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May 13, 2014
10:05 EDTWHR, WD, TSCO, SFE, PF, PHMD, NBR, LPI, HSH, END, DEI, DLLR, CXO, CKEC, BHI, BEAV, ACFNOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Acorn Energy (ACFN) downgraded to Neutral from Buy at Chardan... BE Aerospace (BEAV) downgraded to Neutral from Overweight at JPMorgan... Baker Hughes (BHI) downgraded at Bernstein... Carmike Cinemas (CKEC) downgraded to Hold from Buy at Topeka... Concho Resources (CXO) downgraded to Hold from Buy at Wunderlich... DFC Global (DLLR) downgraded to Equal Weight from Overweight at Stephens... Douglas Emmett (DEI) downgraded to Market Perform from Outperform at Wells Fargo... Endeavour (END) downgraded to Neutral from Buy at SunTrust... Hillshire Brands (HSH) downgraded to Neutral from Overweight at JPMorgan... Laredo Petroleum (LPI) downgraded to Hold from Accumulate at KLR Group... Nabors Industries (NBR) downgraded at Bernstein... PhotoMedex (PHMD) downgraded to Hold from Buy at Maxim... Pinnacle Foods (PF) downgraded to Hold from Buy at Stifel... Safeguard Scientifics (SFE) downgraded to Equal Weight from Overweight at First Analysis... Tractor Supply (TSCO) downgraded to Hold from Buy at Argus... Walker & Dunlop (WD) downgraded to Equal Weight from Overweight at Morgan Stanley... Whirlpool (WHR) downgraded to Neutral from Buy at Longbow.
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July 15, 2014
10:48 EDTHSHOptions with increasing implied volatility: GLUU KORS RVBD HSH
10:00 EDTPFOn The Fly: Analyst Initiation Summary
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05:51 EDTPFPinnacle Foods reinstated with a Neutral at Goldman
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July 11, 2014
13:09 EDTBHIBaker Hughes reports U.S. rig count up 1 to 1875
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06:10 EDTBHIBaker Hughes reports Q2 U.S. onshore well count up 428 from Q1 to 9,394
Baker Hughes announced that the U.S. onshore well count for Q2 was 9,394 wells, up 428 wells or 5% compared to Q1. Compared to 2Q13, the well count was up 383 wells or 4%. Compared to Q1, the well count increased most notably in the Permian basin, up 265 wells or 11%, Marcellus, up 78 wells or 16%, and Granite Wash, up 31 wells or 23%, basins. This increase was slightly offset by decreases predominantly in the Barnett, down 57 wells or 18%, and Cana Woodford, down 23 wells or 26%. The average US onshore rig count for Q2 1,796 rigs, up 72 rigs or 4% from the Q1 and up 87 rigs or 5% from 2Q13. On average, the US onshore rig fleet produced 5.23 new wells during the quarter, which represents a slight improvement in drilling efficiencies compared to the same quarter in 2013.
05:27 EDTWHRWhirlpool to acquire majority interest in Indesit for $15.06 per share
Whirlpool and Fineldo S.p.A. announce that they have entered into a binding agreement for the sale of Fineldo's stake in Indesit. Whirlpool also entered into binding share purchase agreements with members of the Merloni family for their Indesit shares. Under these agreements, Whirlpool would acquire shares representing a total of 66.8% of the voting stock of Indesit. Whirlpool currently intends to finance this transaction through cash on hand, together with private, domestic and international public debt financing. The acquisition of control of Indesit is subject to judicial and antitrust approvals and is expected to close by the end of 2014. In this transaction, Whirlpool simultaneously entered into share purchase agreements with Fineldo for a 42.7% stake in Indesit, certain members of the Merloni family for a 13.2% stake in Indesit, and Claudia Merloni for a 4.4% stake in Indesit. This total of 60.4% of Indesit stock capital represents a 66.8% voting stake in Indesit, in light of the treasury shares held by Indesit. The purchase price under all three Share Purchase Agreements is $15.06 per Indesit share, resulting in a total expected purchase price of $1.04B. Under the Fineldo Agreement, however, the purchase price is subject to a possible pre-closing downwards or upwards adjustment based on Indesit's consolidated average net debt and net working capital. The purchase price is based on Indesit's average net debt position for 2013. Either party's breach of its obligation to consummate the transaction or Fineldo's breach of its exclusivity obligations requires payment of at least $54.8M in liquidated damages.
05:22 EDTWHRWhirlpool to acquire majority interest in Indesit for $15.06 per share
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July 10, 2014
16:25 EDTTSCOOn The Fly: Closing Wrap
Stocks on Wall Street began the session deep in negative territory, as fears about the health of one of Portugalís largest banks, coupled with weak economic data out of Italy, prompted a sell-off in Europe, which spilled over to the U.S. The major averages moved generally higher after the open, though the early losses proved too much to overcome. The reignited fears about Europe's periphery come just as the U.S. corporate earnings season is set to pick up in earnest next week. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped 11K to 304K in the week ended July 5. Wholesale inventories rose 0.5% in May, while sales edged up 0.7%, which were both a little below expectations. In Europe, concerns about the periphery rose again as the parent company of Portugal's Espirito Santo bank missed a debt payment, leading the country's interest rates higher and equities in the Eurozone lower. Also, Italy's industrial output saw its steepest monthly fall since late 2012, having dropped 1.2% in May. In China, trade performance improved in June but still missed market forecasts. Exports rose 7.2% in June from a year earlier, missing the consensus forecast for a rise of 10.6%, while imports grew 5.5% in the month, versus the 5.8% growth expectation. COMPANY NEWS: Shares of Verizon (VZ) advanced 74c, or 1.51%, to $49.64 to lead the handful of gainers on the Dow Jones Industrial Average. The rise came after Verizon CEO Lowell McAdam said in an interview on CNBC that his company added over 1.4M postpaid subscribers in Q2, with "record" tablet growth and "very strong" smartphone growth. Afterward, Wells Fargo said in a note to investors that the net adds were higher than the firm's recently increased estimate and above Street consensus... Conversely, Home Depot (HD) was the Dow's worst performer, falling $1.33, or 1.65%, to $79.40. After hardwood floors retailer Lumber Liquidators (LL) and farm products retailer Tractor Supply (TSCO) pre-announced weaker than expected Q2 results, Deutsche Bank analyst Mike Baker reduced his estimates for Home Depot and peer Lowe's (LOW), explaining that the comparative sales of those two large home improvement retailers have historically had a positive correlation with those of Tractor Supply and Lumber Liquidators. MAJOR MOVERS: Among the notable gainers was AmREIT (AMRE), which rose $3.25, or 16.93%, to $22.45 after Regency Centers (REG) offered to acquire the company for $22 per share, payable in cash and/or stock. Also higher was Cray (CRAY), which rallied $4.27, or 15.69%, to $31.49 after the company announced it has been awarded a $174M supercomputer deal from the National Nuclear Security Administration. Among the noteworthy losers was sandwich maker Potbelly (PBPB), which plunged $3.68, or 25.12%, to $10.97 after the company's second quarter and fiscal 2014 outlook fell significantly short of analysts' consensus estimates. Also lower was Sarepta Therapeutics (SRPT), which sunk $3.35, or 12.94%, to $22.54 after the company announced data through week 144 from its eteplirsen study in patients with Duchenne muscular dystrophy. INDEXES: The Dow dropped 70.54, or 0.42%, to 16,915.07, the Nasdaq fell 22.83, or 0.52%, to 4,396.20, and the S&P 500 declined 8.15, or 0.41%, to 1,964.68.
10:58 EDTSFESafeguard Scientifics management to meet with Global Hunter
Meetings to be held in San Francisco on July 15 and in Chicago on July 16 hosted by Global Hunter.
10:18 EDTTSCOHome Depot, Lowe's estimates cut after warnings from floor, farm retailers
Weak results from Tractor Supply (TSCO) and Lumber Liquidators (LL) do not bode well for Home Depot (HD) and Lowe's (LOW) near-term outlook, Deutsche Bank warned in a note to investors earlier today. WHAT'S NEW: After hardwood floors retailer Lumber Liquidators and farm products retailer Tractor Supply pre-announced weaker than expected Q2 results, Deutsche Bank analyst Mike Baker reduced his estimates for Home Depot and Lowe's. The comparative sales of Home Depot and Lowe's have historically had a positive correlation with those of Tractor Supply and Lumber Liquidators, explained Baker. Lumber Liquidators, like Home Depot and Lowe's, is exposed to housing markets, the analyst stated. Meanwhile, like Tractor Supply, Home Depot and Lowe's are exposed to the outdoor/weather sensitive sector, according to Baker. However, there are differences in the companies' business models, and comparative sales at Home Depot and Lowe's are probably trending better than at Tractor Supply and Lumber Liquidators, Baker believes. He lowered his second quarter comparative sales growth forecast for Lowe's to 4% from 4.5%, and for Home Depot to 4.5% from 5%. Baker's Q2 EPS estimates for both home improvement companies are now 1c below consensus levels. He kept a Buy rating on Lowe's and Hold ratings on Home Depot and Tractor Supply. PRICE ACTION: In early trading, Home Depot fell 2% to $79.07, Lowe's declined 1.8% to $47.02, Tractor Supply tumbled 5% to $58.23, and Lumber Liquidators plunged 22% to $54.70. Shares of Tile Shop (TTS), which is also exposed to housing markets, fell 11% to $11.55 in early trading.
10:05 EDTTSCOOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AuRico Gold (AUQ) downgraded to Hold from Buy at Canaccord... Cincinnati Bell (CBB) downgraded to Underperform from Neutral at BofA/Merrill... Eldorado Gold (EGO) downgraded to Hold from Buy at Canaccord... Fortuna Silver Mines (FSM) downgraded to Hold from Buy at Canaccord... Gerdau (GGB) downgraded to Neutral from Overweight at JPMorgan... Hi-Crush Partners (HCLP) downgraded to Neutral from Buy at Ladenburg... Ingredion (INGR) downgraded to Equal Weight from Overweight at Stephens... Investors Bancorp (ISBC) downgraded to Neutral from Buy at Guggenheim... Lumber Liquidators (LL) downgraded to Hold from Buy at Jefferies... Mid-America Apartment (MAA) downgraded to Underweight at Morgan Stanley... Northern Tier (NTI) downgraded to Neutral from Outperform at Macquarie... S&T Bancorp (STBA) downgraded to Neutral from Buy at Guggenheim... T. Rowe Price (TROW) downgraded to Equal-Weight from Overweight at Evercore... Tahoe Resources (TAHO) downgraded to Hold from Buy at Canaccord... Tractor Supply (TSCO) downgraded to Market Perform from Outperform at William Blair... UnitedHealth (UNH) downgraded to Hold from Buy at Jefferies... Waddell & Reed (WDR) downgraded to Neutral from Buy at Citigroup... Washington Trust Bancorp (WASH) downgraded to Neutral from Buy at Guggenheim.
10:05 EDTTSCOOn The Fly: Analyst Upgrade Summary
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09:25 EDTTSCOTractor Supply weakness a buying opportunity, says RW Baird
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09:15 EDTTSCOOn The Fly: Pre-market Movers
HIGHER: Zumiez (ZUMZ), up 5.7% after raising Q2 outlook... DragonWave (DRWI), up 5% after reporting better than expected Q1 results... International Game (IGT), up 3.6% after Italian press report says the company will soon get a $4B offer from GTECH... United Continental (UAL), up 2.9% after reporting June traffic. LOWER: Lumber Liquidators (LL), down 23% after downgraded at Jefferies and Credit Suisse following the company's reduced full-year outlook. Tile Shop (TTS), which also serves flooring customers, down 5.5% following Lumber Liqudators' profit warning... Family Dollar (FDO), down 1.9% after reporting Q3 earnings that missed expectations... Tractor Supply (TSCO), down 5.9% after reporting Q2 preliminary results, saying it now sees FY14 results at low end of guidance range... Liquidity Services (LQDT), down 8% after revising Q3 guidance after its sales of selected rolling stock and other assets under its Surplus Contract with the U.S. Defense Logistics Agency have ceased at the request of DLA... Potbelly (PBPB), down 18% after lowering its Q2 and FY14 outlook... Memorial Production Partners (MEMP), down 7.4% after filing to sell 8.6M shares of common units for partners... Kosmos (KOS), down 3.3% after filing to sell 17M shares of common stock.
09:14 EDTTSCOTractor Supply downgraded to Market Perform from Outperform at William Blair
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07:54 EDTTSCOTractor Supply shares should be bought on weakness, says RBC Capital
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07:51 EDTTSCOTractor Supply price target lowered to $70 from $80 at UBS
UBS lowered its price target on Tractor Supply to $70 from $80 following the company's Q2 shortfall. The firm noted the lack of buying by consumers, but because of steady retail traffic they believe sales will eventually materialize and thus keep a Buy rating on the shares.
07:31 EDTTSCOTractor Supply sell-off brings buying opportunity, says JPMorgan
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06:48 EDTTSCOHome Depot, Lowe's estimates lowered at Deutsche Bank
Deutsche Bank lowered its estimates for both Home Depot (HD) and Lowe's (LOW) after Tractor Supply (TSCO) and Lumber Liquidators (LL) preannounced Q2 comp misses. The firm says that while the business models are different, Tractor Supply and Lumber Liquidators have historically correlated positively with Home Depot and Lowe's on comps. Deutsche calls its negative earnings revisions "relatively minor," as it thinks comps are probably holding up better at Home Depot and Lowe's. It keeps a Buy rating on Home Depot and a Hold rating on Lowe's.
06:23 EDTTSCOTractor Supply upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse upgraded Tractor Supply to Overweight based on valuation following lowered guidance and believes the company is "superbly" positioned for growth. Price target lowered to $70 from $74.
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