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January 16, 2014
10:02 EDTAMRN, AGCO, BEAM, BBY, MRC, FDO, D, ACM, RL, PCRFY, EMC, MHFI, KR, EFX, CSX, ROK, CLI, NUS, MKC, GNRC, EV, ALUOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AECOM Technology (ACM) downgraded to Hold from Buy at KeyBanc... Alcatel-Lucent (ALU) downgraded to Equal Weight from Overweight at Evercore... CSX (CSX) downgraded to Hold from Buy at Stifel... Dominion (D) downgraded to Hold from Buy at Jefferies... Eaton Vance (EV) downgraded to Sell from Neutral at Citigroup... Equifax (EFX) downgraded to Neutral from Buy at Goldman... Family Dollar (FDO) downgraded to Underperform from Market Perform at Raymond James... Generac (GNRC) downgraded to Perform from Outperform at Oppenheimer... Kroger (KR) downgraded to Neutral from Outperform at Credit Suisse... MRC Global (MRC) downgraded to Underperform from Buy at BofA/Merrill... McCormick (MKC) downgraded to Hold from Buy at Jefferies... McGraw Hill Financial (MHFI) downgraded to Neutral from Buy at Goldman... Best Buy (BBY) downgraded to Perform from Outperform at Oppenheimer... Nu Skin (NUS) downgraded to Hold from Buy at Canaccord... EMC (EMC) downgraded to Neutral from Buy at Monness Crespi... Beam (BEAM) downgraded to Sell from Hold at Argus... Mack-Cali Realty (CLI) downgraded to Underweight from Neutral at JPMorgan... Panasonic (PCRFY) downgraded to Neutral from Outperform at Macquarie... AGCO (AGCO) downgraded to Underweight from Neutral at JPMorgan... Rockwell Automation (ROK) downgraded to Underweight from Neutral at JPMorgan... Ralph Lauren (RL) downgraded to Equal Weight from Overweight at Morgan Stanley... Amarin (AMRN) downgraded to Neutral from Buy at MKM Partners.
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August 21, 2015
13:02 EDTAGCOChanos says heavy equipment companies 'have the wind in their face'
Jim Chanos of Kynikos Associates said on CNBC that the companies selling heavy equipment will "have the wind in their face" for years as inventory is worked though. Chanos added that he remains short shares of Caterpillar (CAT), pointing out the company acquired Bucyrus at the top of the market. Peers of Caterpillar include Deere (DE) and AGCO (AGCO).
12:17 EDTAGCODeere slides after Q3 results and outlook impacted by deteriorating farm economy
Despite reporting third quarter results that surpassed analyst expectations, shares of farm equipment maker Deere (DE) are falling after the company said it sees farm equipment sales for the year lower than previously thought, as the downturn in the agricultural economy continues. WHAT'S NEW: Deere reported Q3 EPS of $1.53, down from $2.33 in the year-ago quarter, and revenue of $7.6B, down 20% from last year's Q3. Analysts' consensus estimates for Q3 were for EPS of $1.44 on revenue of $7.17B. John Deere's Chief Executive Officer Samuel Allen said, "John Deere's third quarter results reflected the continuing impact of the downturn in the farm economy as well as lower demand for construction equipment." WHAT'S NOTABLE: Looking ahead, the farm equipment maker forecast full year 2015 world-wide sales of its farm equipment to be lower by about 25% for the year compared to the 24% it forecast in May with its Q2 report. On its Q3 earnings conference call, the company said crop prices are stabilizing near the long-term average and the dairy sector remains under pressure. Beef prices remain solid while pork prices remain at low levels, Deere added. In China, the company sees continued slowdown in economic growth, lower commodity prices impacting agricultural economy, and mechanizing trends and ongoing subsidies supportive of agriculture. In India, the company sees positive consumer and investor sentiment supporting economic growth, and two consecutive below normal monsoon seasons impacting farm incomes. In the Commonwealth of Independent States, the company sees a continued deterioration of economic growth and credit conditions remaining challenged. Deere sees crop value of agricultural production in Brazil to decrease 11% in 2015. PRICE ACTION: Shares of Deere are down $6.04, or 6.6%, to $84.61 in midday trading. OTHERS TO WATCH: Other companies that are leveraged to agriculture include AGCO (AGCO),Potash (POT), Mosaic(MOS), Agrium (AGU), Syngenta (SYT), CF Industries (CF), and DuPont (DD).
06:31 EDTBBYBest Buy volatility into Q2 and outlook
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August 20, 2015
19:53 EDTBBYRetailers, others question heightened fees at Port of Oakland, WSJ says
After the Port of Oakland said it is considering implementing additional fees, the Retail Industry Leaders Association told the Federal Maritime Commission that it is "troubled" due to the lack of details regarding the fees, according to the Wall Street Journal. The retailer group also questioned the general effectiveness of such a program, and the Agriculture Transportation Coalition echoed the criticism, said the report. Note that executives from Lowe's (LOW), Best Buy (BBY), Target (TGT), Coca-Cola (KO), J.C. Penney (JCP), Tyson Foods (TSN), SunOpta (STKL), and Whole Foods (WFM) serve on the boards of the aforementioned associations. Reference Link
15:38 EDTMKCMcCormick sees incremental EBITDA of at least $10M from Stubb's purchase by 2017
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14:39 EDTEMC, ALUEarnings Watch: Hewlett-Packard reports ahead of company split
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10:00 EDTEVOn The Fly: Analyst Upgrade Summary
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09:42 EDTBBYBest Buy traffic and ticket trends improved in Q2, says ITG Research
ITG Research said Best Buy's traffic and ticket trends improve in Q2 versus Q1 driven by a mix shift towards big ticket items. The firm's Q2 domestic revenue estimates of $7.8B remains above consensus of $7.657B.
08:03 EDTDIntrexon and Dominion enter exclusive agreement in Marcellus and Utica basins
Intrexon (XON) announced that Intrexon Energy Partners, and Dominion Energy, a subsidiary of Dominion (D), have entered into an agreement to explore the potential for commercial-scale biological conversion of natural gas to isobutanol, a drop-in fuel with numerous advantages over other clean burning gasoline blendstocks. Under the terms of the agreement, IEP will be required to meet specific development milestones prior to initiation of certain commercialization activities, which are subject to board approval by both parties. Dominion will be the exclusive partner to construct, own, operate, and maintain the production facilities in the Marcellus and Utica Shale Basins located in eastern North America via potential long-term services agreements with IEP. Within this geographic region, the collaboration plans to build natural gas bioconversion facilities leading to the creation of job opportunities and generation of local and state tax revenue.
07:21 EDTEVEaton Vance upgraded to Neutral from Sell at Citi
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06:20 EDTRLRalph Lauren confirms launch of PoloTech smartshirt
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06:04 EDTRLRalph Lauren plans launch of wearable-tech shirt for men, WSJ reports
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06:02 EDTPCRFYTop electric car makers largely choosing SDI, Panasonic for batteries, WSJ says
Large auto makers in the U.S., Europe and Asia are favoring Samsung's (SSNLF) SDI unit, Panasonic (PCRFY) and LG to supply advanced batteries for their electric cars following several years of failed technology bets among suppliers, The Wall Street Journal reports. According to Lux Research battery expert Cosmin Laslau, five years from now, "We are looking at Panasonic, LG and Samsung SDI making up about 80% of the market." Reference Link
August 19, 2015
08:59 EDTGNRCGenerac management to meet with William Blair
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08:48 EDTEVEaton Vance reports Q3 AUM up 8% YoY to $312.6B
08:46 EDTEVEaton Vance reports Q3 adjusted EPS 57c, consensus 62c
Reports Q3 revenue $355.5M, consensus $364.53M.
07:33 EDTACMUBS holds a field trip
Investor Field Trip travels to Pasadena and Los Angeles on August 19.
August 18, 2015
16:38 EDTMRCMRC Global files to sell 20.3M shares of common stock for holders
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10:44 EDTEFXEquifax management to meet with SunTrust
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08:01 EDTACMAECOM awarded $92M task order to support CCAD in Texas
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