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News Breaks
May 8, 2012
10:20 EDTEA, TNB, SNCR, SYNC, SIGA, RHHBY, NCMI, MAKO, ERJ, EP, BP, ACMOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AECOM Technology (ACM) downgraded to Underperform from Buy at BofA/Merrill... BP (BP) downgraded to Underweight from Equal Weight at Barclays... El Paso (EP) downgraded to Underweight from Neutral at Atlantic Equities... Embraer (ERJ) downgraded to Neutral from Buy at Citigroup... Mako Surgical (MAKO) downgraded to Neutral from Buy at Mizuho... National CineMedia (NCMI) downgraded to In-Line from Outperform at Imperial Capital... Roche (RHHBY) downgraded to Neutral from Overweight at JPMorgan... SIGA Technologies (SIGA) downgraded to Sector Perform from Outperform at RBC Capital... Synacor (SYNC) downgraded to Underperform from Buy at BofA/Merrill... Synchronoss (SNCR) downgraded to Market Perform from Outperform at Wells Fargo... Thomas & Betts (TNB) downgraded to Neutral from Outperform at RW Baird... Electronic Arts (EA) downgraded to Market Perform from Outperform at William Blair.
News For ACM;BP;EP;ERJ;MAKO;NCMI;RHHBY;SIGA;SYNC;SNCR;TNB;EA From The Last 14 Days
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July 15, 2014
06:06 EDTEAElectronic Arts names Ken Moss as Chief Technology Officer
Electronic Arts (EA) announced on its website that it has named Ken Moss as its Chief Technology Officer. As CTO, Ken will lead the organization, strategy and vision for EAís Digital Platform and Information Technology divisions. Moss comes to EA most recently from eBay (EBAY), where he led the Marketplace Technology, Science and Data global organization. He is a 20-year veteran of Microsoft (MSFT), where he founded and led the engineering and product teams on Search -- which later became Bing -- and played an important role in Microsoftís transition to large-scale services. Reference Link
05:37 EDTRHHBYGenentech Avastin granted priority review by FDA
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July 14, 2014
14:04 EDTACMAECOM Technology upgraded to Buy from Neutral at UBS
UBS upgraded AECOM to Buy citing cost synergies and debt reduction from the URS Corporation (URS) merger. Price target raised to $40 from $33.
13:39 EDTACMAECOM Technology upgraded to Buy from Neutral at UBS
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12:21 EDTACMOn The Fly: Midday Wrap
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11:20 EDTRHHBYExelixis seen as potential target for Roche, TheStreet says
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09:30 EDTACMAECOM Technology upgraded to Buy from Hold at BB&T
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09:27 EDTACMAECOM Technology acquisition terms represent fair value, says RW Baird
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09:16 EDTACMOn The Fly: Pre-market Movers
HIGHER: Citigroup (C), up 3.6% after reporting better than expected Q2 results, announcing $7B settlement with DOJ and FDIC... Apple (AAPL), up 0.7% after Barclays upgrades stock to Overweight, Morgan Stanley raises Apple estimates above consensus... Shire (SHPG), up 1.6% after receiving revised proposal from AbbVie (ABBV) of GPB 53.20 per share, which it says it would be willing to recommend to Shire shareholders. AbbVie is down 2.8% after the news... Mylan (MYL), up 4% after acquiring Abbott's (ABT) non-U.S. developed markets specialty and branded generics business in all-stock transaction valued at about $5.3B. Abbott up 1.6% after the news... Progenics (PGNX), up 13% after FDA says RELISTOR can be approved on data submitted in sNDA... Exelixis (EXEL), up 13% after announcing coBRIM Phase 3 trial met primary endpoint... URS (URS) up 8% after acquired by AECOM Technology (ACM) for $56.31 per share. AECOM shares alos up 2% after deal announcement... Whiting Petroleum (WLL), up 4.5% after agreeing to acquire Kodiak Oil & Gas (KOG) in a $6B transaction. Kodiak Oil & Gas up 3%... Kandi Technologies (KNDI), up 11% after announcing JV's sale of 4,114 EVs in Q2. LOWER: Riverbed (RVBD), down 4.5% after saying it sees its Q2 adjusted EPS at low end of 26c-28c range... Harmonic (HLIT), down 13% after reporting preliminary Q2 earnings results.. EBay (EBAY), down 0.5% after downgraded at Pacific Crest, confirming partnership plans with Sotheby's (BID).
08:50 EDTERJCPI Aero, Embraer amend long-term supply agreement
CPI Aerostructures,(CVU) announced that Embraer (ERJ) amended its 2012 long term supply agreement with CPI Aero for the manufacture of engine inlet assemblies for the Phenom 300 business jet. The amendment is expected to generate incremental sales of approximately $9M over the next several years compared to the original agreement. The overall value of the long term agreement is now estimated by CPI Aero to be in excess of $50M.
08:33 EDTACMAECOM Technology expects to return to lower debt levels by 2017
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08:32 EDTSNCRSynchronoss acquires Voxmobili for $26M in cash
Synchronoss (SNCR) announced its acquisition of Voxmobili, a wholly owned subsidiary of OnMobile Global. Voxmobiliís customers include AT&T (T), Airtel, Everything Everywhere, France Telecom, Orange (ORAN), T-Mobile (TMUS), and Vodafone (VOD). In consideration for the acquisition, Synchronoss paid approximately $26M in cash to OnMobile Global.
08:01 EDTACMAECOM Technology to host conference call
Conference call to discuss the acquisition of URS Corporation will be held on July 14 at 8 am. Webcast Link
07:50 EDTERJEmbraer delivers 29 commercial and 29 executive jets in Q2
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07:38 EDTACMURS volatility expected to move on AECOM Technology acquiring for $4B
URS (URS) option implied volatility is expected to move on AECOM Technology (ACM) acquiring all outstanding shares of URS for a combination of cash and stock valued at approximately $4B or $56.31 per URS share. Overall option implied volatility of 49 is above its 26-week average of 29 according to Track Data, suggesting large near term price movement.
July 13, 2014
14:06 EDTACMAECOM sees URS deal accretive to GAAP EPS in FY15
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14:02 EDTACMAECOM backs FY14 EPS view in lower range of $2.50-$2.60, consensus $2.49
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13:54 EDTACMAECOM Technology to acquire URS for $56.31 per share
AECOM Technology (ACM) and URS (URS) announced the execution of a definitive agreement under which AECOM will acquire all outstanding shares of URS for a combination of cash and stock valued at approximately $4B or $56.31 per URS share, based on the AECOM closing share price as of July 11. Including the assumption of URS debt, the total enterprise value of the transaction is approximately $6B. The combined company will be a leading, fully integrated infrastructure and federal services provider with more than 95,000 employees in 150 countries. It would have calendar year 2013 pro forma revenues of more than $19B and EBITDA of approximately $1.3B. AECOM will pay $56.31 per URS share, based on AECOMís closing price on July 11, representing a premium of 19% over the trailing 30-day average closing price of URS shares ending July 11. URS stockholders will receive per share consideration equal to $33 in cash and 0.734 shares of AECOM common stock for each URS share. URS stockholders may elect to receive all cash or all stock consideration, subject to proration in the event of oversubscription. The election will be subject to a customary proration mechanism to achieve an aggregate consideration mix of approximately 59% cash and 41% AECOM common shares. The stock portion of the consideration is expected to be tax-free to URS stockholders. AECOM expects the combination to be accretive to its GAAP earnings per share and more than 25% accretive to its cash earnings per share in fiscal year 2015, excluding transaction-related costs. AECOM also expects annual cost synergies of $250M, nearly all of which it expects to achieve by the end of fiscal year 2016. These synergy expectations are based on the due diligence and planning that have already been conducted. Including the realization of expected synergies, the approximately $6B enterprise value of the transaction is less than 7x pro forma 2015 URS EBITDA. The terms of the definitive agreement have been unanimously approved by the Boards of Directors of both companies. The transaction is subject to customary closing conditions, including regulatory approvals, approval by URS stockholders of the merger agreement, and the approval by AECOM stockholders of the issuance of shares in the transaction. The transaction is expected to close in October 2014. AECOM also announced that it continues to target diluted earnings per share in the lower end of its range of $2.50 to $2.60 for fiscal year 2014, excluding transaction-related costs. It also still anticipates that its third-quarter EPS will be approximately 25% of its full-year results. The companyís backlog continues to grow sequentially and year over year, and remains at record levels.
July 11, 2014
07:46 EDTERJEmbraer announce partnership in joint programme management with Saab
Embraer and Saab have signed a memorandum of understanding to partner in joint programme management for the F-X2 Project, pursuant to the selection of the Gripen NG as Brazil's next generation fighter jet. Under this agreement Embraer will perform a role in the overall programme performance as well as undertake an extensive share of work in the production and delivery of both the single and two-seat versions of the state-of-the-art Gripen NG aircraft for the Brazilian Air Force. Embraer will coordinate all development and production activities in Brazil on behalf of Saab and, in addition to its own extensive work packages, will participate in systems development, integration, flight tests, final assembly and deliveries. Furthermore, Embraer and Saab will be jointly responsible for the complete development of the two-seat version of the Gripen NG, at the same time that a strategic partnership for future global promotion and marketing of both single and two-seat versions is being discussed between the two companies. The agreement will be implemented following a successful conclusion of the ongoing discussions between Saab and Brazil relating to the finalization of F-X2 contracts. These talks are proceeding as planned and it is hoped to reach a positive outcome by the end of 2014.
July 10, 2014
10:02 EDTRHHBYRoche unit, Merck KGaA to develop companion test for cancer treatment
Ventana Medical Systems, a member of the Roche Group (RHHBY), announced it has entered into an agreement with Merck KGaA (MKGAY), which operates as EMD Serono in the United States and Canada, to collaborate with Merck KGaA's biopharmaceutical division on the development and commercialization of a companion diagnostic for an undisclosed target using Ventana's proprietary diagnostic assays.
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