baird.
09:59 EDTAAUKY, ATHLOn The Fly: Analyst Upgrade Summary
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09:17 EDTHOTStarwood says Aloft brand to debut in El Paso, Texas
Starwood Hotels & Resorts Worldwide announced plans for its leading-edge Aloft brand to debut in El Paso, Texas. Owned by Bassett Partners EP and managed by Aimbridge Hospitality, Aloft El Paso Downtown is scheduled to open in July 2016, featuring 100 rooms.
09:13 EDTCHLApple may need to wait until 2015 to launch iPhone 6 in China, Bloomberg says
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07:58 EDTATHLAthlon Energy upgraded at BofA/Merrill
As previously reported, BofA/Merrill upgraded Athlon Energy to Buy from Neutral. The firm sees numerous catalyst for Athlon that include the ramping of its horizontal drilling program, an update on year end reserves, and the development of new zones. Price target raised to $60 from $54.
07:43 EDTAAUKYAnglo American, Rio Tinto seen as potential targets for Glencore, FT says
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07:37 EDTBBGBill Barrett cuts FY14 oil production to 26%, total production to 9.4-9.8 MMBoe
This reduces previous guidance by approximately 1.4 MMBoe, approximately 10% oil, as a result of production attributable to sold assets. It also narrows the previous guidance range toward the lower end of the range, primarily as a result of natural gas production year-to-date. Third quarter of 2014 total production is expected to range between 2.6-2.7 MMBoe. 2014 exit rate production is expected to be approximately 21 MBoe/d. Capital expenditures of $525-$550 million, narrowed to the upper end of previous estimates, primarily as a result of an increased well count in the Uinta Oil Program, due to faster drilling times, and the increased working interest acquired in the Northeast Wattenberg. Lease operating expenses of $58-$62 million. The Company was on track to the mid-point of previous guidance and the adjustment reflects only these asset sales. The run-rate in the fourth quarter of 2014 is expected to approximate $6.50 per Boe, reflecting the higher proportion of oil in the production mix. Gathering, transportation and processing expenses of $36-$37 million. This reflects a significantly reduced fourth quarter run-rate of $1-$2 million total for the quarter. Certain obligations associated with firm natural gas gathering and transportation agreements are expected to be written-off in the third quarter of 2014. The Company may record non-cash charges in the third quarter of 2014 associated with certain of these transactions, including the write-offs of the company's Ruby Pipeline and other firm transportation agreements for an estimated $128M, subject to final review of financial reporting requirements and estimated losses on property sales totaling approximately $100M. The company expects that the transactions will not incur a material current tax liability.
07:35 EDTBBGBill Barrett announces $757M divestiture of Power River, Piceance properties
Bill Barrett announced that it has signed purchase and sale agreements with several undisclosed purchasers for the sale of the majority of its Powder River Basin acreage and the company's remaining position in the Gibson Gulch natural gas program in the Piceance Basin. The transactions include an acreage exchange whereby Bill Barrett Corporation acquires 7,856 net acres and 390 barrels of oil equivalent per day net production within the southern block of its operated Northeast Wattenberg area in exchange for acreage in the Powder River Basin. The total value of the transactions is $757M and includes $568M in cash proceeds, $69M estimated value for assets acquired in an exchange, $36M for the assumption by a purchaser of a lease financing obligation and $84M in future commitments assumed by a purchaser for natural gas firm gathering and transportation obligations. The company expects to reduce its debt to $450M from $1.1B, pro forma as of June 30, 2014. It also anticipates that 2014 exit rate production will have a commodity mix that is more than 70% oil. The asset sales include 46,510 net acres in the Powder River Basin with net production that averaged 1,479 Boe/d in the second quarter of 2014 and proved reserves of 4.2 MMBoe at year-end 2013, and 12,000 net acres in the Piceance Basin with net production that averaged 80 million cubic feet natural gas equivalent per day in the second quarter of 2014 and proved reserves of 438 billion cubic feet natural gas equivalent at year-end 2013. These assets provided 33% of field level cash flow in the second quarter of 2014. The Company plans to sell its remaining Powder River Basin position, which includes 17,649 net acres and 170 Boe/d of production, based on the second quarter of 2014 results.
07:30 EDTPRGOCRT Capital to hold a conference
2nd Annual Investor Conference to be held in Greenwich, CT on September 16.
07:22 EDTBBGVanguard sees Bill Barrett deal 'immediately accretive' to cash flow at closing
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07:17 EDTBBGVanguard Natural acquires natural gas, oil, NGLs for $525M from Bill Barrett
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06:50 EDTATHLAthlon Energy upgraded to Buy from Neutral at BofA/Merrill
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05:27 EDTAAUKYAnglo American upgraded to Buy from Hold at Deutsche Bank
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