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February 12, 2014
10:00 EDTOESX, VLP, RNR, MMC, RALY, XL, PGR, LFVN, RSPP, TRV, OAS, CB, AJG, ACE, ECOM, ALL, MYCC, AON, AXSOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: ACE Limited (ACE) initiated with a Neutral at Citigroup... AXIS Capital (AXS) initiated with a Sell at Citigroup... Allstate (ALL) initiated with a Neutral at Citigroup... Aon plc (AON) initiated with a Buy at Citigroup... Arthur J. Gallagher (AJG) initiated with a Neutral at Citigroup... ChannelAdvisor (ECOM) initiated with an Outperform at RW Baird... Chubb (CB) initiated with a Sell at Citigroup... ClubCorp (MYCC) initiated with a Market Perform at Wells Fargo... LifeVantage (LFVN) initiated with an In-Line at Imperial Capital... Marsh & McLennan (MMC) initiated with a Neutral at Citigroup... Oasis Petroleum (OAS) initiated with a Neutral at Citigroup... Progressive (PGR) initiated with a Neutral at Citigroup... RenaissanceRe (RNR) initiated with a Neutral at Citigroup... Travelers (TRV) initiated with a Sell at Citigroup... XL Group (XL) initiated with a Sell at Citigroup... Valero Energy Partners (VLP) initiated with an Outperform at Howard Weil... RSP Permian (RSPP) initiated with an Outperform at Howard Weil... Rally Software (RALY) initiated with a Buy at Roth Capital... Orion Energy (OESX) initiated with a Buy at Roth Capital.
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January 14, 2015
06:23 EDTACEACE Limited downgraded to Neutral from Outperform at Macquarie
Macquarie downgraded ACE Limited to Neutral due to valuation and difficult commercial and reinsurance pricing environments. Price target lowered to $115 from $118.
06:20 EDTTRVTravelers downgraded to Underperform from Neutral at Macquarie
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06:11 EDTRSPPRSP Permian downgraded to Equal Weight from Overweight at Barclays
Barclays downgraded RSP Permian to Equal Weight and other names in the Exploration & Production space saying downside risk outweighs potential gains, even if oil prices recover. The firm reduced its commodity price deck assumptions and believes investor expectations for an oil price recovery could prove disappointing. It lowered its price target for shares to $22 from $24.
05:52 EDTECOMStocks with implied volatility movement; RSH ECOM
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January 13, 2015
18:47 EDTMYCCClubCorp acquires Ravinia Green Country Club in Chicago
ClubCorp announces the acquisition of Ravinia Green Country Club, a private, previously member-owned club in upscale Riverwoods, Illinois, located 30 minutes north of Chicago in the North Shore. The acquisition marks the first country club in the Chicago area for ClubCorp, which currently owns and operates The Mid-America Club in the Aon Center and The Metropolitan Club in Willis Tower in downtown Chicago. ClubCorp plans a million-dollar reinvention project that will include renovations and upgrades to the golf course, clubhouse and pool complex. The addition of Ravinia Green continues the expansion of ClubCorp's overall portfolio of owned and operated clubs, which has increased now by more than 35% since the company's IPO in September 2013. ClubCorp's portfolio now stands at over 200 clubs in 26 states, the District of Columbia, Mexico and China.
16:24 EDTECOMOn The Fly: Closing Wrap
The Wall Street averages spent time in both positive and negative territory during the session, before closing a bit below where they'd started the day. The market opened sharply higher after Alcoa’s (AA) better than expected report gave some optimism about the upcoming earnings season. The early move higher came despite oil continuing its slide. The major averages saw their highs shortly after the open and then began to drift slowly lower. By mid-afternoon the market was in the red, though the equity averages eventually made it briefly back into positive ground, but failed to hold those narrow gains into the close. ECONOMIC EVENTS: In the U.S., the NFIB small business optimism index for December came in at 100.4, which was stronger than the expected 98.5 reading. The JOLTS report showed job openings increased 142K to 4.972M in November, beating the 4.85M consensus forecast. Treasury posted a $1.9B surplus in December, which was a bit below the expected surplus of $3B. Also of note is the fact that the U.S. and European benchmarks of WTI and Brent crude were at parity for the first time since 2013 during the session, with both trading near $46 per barrel for a time. COMPANY NEWS: KB Home (KBH) reported better than expected revenue and higher orders in its fourth quarter, but the stock declined $2.70, or 16.29%, to $13.87 after CEO Jeffrey Mezger warned on the associated earnings call that margins could drop "significantly" in its current quarter from the levels seen last year. KB's margin outlook, which it blamed on rising costs, heavier use of incentives and a sequential decline in average selling prices, dragged down peers in the housing space as well. D.R. Horton (DHI), the biggest homebuilder by market cap, finished the day down $1.26, or 4.83%, to $24.82, while PulteGroup (PHM) also slid $56c, or 2.47%, to $22.13... MetLife (MET) said it will sue to oppose the U.S. Financial Stability Oversight Council’s designation of the insurer as a SIFI, or "systemically important financial institution." The life insurer called the label premature and said it has offered “substantial and compelling evidence” that it isn’t a SIFI. Wells Fargo said it thinks it is appropriate for MetLife to challenge the ruling, though the firm does not presently see a Dodd-Frank provision that enables an entity to shed its designation. Wells added that a MetLife victory would have no impact on either AIG (AIG) or Prudential (PRU), which did not challenge their SIFI designations before their windows closed. MAJOR MOVERS: Among the notable gainers was Emulex (ELX), which rose $1.21, or 20.86%, to $7.01 after the company issued better than expected guidance on its second quarter results. Also higher was McGraw Hill Financial (MHFI), which jumped $5.13, or 5.98%, to $90.89 after reports said the company's Standard & Poor’s rating unit was in talks about a potential $1B settlement to its fight with the Justice Department and state attorneys general over allegations of inflating credit ratings on mortgage investments preceding the financial crisis. Among the noteworthy losers was ChannelAdvisor (ECOM), which plunged $11.32, or 53.52%, to $9.83 after its fourth quarter revenue warning prompted no less than eight downgrades of the stock by Street analysts. Also lower were shares of Ocwen Financial (OCN), which dropped $4.41, or 36.18%, to $7.78 after the Los Angeles Times reported that California is seeking to suspend the company's mortgage license in the state. Altisource Portfolio Solutions (ASPS), which is a related company to Ocwen, also declined $10.45, or 38.79%, to $16.49. Shares of GoPro (GPRO) fell $6.91, or 12.17%, to $49.87 after the Patently Apple blog reported that Apple (AAPL) was granted a patent for a camera system that specifically mentions the weaknesses of GoPro devices. INDEXES: The Dow fell 27.16, or 0.15%, to 17,613.68, the Nasdaq lost 3.21, or 0.07%, to 4,661.50, and the S&P 500 dropped 5.23, or 0.26%, to 2,023.03.
12:48 EDTECOMOn The Fly: Midday Wrap
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10:00 EDTECOMOn The Fly: Analyst Downgrade Summary
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09:07 EDTECOMOn The Fly: Pre-market Movers
HIGHER: Apple (AAPL), up 1.4% after Credit Suisse upgraded Apple to Outperform and raised its iPhone volume estimates again... Best Buy (BBY), up 2.8% after being upgraded to Buy from Neutral at Goldman... SunPower (SPWR), up 2.6% after being upgraded to Outperform at Credit Suisse... Alcoa (AA), up 2% after Q4 results beat expectations. RISING AFTER GUIDANCE: Pharmacyclics (PCYC), up 17.5%... CTI BioPharma (CTIC), up 8.3%... Emulex (ELX), up 15.5%... ARIAD (ARIA), up 2.6%. LOWER: ChannelAdvisor (ECOM), down 42% following preliminary fourth quarter revenue guidance and after receiving multiple analyst downgrades... Antares Pharma (ATRS), down 7.7% after the FDA recommended that the company create a larger safety database for its clinical development program for QuickShot Testosterone.
08:37 EDTECOMChannelAdvisor downgraded to Market Perform from Outperform at William Blair
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07:48 EDTECOMChannelAdvisor downgraded to Sell from Neutral at Goldman
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06:06 EDTECOMChannelAdvisor downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank downgraded ChannelAdvisor to Hold citing churn and pricing concerns following the company's negative Q4 preannouncement. The stock was downgraded this morning at five other firms.
06:05 EDTECOMChannelAdvisor downgraded to Neutral from Buy at Janney Capital
Janney Capital downgraded ChannelAdvisor to Neutral citing a lack of near-term revenue visibility following the company's negative Q4 preannouncement. The stock was downgraded this morning at four other firms.
06:04 EDTECOMChannelAdvisor downgraded to Market Perform from Outperform at Raymond James
Raymond James downgraded ChannelAdvisor to Market Perform citing limited visibility following the company's negative Q4 preannouncement. Shares were also downgraded this morning at three other firms.
06:00 EDTECOMChannelAdvisor downgraded to Hold from Buy at Stifel
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05:59 EDTECOMChannelAdvisor downgraded to Sector Perform from Outperform at Pacific Crest
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05:31 EDTECOMChannelAdvisor downgraded to Neutral from Outperform at RW Baird
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January 12, 2015
16:08 EDTECOMChannelAdvisor sees Q4 revenue $23.7M vs. prior outlook $25.6M-$26.1M
Consensus $25.9M. The company said, "We are disappointed that the fourth quarter did not meet our guidance. We saw an unusual shift of gross merchandise volume to larger customers this holiday season at the expense of smaller customers. Because larger customers enjoy volume discounts in the form of lower take rates, this shift translated to lower variable subscription revenue, even though overall GMV increased 31% year over year for the fourth quarter. This resulted in fixed subscription revenue for the fourth quarter growing approximately 27% while variable subscription revenue decreased approximately 5% compared to a year ago. Despite this, we believe our fundamental value proposition, position in the market, and opportunities for continued growth remain intact. As fixed subscriptions grow as a percentage of overall revenue, we expect our overall visibility to improve as we look to continued growth in 2015. I want to emphasize that these financial results are preliminary and subject to change based on the completion of our normal."
15:00 EDTAJGArthur J. Gallagher acquires e3 Financial, terms not disclosed
Arthur J. Gallagher & Co. announced the acquisition of e3 Financial in Newport Beach, California. Terms of the transaction were not disclosed.
07:46 EDTMYCCStephens Events at 17th Annual ICR XChange Conference
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