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Stock Market & Financial Investment News

News Breaks
January 10, 2013
10:13 EDTAMT, WYNN, R, DAL, ALKS, MKL, TCO, NWSA, CS, CCI, MO, SNCR, EVR, CGV, ACEOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ACE Ltd. (ACE) upgraded to Outperform from Market Perform at Wells Fargo... Alkermes (ALKS) upgraded to Overweight from Equal Weight at Morgan Stanley... CGG Veritas (CGV) upgraded to Neutral from Sell at Citigroup... Credit Suisse (CS) upgraded to Buy from Neutral at Nomura... Delta Air Lines (DAL) upgraded to Buy from Sell at Goldman... Evercore Partners (EVR) upgraded to Buy from Neutral at Goldman... News Corp. (NWSA) upgraded to Outperform from Market Perform at Bernstein... Ryder (R) upgraded to Buy from Neutral at Goldman... Synchronoss (SNCR) upgraded to Outperform from Market Perform at Wells Fargo... Taubman Centers (TCO) upgraded to Overweight from Equal Weight at Evercore... Wynn Resorts (WYNN) upgraded to Buy from Neutral at Lazard Capital... Altria Group (MO) upgraded to Buy from Hold at Stifel Nicolaus... Markel (MKL) upgraded to Neutral from Underperform at Macquarie... American Tower (AMT) upgraded to Overweight from Equal Weight at Evercore... Crown Castle (CCI) upgraded to Overweight from Equal Weight at Evercore.
News For ACE;ALKS;CGV;CS;DAL;EVR;NWSA;R;SNCR;TCO;WYNN;MO;MKL;AMT;CCI From The Last 14 Days
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March 19, 2015
09:55 EDTCCIBrookfield 'strong contender' in Crown Castle telecom auction, Australian says
The auction for Crown Castle's (CCI) Australian telecom tower business saw multiple companies submitting indicative bids this week, reported The Australian yesterday. Brookfield (BAM) is "one of the strongest contenders" partly due to its desire for investment in the sector, notes The Australian, adding that the company is said to have pulled in one or two partners for its Crown Castle bid. Macquarie Group's (MQBKY) Infrastructure and Real Assets has also expressed interest. Reference Link
09:37 EDTWYNNActive equity options trading on open
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06:06 EDTCSSunrun powers up for IPO later this year, WSJ reports
Sunrun, a solar-energy company, is said to be working with Credit Suisse (CS) and Goldman Sachs (GS) on a potential IPO for later this year, sources tell The Wall Street Journal, which adds that the company was valued at $1.3B as of March 2014. Other solar companies that have gone public in recent years include residential solar installers like Vivint Solar (VSLR), backed by Blackstone (BX), and SolarCity (SCTY), backed by Tesla's (TSLA) Elon Musk. Reference Link
05:24 EDTNWSANews Corp builds investment plan in APN News to 14.99% stake
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March 18, 2015
16:24 EDTWYNNWynn Resorts initiated with a Buy at Brean Capital
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10:00 EDTWYNNOn The Fly: Analyst Downgrade Summary
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08:28 EDTWYNN, WYNNWynn Resorts downgraded to Outperform from Buy at CLSA
CLSA downgraded Wynn Resorts to Outperform and lowered its price target to $140 from $264 as part of Macau sector downgrade to reflect disappointing run rates year-to-date and expectations for more negative newsflow. See sector note for further information.
08:24 EDTWYNN, WYNNMacau sector downgraded at CLSA
CLSA downgraded the Macau sector given disappointing run rates year-to-date and expectations for more negative newsflow. The firm said the anti-corruption campaign continues to pressure VIP and premium mass customer visits. CLSA now expects 2015 EBITDA growth of -26%, lowered its view of VIP growth to -32% from -14%, reduced mass growth to -17% from -2%, and now expects new Cotai projects ROIC to average only +18, down from +35% previously. As part of the sector view change, the firm downgraded Las Vegas Sands (LVS), MGM Resorts (MGM), and Wynn Resorts (WYNN) to Outperform from Buy.
March 17, 2015
13:40 EDTCSAmended settlement agreement announced between Credit Suisse, Freeport
On March 16, an Addendum to the Stipulation and Agreement of Settlement, Compromise and Release was entered into with respect to the consolidated stockholder derivative litigation captioned In Re: Freeport-McMoRan Copper & Gold (FCX) Derivative Litigation, C.A. No. 8145-VCN. The Addendum modifies the terms of the settlement in order to resolve potential derivative claims against Credit Suisse Securities (CS) in connection with its engagement to act as lead financial advisor to the Special Committee of the Board of Directors of Freeport-McMoRan with respect to the company’s 2013 acquisitions of Plains Exploration & Production Company and McMoRan Exploration Co., which potential claims were previously excluded from the settlement as set forth in the Stipulation and Agreement of Settlement, Compromise and Release filed on January 15. As set forth in the Addendum, the original settlement consideration will be increased by $16.25M, consisting of a $10M cash payment to the company by Credit Suisse, and a credit of $6.25M to be redeemable by the company in connection with future assignments Credit Suisse performs. The Supplemental Cash Amount, together with the original settlement amount, less plaintiffs’ attorneys’ fees and expenses as awarded by the Court of Chancery of the State of Delaware, will be distributed to the company’s stockholders as a special dividend. The settlement is subject to specified conditions, including final approval by the Court of Chancery of the State of Delaware. The settling defendants and Credit Suisse vigorously deny all allegations of wrongdoing or fault but entered into the settlement to avoid the costs and distraction of continued litigation.
10:00 EDTCSOn The Fly: Analyst Downgrade Summary
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06:30 EDTCSCredit Suisse downgraded to Underperform from Neutral at Macquarie
Macquarie downgraded Credit Suisse to Underperform following recent share strength.
March 16, 2015
17:07 EDTCSCredit Suisse to pay Freeport McMoRan $10M to settle allegations, WSJ says
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15:13 EDTNWSANews Corp. management to meet with Jefferies
Meeting to be held in Boston on March 20 hosted by Jefferies.
14:08 EDTCSEU regulator says time for fine-tuning, Reuters says
The Basel Committee on Banking Supervision believes the necessary bank regulatory framework is in place though some additional work must be done to finalize leverage ratio and capital floor rules, Reuters reported yesterday, citing statements by secretary-general William Coen at a financial conference in Doha. Coen added, "We're now at the state where we can take a step back and look to see how [the regulations] fit together," cautioning that further analysis must be data-driven but admitting that both banks and regulatory bodies were feeling "regulation fatigue." Publicly traded companies in the space include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Reference Link
13:11 EDTWYNNWynn Resorts urges holders to vote the WHITE proxy card
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12:29 EDTWYNNElaine Wynn urges Wynn Resorts investors to take no action on proxy card
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10:44 EDTNWSANetflix retreats after cut to sell on competition, cost concerns
The shares of Netflix (NFLX) are falling after research firm Evercore ISI downgraded the stock to Sell from Hold. Increased competition will force the company to increase its investments and the return from those investments is uncertain, the firm contends. WHAT'S NEW: In the U.S., technological advancements are enabling content providers to sell their programming to a wider range of Internet video distributors, Evercore ISI analyst Ken Sena wrote in a note to investors earlier today. Moreover, content providers themselves are now able to stream more of their programming online and obtain higher profits from doing so, Sena reported. The analyst noted that Apple (AAPL) recently obtained a three month exclusive deal to stream content form Time Warner's (TWX) HBO Now, while Yahoo (YHOO), Amazon (AMZN), and Hulu (DIS, CMCSA, NWSA) are all reportedly interested in obtaining streaming rights to "Seinfeld." Netflix's international expansion will not be sufficient to offset the increased competition, especially because foreign viewers are likely to watch less TV and be less interested in paying for TV content, the analyst believes. Furthermore, Netflix will face more competition from other Internet TV services overseas than in the U.S., according to Sena, who cut his 2015 consolidated operating income estimate for the company by 26% to $381M from $517M previously. In addition to cutting his rating, Sena lowered his price target on the shares to $380 from $450. PRICE ACTION: In early trading, Netflix sank $16, or 3.7%, to $422.
10:02 EDTWYNNOn The Fly: Analyst Downgrade Summary
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08:01 EDTWYNNWynn Resorts downgraded to Equal Weight from Overweight at Morgan Stanley
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March 15, 2015
17:46 EDTCSCredit Suisse has no plans to raise capital, Reuters says
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