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Stock Market & Financial Investment News

News Breaks
February 12, 2014
10:00 EDTOESX, VLP, RNR, MMC, RALY, XL, PGR, LFVN, RSPP, TRV, OAS, AON, AXS, CB, AJG, ACE, ECOM, ALL, MYCCOn 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.
News For ACE;AXS;ALL;AJG;AON;ECOM;CB;MYCC;LFVN;MMC;OAS;PGR;RNR;TRV;XL;VLP;RSPP;RALY;OESX From The Last 14 Days
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April 20, 2015
05:53 EDTACEACE Limited launches cyber risk insurance proposition for Sweden
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April 17, 2015
10:00 EDTTRVOn The Fly: Analyst Downgrade Summary
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09:12 EDTAXSIndustry bankers see Argo Group at potential takeout target, dealReporter says
Recently announced deals in the insurance space, such as PartnerRe’s (PRE) proposed merger with AXIS Capital (AXS) and the subsequent bid for PartnerRe from Exor, could provide "compelling logic" for a takeover of Argo Group (AGII), industry bankers told dealReporter, according to contacts.
05:31 EDTTRVTravelers downgraded to Equal Weight from Overweight at Barclays
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April 16, 2015
19:46 EDTTRVEcolab to acquire Travelers North Tower in St. Paul, MN, terms not disclosed
Ecolab (ECL) has signed a purchase agreement to acquire the 17-story North Tower from Travelers (TRV) in downtown St. Paul, MN. The transaction is expected to close in Q3, and by the end of 2018, Ecolab will relocate all associates from the three buildings that comprise its world headquarters in downtown St. Paul to the North Tower. Financial terms of the agreement are not being disclosed.
14:31 EDTAJGArthur J. Gallagher acquires Madison Risk & Insurance Services
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April 15, 2015
15:47 EDTPGRProgressive March EPS beat expectations, says Wells Fargo
Wells Fargo said Progressive's March operating EPS of 19c topped the firm's 13c estimate and meant its Q1 EPS came in at 46c, which was above the firm's 40c estimate and the consensus forecast of 43c. The firm keeps a Market Perform rating on Progressive, noting that it believes its shares could contract to a level closer to other personal lines peers as the company takes on more earnings volatility with its ASI acquisition.
10:36 EDTALL, ACEBofA/Merrill U.S. credit analysts hold an analyst/industry conference call
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10:00 EDTOAS, RSPPOn The Fly: Analyst Initiation Summary
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08:58 EDTPGRProgressive reports Q1 EPS 50c, consensus 43c
Reports Q1 net premiums written up 8% to $5.07B and net premiums earned up 6% to $4.67B. Reports Q1 combined ratio of 92.7, down 0.7 pts. from prior year. Reports Q1 total pretax net realized gains on securities $33.0M, down 72% YoY.
06:41 EDTRSPPRSP Permian initiated with a Buy at Goldman
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06:31 EDTOASOasis Petroleum initiated with a Sell at Goldman
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April 14, 2015
19:02 EDTAXSAXIS Capital acknowledges Exor made unsolicited proposal for PartnerRe
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15:34 EDTPGRNotable companies reporting before tomorrow's open
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12:24 EDTAXSOn The Fly: Top stock stories at midday
Stocks on Wall Street were mixed at midday despite better than expected headline earnings from JPMorgan (JPM), Wells Fargo (WFC) and Johnson & Johnson (JNJ). The market began the session in positive territory on the heels of those solid earnings reports, but the averages were unable to hold their early gains as the retail sales figures released during the pre-market trading session missed expectations. ECONOMIC EVENTS: In the U.S., retail purchases grew 0.9% in March, rebounding from a 0.5% decline in February. However, economists were expecting a more pronounced 1.1% advance in recovery from the prior month's weather driven weakness. The producer price index rose 0.2% in March, matching expectations. The core PPI, which excludes food and energy, grew 0.2% as well, versus expectations for it to have risen 0.1%. Business Inventories grew 0.3% in February, versus expectations for them to be up 0.2%. The International Monetary Fund, in its latest World Economic Outlook Report, trimmed its U.S. growth forecast to a 3.1% pace from its prior 3.6% view, but left its global forecast intact at a 3.5% rate. COMPANY NEWS: Shares of JPMorgan advanced 1.5% after its headline earnings per share topped expectations, even before accounting for 13c per share in aftertax legal expense that the bank identified as a "significant item." Conversely, fellow large bank Wells Fargo (WFC) slid 1.5% after its own report on first quarter results, despite the fact that its earnings and revenue both topped the consensus forecast... Shares of Johnson & Johnson (JNJ) were fractionally higher at midday after its first quarter earnings and revenue beat expectations. The multinational company, however, lowered its FY15 adjusted earnings outlook, citing further negative foreign currency movements... Nokia (NOK) and Alcatel-Lucent (ALU), in response to "recent media speculation," confirmed that they are in advanced discussions with respect to a potential full combination, which would take the form of a public exchange offer by Nokia for Alcatel. MAJOR MOVERS: Among the notable gainers was 58.com (WUBA), which jumped 25% after Financial Times reported the company has signed a memorandum of understanding to merge with peer Ganji.com to create one of the largest specialized online classified companies in China. Also higher was PartnerRe (PRE), which advanced nearly 9% to trade near $129.50 after Europe based investment company EXOR announced that it submitted a written proposal to acquire 100% of the common shares of the company for $130.00 per share in cash, valuing PartnerRe at $6.4B. EXOR said its all-cash proposal represents a 16% premium to the implied value per share of $112.53 for PartnerRe under the merger deal it has in place with AXIS Capital (AXS). Among the noteworthy losers was Arrowhead Research (ARWR), which tumbled over 6% after Jefferies downgraded the stock to Hold and cut its price target for shares to $9 from $30 after assuming coverage of the stock. The firm said that while ARC-520 offers the potential for a Hepatitis B virus functional cure, it prefers to wait for multi-dosing data. Also lower was Norfolk Southern (NSC), which fell nearly 6% and was downgraded to Hold from Buy at TD Securities after the railroad operator provided first quarter guidance that came in below analysts' consensus estimates. INDEXES: Near midday, the Dow was up 53.15, or 0.3%, to 18,030.19, the Nasdaq was down 16.19, or 0.32%, to 4,972.06, and the S&P 500 was up 2.20, or 0.11%, to 2,094.63.
11:55 EDTAXSEXOR tops AXIS offer with $130 per share bid for PartnerRe
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10:42 EDTECOMChannelAdvisor off highs, still up 92c to $10.82
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10:38 EDTECOMChannelAdvisor trading resumes, shares up $1.76 to $11.66
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10:37 EDTECOMChannelAdvisor halted for volatility after jumping $1.35 to $11.25
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09:25 EDTOESXOrion Energy wins $1M order to install LED lighting solution
Orion Energy Systems announced that it recently received a contract award of approximately $1M to retrofit a Northern California-based location of a "globally-known" designer and manufacturer of mobile devices, tablets, and personal computers. The award represented repeat business for Orion from this customer, which was upgrading fluorescent fixtures, the company noted.
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