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May 13, 2014
10:05 EDTTSCO, PHMD, WHR, SFE, WD, PF, ACFN, HSH, DLLR, BHI, NBR, END, CXO, BEAV, LPI, DEI, CKECOn 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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October 1, 2015
09:18 EDTTSCOTractor Supply announces settlement with EPA over small-engine merchandise
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07:56 EDTCXOConcho Resources 7.7M share Spot Secondary priced at $92.50
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September 30, 2015
19:12 EDTCXOOn The Fly: After Hours Movers
UP AFTER EARNINGS: 8Point3 Energy (CAFD), up 3.2%. ALSO HIGHER: PBF Energy (PBF), up 4.3% after announcing that it will acquire a Torrance, CA refinery from ExxonMobil (XOM)... Verisk Analytics (VRSK), up 5.2% after being added to the S&P 500. LOWER: Medgenics (MDGN), down 11.1% after filing to sell common stock... Concho Resources (CXO), down 4.4% after filing to sell 7M shares of common stock... Joy Global (JOY), down 2.2% after Verisk Analytics replaced the company in the S&P 500... Amicus Therapeutics (FOLD), down 1.7% after filing to sell 5.92M shares of common stock for holders.
18:28 EDTNBR, BHICourt says Interior Department lacks authority for fracking rule, WSJ reports
A federal court judge ruled that the Interior Department lacked the authority to institute a stricter rule on fracking, reports the Wall Street Journal, citing Judge Scott Skavdahl's preliminary injunction. Publicly traded companies in the space include Baker Hughes (BHI), IHS Inc. (IHS), Halliburton (HAL), Nabors Industries (NBR), and Weatherford (WFT). Reference Link
16:06 EDTCXOConcho Resources files to sell 7M shares of common stock
J.P. Morgan and Credit Suisse are acting as joint book-running managers for the offering.
September 29, 2015
09:29 EDTNBRDeutsche Bank to hold a conference
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September 28, 2015
11:31 EDTNBRDeutsche Bank sees bottom nearing for offshore drillers, upgrades two in space
Detusche Bank upgraded Diamond Offshore (DO) and Transocean (RIG) to Hold from Sell, saying that the companies should be boosted by upcoming reductions in the number of drilling rigs deployed by energy companies. WHAT'S NEW: As many as 180 drilling vessels may cease activity over the next 12-18 months, wrote Deutsche Bank analyst Mike Urban today. The energy sector seems to have become "more realistic" about the need to reduce supply and the offshore drilling industry is "on the cusp of a major restructuring" that should mark the bottom for valuations and pricing, he explained. Addressing the long-term outlook of deepwater drilling, Urban contended that the consensus outlook, which predicts that deepwater drilling will disappear, is incorrect. In ten years, there will be demand for 320 floating rigs, versus the 225 that are active today, Urban predicted. Over the long-term ,energy companies will have to "go where the oil is," and the oil is located in deep water, the analyst explained. He raised his price target on Diamond to $21 from $17 and on Transocean to $10 from $6. WHAT'S NOTABLE: A former executive at Petrobras (PBR) testified to receiving payments made by someone claiming to be an agent of Transocean in exchange for a rig-operation contract, linking the offshore rig contractor for the first time to the corruption probe of Brazil's state-run oil company, reported Bloomberg on September 24. The news outlet cited testimony from last month as its source for the story. Subsequently, Transocean said that it had not identified any wrongdoing by its employees vis-a-vis Petrobras and is "committed to doing business lawfully and with the highest ethical standards." PRICE ACTION: In morning trading, Diamond fell 4% to $17.62 and Transocean lost 1.75% to $12.36. OTHERS TO WATCH: Other oil and gas well drillers include Helmerich & Payne (HP), Ensco (ESV), Nabors Industries (NBR) and Seadrill (SDRL), all of which are in negative territory this morning.
10:37 EDTBHIAnalysts sees upside for Halliburton as Baker Hughes deal moves forward
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06:48 EDTBHIHalliburton and Baker Hughes announce additional divestiture proposals
Halliburton (HAL) and Baker Hughes (BHI) announced that the companies will market for sale additional businesses in connection with Halliburton's pending acquisition of Baker Hughes. Pursuant to the Merger Agreement, and in order to permit completion of Halliburton's acquisition of Baker Hughes, the following additional businesses are intended to be divested: Halliburton's expandable liner hangers business, which is part of the company's Completion & Production Division; Baker Hughes' core completions business, which includes: packers, flow control tools, subsurface safety systems, intelligent well systems, permanent monitoring, sand control tools and sand control screens; the Baker Hughes sand control business in the Gulf of Mexico, including two pressure pumping vessels; and Baker Hughes' offshore cementing businesses in Australia, Brazil, the Gulf of Mexico, Norway, and the United Kingdom. The combined 2013 revenue associated with all of the businesses intended to be divested was approximately $5.2B. The sale of these businesses will be subject to the negotiation of acceptable terms and conditions for the divestitures, the approval of the divesting company's board, and final approval of the Baker Hughes acquisition by competition enforcement authorities. Halliburton anticipates that the companies will complete the sales of these businesses in the same timeframe as, and the closing of the divestitures would be conditioned on, the closing of the pending Baker Hughes acquisition.
06:39 EDTWHRCSX added to US 1 List; FedEx and Whirlpool removed at BofA/Merrill
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September 25, 2015
13:03 EDTBHIBaker Hughes reports U.S. rig count down 4 to 838
Baker Hughes says that the U.S. Rig Count is down 4 rigs from last week to 838, with oil rigs down 4 to 640, gas rigs down 1 to 197, and miscellaneous rigs up 1 to 1. Says the U.S. Rig Count is down 1,093 rigs from last year at 1,931, with oil rigs down 952, gas rigs down 141, and miscellaneous rigs unchanged at 1. The U.S. Offshore rig count is 33, up 2 rigs from last week, and down 29 rigs year over year. The Canadian Rig Count is down 6 rigs from last week to 176, with oil rigs down 4 to 66, and gas rigs down 2 to 110. The Canadian Rig Count is down 253 rigs from last year at 429, with oil rigs down 180, and gas rigs down 73.
September 24, 2015
15:48 EDTBEAVBE Aerospace may become AA vendor amid rival's struggles, RGN says
American Airlines (AAL) is seeking a new vendor to supply business class seats for its Boeing (BA) 787-9 aircraft and 777-200 retrofit aircraft, after struggling with "chronic delays" from seat vendor Zodiac Aerospace, according to Runway Girl Network, citing an airline spokeswoman. Competitor B/E Aerospace (BEAV) had previously said it expected to pick up new business as a result of the Zodiac delays, but Runway Girl Network noted that it was not clear if B/E Aerospace would win American Airlines' new business. Reference Link
September 23, 2015
07:55 EDTTSCOTractor Supply price is right for long-term investors, says Baird
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September 22, 2015
14:14 EDTBHIWeatherford spikes after cancelling share offering
Shares of Weatherford (WFT) spiked Tuesday after the company cancelled plans for a public share offering, saying it was "unwilling to sell securities at prices that do not reflect the value" created at the company. Several analysts weighed in on the news, appearing generally bullish on the company but disagreeing on whether Weatherford should focus on its own operations or continue to pursue acquisitions. FOCUS ON FUNDAMENTALS: Jefferies analyst Brad Handler reiterated his Buy rating and $13 price target on Weatherford shares, explaining that the capital increase plans would likely have gone towards buying Halliburton (HAL) drilling assets at an "unattractive" price point. Note that Halliburton is conducting various asset divestitures as part of its planned takeover of Baker Hughes (BHI), with Bloomberg reporting on September 14 that Weatherford had made a bid for the service portion of Halliburton's Sperry Drilling unit. In today's note, Handler acknowledged that the potential acquisition would add some "meaningful" synergies on paper, but he also highlighted the risk of further diluting Weatherford share value. Handler concluded that he is generally more comfortable with a Weatherford "that walks before it runs," adding that he hopes the company "continues to resist the temptation" of large acquisitions amid the current sector downturn. ACQUISITION POTENTIAL: Iberia analyst Robert MacKenzie said he is a buyer of Weatherford shares after Monday's 17% selloff prior to the capital raise cancellation last night. Although an acquisition by Weatherford is less likely without the funds from the public offering, it is still possible, "especially considering that no mention of backing away from their acquisition intent was made in the most recent press release," MacKenzie noted. However, Weatherford's press release announcing the capital raise specifically cited the need to pre-fund potential acquisitions, while its cancellation notice emphasized a focus on core businesses and efficient operations. Nevertheless, MacKenzie argued that Halliburton "remains a motivated seller" and called Weatherford the "most logical" candidate to pick up the company's previously-mentioned assets, saying the potentially transformative acquisition would make "tremendous sense." PRICE ACTION: Weatherford shares are up more than 8.5% to $9.13 in intraday trading after falling throughout yesterday's session on the company's initial decision to pursue a public offering.
12:22 EDTPFConAgra falls after Q1 revenue significantly misses estimates
Shares of packaged food company ConAgra (CAG) are falling after the company's first quarter revenue fell significantly short of analysts' consensus estimates. WHAT'S NEW: This morning, ConAgra reported Q1 adjusted earnings per share of 45c, ahead of the consensus of 40c, and revenue of $2.79B, well short of expectations of $3.67B. ConAgra reported Q1 Consumer Foods sales of approximately $1.7B and Commercial Foods segment sales of $1.1B. The divestiture process for the private label operations is proceeding as planned, and the company expects to have an announcement on the outcome of this process later this fall. The company will assess opportunities to increase the dividend after it is further along with the strategic plan outlined at the end of fiscal 2015. WHAT'S NOTABLE: Looking ahead to Q2, the company expects diluted EPS, adjusted for items impacting comparability, to be approximately in line with year-ago comparable amounts, compared to consensus of 63c. Despite strong fundamentals and expectations for continued margin expansion, comparable operating profits for the Consumer Foods segment in the fiscal second quarter are expected to be negatively impacted by foreign exchange, as well as a planned increase in marketing investment. Profits for the Commercial Foods segment are expected to post an increase in profitability year-over-year in the fiscal second quarter. Expected contribution from the private label operations, which are now in discontinued operations, is included in this guidance. On its Q1 conference call, ConAgra said its private brands divestiture was "on track" and there was "a lot of interest" in it. Management noted that they were "aggressively" pursuing maximizing actions and making "good progress" on margin improvement efforts. They said they were committed to an investment grade rating, marketing investments will increase throughout the year, and results from the last six months indicate positivity going forward. They said the company took a $1.95B charge on private label business in Q1, but remain confident that they will realize a tax benefit from the capital loss. PRICE ACTION: In early afternoon trading, ConAgra fell $2.39, or about 5.64%, to $40.01 on heavy trading volume. Despite the pull back, the shares have gained approximately 19% over the past 12 months. OTHERS TO WATCH: Other companies in the packaged foods space include Boulder Brands (BDBD), down 0.5%, Pinnacle Foods (PF), down 2.5%, General Mills (GIS), up 0.6%, JM Smucker (SJM), down 3%, and TreeHouse Foods (THS), down 0.4%.
11:02 EDTLPILaredo Petroleum management to meet with ITG Research
Meetings to be held in Canada September 24-25 hosted by ITG Research.
September 21, 2015
10:00 EDTDEIOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AerCap (AER) upgraded to Buy from Neutral at BofA/Merrill... Allstate (ALL) upgraded to Buy from Hold at Sandler O'Neill... Central Pacific (CPF) upgraded to Buy from Hold at Sandler ONeill... Cesca Therapeutics (KOOL) upgraded to Buy from Neutral at H.C. Wainwright... CyberArk (CYBR) upgraded to Buy from Hold at Deutsche Bank... DENTSPLY (XRAY) upgraded to Outperform from Market Perform at William Blair... DeVry (DV) upgraded to Outperform from Market Perform at Barrington... Douglas Emmett (DEI) upgraded to Buy from Neutral at Mizuho... Fly Leasing (FLY) upgraded to Neutral from Underperform at BofA/Merrill... Goldman Sachs (GS) upgraded to Outperform from Perform at Oppenheimer... Integra LifeSciences (IART) upgraded to Buy from Neutral at BofA/Merrill... Invesco (IVZ) upgraded to Overweight from Equal Weight at Morgan Stanley... LTC Properties (LTC) upgraded to Buy from Neutral at Mizuho... Molson Coors (TAP) upgraded to Buy from Hold at Societe Generale... Nokia (NOK) upgraded to Buy ahead of Samsung arbitration at Deutsche Bank... PayPal (PYPL) upgraded to Buy from Hold at Stifel... Shire (SHPG) upgraded to Overweight from Equal Weight at Barclays... Sirona Dental (SIRO) upgraded to Outperform from Market Perform at William Blair... Sonic (SONC) upgraded to Buy from Neutral at Longbow... Sun Life Financial (SLF) upgraded to Buy from Neutral at BofA/Merrill... Taylor Morrison (TMHC) upgraded to Buy from Hold at Deutsche Bank... Telecom Argentina (TEO) upgraded to Neutral from Underperform at BofA/Merrill... Vascular Biogenics (VBLT) upgraded to Outperform from Market Perform at JMP Securities... Yamana Gold (AUY) upgraded to Outperform from Neutral at Credit Suisse... lululemon (LULU) upgraded to Overweight from Equal Weight at Morgan Stanley.
07:14 EDTWDJMP Securities to hold a conference
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06:33 EDTWDWalker & Dunlop updates Fannie Mae and Freddie Mac loan origination outlook
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06:15 EDTDEIDouglas Emmett upgraded to Buy from Neutral at Mizuho
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