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News Breaks
July 22, 2014
10:00 EDTSRPT, PTCT, ENPH, WPG, QSII, NEP, CSG, TSE, QIWI, MTX, ZPIN, ATNM, ABY, AXYSOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Abengoa Yield (ABY) initiated with an Equal Weight at Morgan Stanley... Actinium Pharmaceuticals (ATNM) initiated with a Buy at Canaccord... Axys Technologies (AXYS) initiated with a Buy at Dougherty... Chambers Street Properties (CSG) initiated with a Neutral at SunTrust... Enphase Energy (ENPH) initiated with a Buy at Dougherty... Minerals Technologies (MTX) initiated with an Outperform at Wedbush... NextEra Energy Partners (NEP) initiated with a Buy at BofA/Merrill... PTC Therapeutics (PTCT) initiated with a Buy at BofA/Merrill... QIWI (QIWI) initiated with a Positive at Susquehanna... Quality Systems (QSII) initiated with a Buy at Topeka... Sarepta (SRPT) initiated with a Neutral at BofA/Merrill... Trinseo S.A. (TSE) initiated with a Buy at BofA/Merrill... Washington Prime Group (WPG) initiated with a Neutral at SunTrust... Zhaopin (ZPIN) initiated with a Buy at UBS.
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May 19, 2015
05:26 EDTABYAbengoa appoints Santiago Seage as CEO
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May 18, 2015
17:06 EDTQIWIQIWI, Russian post launch joint money transfer service
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13:38 EDTQIWIQIWI downgraded to Neutral from Buy at Citigroup
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May 14, 2015
12:49 EDTQIWIOn The Fly: Top stock stories at midday
The market opened higher amid lower than expected weekly jobless claims, data showing that producer prices fell rather than rose in April and a continued slide in the dollar against the euro. The Dow notched triple digit gains right out of the gate and the averages have moved in a narrow range in morning trading, albeit at near-record levels. ECONOMIC EVENTS: In the U.S., initial jobless claims fell 1K to 264K in the week ended May 9, versus expectations for 273K first-time claims. The weekly data brought the four week moving average to 271.75K, which marks its lowest level in 15 years. The Producer Price Index fell 0.4% in April, with the core PPI reading sliding 0.2%, which missed expectations for both the headline and core PPI figures to have grown 0.1%. After dropping 1.3% yesterday against the euro, the U.S. dollar slid another 0.4% earlier to about $1.14 per euro, bringing its decline to about 7% versus the euro in the past month. COMPANY NEWS: Shares of Avon Products (AVP) were volatile after "PTG Capital Partners" announced via a filing with the SEC that it has submitted an offer to the board of Avon proposing to acquire all of the company's outstanding stock, and outstanding options to acquire such shares, in a recommended cash tender offer at a price per share of $18.75. Shares of Avon spiked initially after the filing, were halted several times due to volatile trading, and came well off their earlier highs as investors questioned the validity of the firm making the purported offer. A source told Dow Jones that the company was treating the purported bid as a hoax and Avon told CNBC that it had no proof PTG exists and that it has not received any offer. Still, Avon remained up about 4% to trade near $6.92 per share in early afternoon trading. MAJOR MOVERS: Among the notable gainers was Russia's QIWI (QIWI), which jumped 12% after the company announced that it has entered into an agreement with Otkritie to acquire the Contact money transfer system and the Rapida payment processing system, which are "highly value accretive" acquisitions according to analysts at JPMorgan. Also higher was China's (CTRP), which gained 10% and was upgraded at Stifel and Oppenheimer following the company's Q1 results. Among the noteworthy losers was Puma Biotechnology (PBYI), which dropped 18% after data on the company's neratinib drug was disclosed via an abstract for the company's upcoming presentation at the American Society of Clinical Oncology, or ASCO, meeting. Also lower following its earnings report was retailer Kohl's (KSS), which slid over 12%. INDEXES: Near midday, the Dow was up 170.23, or 0.94%, to 18,230.72, the Nasdaq was up 55.96, or 1.12%, to 5,037.65, and the S&P 500 was up 17.10, or 0.81%, to 2,115.58.
07:47 EDTQIWIQIWI price target raised to $50 from $38 at JPMorgan
JPMorgan raised its price target for QIWI to $50 from $38 calling the company's acquisition of Contact and Rapida "highly value accretive." The firm also views QIWI's Q1 results a "strong beat." It reiterates an Overweight rating on the stock.
06:36 EDTQIWIQIWI announces acquisition of Contact and Rapida
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06:35 EDTQIWIQIWI says economic slowdown in Russia could have negative effect on company
QIWI said it has started to note the effects of the macroeconomic slowdown in Russia in the second half of 2014 and especially in Q4, which may be long lasting and could have a significant negative effect on both consumer spending and the banking system in Russia and, accordingly, on QIWI's business in the future. The extent of the slowdown, and if that were to result in a full scale banking crisis, is yet to be assessed. QIWI says it does not currently have enough visibility on our Total Adjusted Net Revenue and Adjusted Net Profit in 2015. QIWI reiterates the 2015 guidance based on the current understanding of the macroeconomic situation, which is subject to change.
06:33 EDTQIWIQIWI backs FY15 adjusted net revenue to increase 12%-16%, consensus RUB 10.03B
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06:33 EDTQIWIQIWI reports Q1 adjusted EPS RUR 14.78, consensus RUR 16.16
Reports Q1 adjusted net revenue RUB 2.52B, consensus RUR 2.15B. Reports Q1 Payment adjusted net revenue RUB 1.84B. The total average Net Revenue Yield was 1.59%, an increase of 33 bps as compared with 1.26% in the prior year. The number of active kiosks and terminals was 177,448, an increase of 6% compared with the prior year.
May 13, 2015
08:56 EDTENPHEnphase Energy has a conference call hosted by JPMorgan
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08:54 EDTABYAbengoa Yield price target raised to $48 from $44 at RBC Capital
RBC Capital increased its price target on Abengoa Yield as the firm thinks the company has implemented the correct strategy since 4Q14. The firm believes the company is undervalued, given its best-in-class contract length and broad ROFO opportunity. It keeps an Outperform rating on the shares.
08:01 EDTTSETrinseo management to meet with Deutsche Bank
Meeting to be held in Los Angeles on May 13 hosted by Deutsche Bank.
May 12, 2015
08:44 EDTTSETrinseo management to meet with Deutsche Bank
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07:46 EDTABYAbengoa Yield price target raised to $46 from $40 at Canaccord
Canaccord raised its price target to $46 from $40 on Abengoa Yield and said shares remain undervalued given its above average ROFO pipeline, simple corporate structure, and focus on optimization of dividends. Canaccord reiterated its Buy rating on Abengoa Yield shares.
07:45 EDTENPHJefferies to hold a conference
2015 Global Technology, Media and Telecom Conference is being held in Miami on May 12-14.
May 11, 2015
08:38 EDTABYAbengoa Yield announces 450 MW acquisition From Abengoa
Abengoa Yield (ABY) has reached an agreement with Abengoa (ABGB) to acquire four solar assets consisting of: the Helios 100 MW complex, the Solnovas 150 MW complex and the remaining 70 % stake in Helioenergy 100 MW complex, of which Abengoa Yield already owns a 30% stake, all in Spain. Abengoa Yield also agreed to acquire a 51 % stake in Kaxu, a 100 MW plant in South Africa. Abengoa Yield expects these new assets to generate incremental run rate cash available for distribution of approximately $63M per year before debt service associated with acquisition financing. This represents a 9.4% acquisition yield. The acquisition includes the exercise of the 12% call option signed with Abengoa in December 2014.
08:35 EDTABYAbengoa Yield raises 2016 dividend per share guidance to $2.10-$2.15
Santiago Seage, CEO of Abengoa Yield, commented "Our largest acquisition of assets from Abengoa will double our existing installed capacity in renewable energy, while maintaining very good quality in our portfolio, with a best-in-class average remaining useful life of 23 years and all our CAFD generated from contracted or regulated assets with high quality off-takers. As a result, we are pleased to raise our guidance for the year 2016, in which we expect to distribute a dividend in the range of $2.10-$2.15 per share, an increase of up to 9 % with respect to our previous guidance. With this, we would provide a dividend per share growth of 30%-34% in 2016 vs 2015." In addition, considering Abengoa's current portfolio of assets in operation and construction, which are expected to generate cash available for distribution in the range of $310M-$360M, and future potential opportunities, the company expects to deliver a yearly dividend per share growth in the range of 12%-15%. This means that mid-term dividend growth per share from its 2015 IPO target of $1.36 would be higher than 20% per year.
08:33 EDTABYAbengoa Yield increases dividend to 34c per share
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08:32 EDTABYAbengoa Yield reports Q1 adjusted EBITDA up 106% to $105.2M
Reports Q1 revenue $118.3M, consensus $140.9M. Cash Available for Distribution reached $38.5M, more than one quarter of the 2015 CAFD guidance in spite of seasonality, the company noted.
07:20 EDTENPHDeutsche Bank to hold a conference
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