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February 5, 2014
Archer Daniels (ADM) upgraded to Outperform from Sector Perform at Scotia Capital... Banco Bilbao (BBVA) upgraded to Overweight from Neutral at HSBC... Becton Dickinson (BDX) upgraded to Market Perform from Underperform at Raymond James... BlackRock (BLK) upgraded to Positive from Neutral at Susquehanna... Centene (CNC) upgraded to Neutral from Sell at Citigroup... First Niagara (FNFG) upgraded to Neutral from Sell at Citigroup... Gray Television (GTN) upgraded to Outperform from Market Perform at Wells Fargo... Lamar Advertising (LAMR) upgraded to Buy from Neutral at Citigroup... Mobile TeleSystems (MBT) upgraded to Neutral from Underperform at Credit Suisse... Myriad Genetics (MYGN) upgraded to Market Perform from Underperform at JMP Securities... PACCAR (PCAR) upgraded to Outperform from Neutral at RW Baird... Silver Standard (SSRI) upgraded to Hold from Sell at Deutsche Bank... Steel Dynamics (STLD) upgraded to Buy from Hold at Jefferies... Tortoise Energy (TYG) upgraded to Buy from Hold at Stifel... Vale (VALE) upgraded to Overweight from Equal Weight at Morgan Stanley... Waddell & Reed (WDR) upgraded to Buy from Neutral at Citigroup... Wesco Aircraft (WAIR) upgraded to Neutral from Sell at UBS... Zillow (Z) upgraded to Buy from Fair Value at CRT Capital... Entegris (ENTG) upgraded to Buy from Hold at Craig-Hallum... Zions Bancorp (ZION) upgraded to Buy from Neutral at DA Davidson... Parker-Hannifin (PH) upgraded to Buy from Neutral at MKM Partners.
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September 24, 2015
10:13 EDTBLKHigh option volume stocks
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08:36 EDTBDXBecton Dickinson's Enteric Parasite Panel cleared by FDA
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September 23, 2015
16:34 EDTFNFGOn The Fly: Top stock stories for Wednesday
Stocks began the day in quiet fashion and remained that way during the first hour of trading. Following the release of the weekly energy inventory report, the averages moved lower and looked to be possibly setting up for another selloff. Positive comments on China's economy by its President, who is visiting the U.S., brought out buyers, who pared the market's losses. The averages finished slightly in the red in a day marked by low volume as a number of market participants may have been absent in observance of the Jewish holiday of Yom Kippur. ECONOMIC EVENTS: In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. EIA inventory data showed a 1.93M barrel fall in crude oil inventories, versus expectations for a weekly drawdown of 1.25M barrels. In China, Markit's flash manufacturing PMI fell to 47.0 in September from 47.3 last month. In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Shares of Volkswagen (VLKAY) trading in New York rebounded 6.5% to $27.10 following the resignation of Chief Executive Officer Martin Winterkorn, with the company's supervisory board subsequently praising the decision and saying it will consider his replacement at a meeting Friday. Prior to the CEO change news, the stock was downgraded at research firms JPMorgan, Deutsche Bank and Natixis to hold or equivalent ratings this morning. Accounting for today's advance, U.S.-listed shares of Volkwagen are still down nearly 29% since last Friday, when the EPA publicly accused the automaker of equipping certain diesel cars sold in the U.S. with software that circumvented emissions standards... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in China. The deals are possibly worth tens of billions of dollars in total and represent the largest total order the planemaker has received from Chinese companies, according to Reuters. The Wall Street Journal reported, citing people familiar with the matter, that Cisco (CSCO) plans to announce a partnership with Chinese server maker Inspur Group during President Xi Jinping's visit. MAJOR MOVERS: Among the notable gainers was First Niagara (FNFG), which advanced $1.30, or 14.5%, to $10.26 following a Bloomberg report that the company is exploring a sale. DealReporter noted that potential suitors include Toronto-Dominion Bank (TD), Huntington Bancshares (HBAN) and New York Community Bancorp (NYCB). BioMed Realty (BMR) gained $2.36, or 12.3%, to $21.54 after Bloomberg reported that the company is in talks to sell itself and has attracted attention from firms including Blackstone (BX). Heron Therapeutics (HRTX) rose $7.25, or 21.6%, to $40.81 after announcing that its Phase 2 study of HTX-011 for post-operative pain met its primary endpoint. Shares of a competitor Pacira (PCRX) declined 7.65% after the news, with several analysts remarking that Heron's data compares favorably versus Pacira's Exparel drug. Summit Midstream Partners (SMLP) declined $3.90, or 18.2%, to $17.52 following a Bloomberg report that Energy Capital Partners is seeking to sell its stake in the company. Synchronoss (SNCR) fell 10.75% to $33.37 after research firm Baird said it has become "increasingly concerned" that Verizon (VZ) is "no longer fully committed" to the white-label cloud product it offers in conjunction with the cloud services provider. INDEXES: The Dow fell 50.58, or 0.31%, to 16,279.89, the Nasdaq lost 3.98, or 0.08%, to 4,752.74, and the S&P 500 declined 3.98, or 0.2%, to 1,938.76.
14:52 EDTPCARNavistar slides after VW scandal makes potential takeover unlikely
Shares of truck maker Navistar (NAV) have been under pressure since the start of the Volkswagen (VLKAY) emissions probe. WHAT'S NOTABLE: Navistar, which is based in the U.S., has long been seen as a possible target of Volkswagen. Navistar would give Volkswagen a footing in the U.S commercial truck market and allow it to better compete with Daimler (DDAIF) and Volvo (VOLVY) in that sector. On March 5, shares of Navistar jumped after The Deal's senior transportation writer Lou Whiteman wrote that the company could become a target for Volkswagen, Daimler or PACCAR (PCAR). Earlier today, Dow Jones wrote that Volkswagen's growing scandal over diesel engine emissions will likely distract the German automaker's interest in Navistar. PRICE ACTION: Since September 18, when the EPA first announced it was issuing a notice of violation to Volkswagen, shares of Navistar are down approximately 19%. Navistar is at a 52-week low, down over 8% to $13.70 in afternoon trading.
13:30 EDTFNFGFirst Niagara buyout would likely be around $12/share, says Boenning
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10:01 EDTPCARPACCAR announces $300M share repurchase
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05:56 EDTFNFGFirst Niagara exploring possible sale, hires JPMorgan to advise, Bloomberg says
According to sources briefed on the situation, First Niagara (FNFG) is exploring a potential sale of the company as well as other opportunities, Bloomberg reports. The bank holding company has hired JPMorgan to advise on possible moves. A previous report from DealReporter said the bank had contacted potential suitors, including Toronto-Dominion Bank (TD), Huntington Bancshares (HBAN) and New York Community Bancorp (NYCB).
September 22, 2015
20:02 EDTCNCClinton vows $250 cap on monthly drug costs in blast against biotechs, insurers
Democratic presidential candidate Hillary Clinton railed against biotech companies as well as health insurers at a community health care forum in Iowa on Tuesday. Clinton began her speech by praising the Affordable Care Act, but quickly noted that she wants to strengthen it due to what she called the rising cost of prescription drugs. She explained, "Our pharmaceutical and biotechnology industries deserve credit... [But] too often, these drugs cost a fortune. Now, sometimes there is a good reason for that. Scientific breakthroughs are often the result of major investment... so it may makes sense, for a short period of time, to have to charge a lot of money for a drug. But when a drug has no competition, when there aren't any other treatments that can do what it does, pharmaceutical companies can charge astronomical fees far beyond anything that it would take to recoup their investment, and far beyond what they charge consumers anywhere else in the world outside of America." Referencing the recent criticism against Turing Pharmaceuticals, Clinton went on to say that "pharmaceutical companies that acquire an existing affordable drug that people rely on, and then turn around and charge a fortune for it, [are just betting] on the fact that desperate people will find some way to pay for it." Preemptively responding to questions of whether greater regulation will dampen investment, Clinton commented that "some people worry that my proposals will threaten innovation, but I have designed a plan that will do exactly the opposite... Under my plan, drug companies that want to keep getting federal support will have to redirect more of their profits into meaningful investments in research and development." Clinton also criticized incremental drug improvements, saying that "too often, so-called new drugs are really old drugs that have just been tweaked a little bit, but then they're marketed as breakthrough drugs and they're sold for high prices." The Democratic candidate went on to condemn advertising in the drug industry, remarking that "I also want to tackle direct to consumer advertising... Other countries ban these ads because they are so often misleading. But at the very least, we shouldn't be encouraging them with corporate write-offs... Under my plan, we will instead use that taxpayer money to fund innovation... I would also like to make sure any ads the drug industry does run are approved by the FDA." Moving more broadly onto Medicaid and health insurers, Clinton stated, "I believe Medicare should be able to negotiate for lower prices for its members... I will require drug companies to provide higher rebates for prescription drugs to low income Medicare patients, just like they have to do for Medicaid patients... I think the insurance companies need to be put on notice." Providing more concrete details of her plan, Clinton concluded, "I will cap out of pocket drug costs for working families. You won't have to pay more than $250 a month for covered medications... Particularly for people who have a chronic illness. Also under my plan, you will be able to import cheaper drugs from other countries legally. If the medicine you need costs less in Canada, you should be able to buy it from Canada or any other country that meets our safety standards... I will also make sure we have more generics on the market [by boosting funding for] the FDA's office of generic drugs."
18:56 EDTFNFGOn The Fly: After Hours Movers
HIGHER AFTER EARNINGS: Copart (CPRT), up 1.48%. ALSO HIGHER: Heron Therapeutics (HRTX), up 22.9% after announcing its Phase 2 study of HTX-011 met its primary endpoint... First Niagara (FNFG), up 7% after a report stated the company was exploring strategic alternatives. LOWER: VIVUS (VVUS), down 1.2% after the company expressed no opinion and remained neutral toward the unsolicited tender offer by IEH Biopharma, a wholly-owned subsidiary of Icahn Enterprises Holding (IEP), to purchase any and all of VIVUS's 4.50% convertible senior notes.
17:22 EDTFNFGFirst Niagara strength attributed to report of exploring strategic alternatives
The after-hours move higher in shares of First Niagara (FNFG) is being attributed to a story from Mergermarket which said the company is in the early stages of working with JPMorgan (JPM) to explore strategic alternatives. Shares of First Niagara are up 4.13% to $9.33 in after-hours trading.
13:05 EDTPHParker-Hannifin sees 5-year CAGR EPS growth 8%
Sees 8% EPS growth CAGR over a five-year period through FY20. Other targeted metrics by FY20 include: Organic sales growth 150 bps greater than Industrial growth; sales of $14B via organic growth; segment operating margins 17%; ROIC 17%; cash from operations greater than10%. Regarding capital deployment, though FY20, sees $1.8B in dividends, $1.2B in CapEx, $4B in strategic M&A and share buybacks. Comments from slides that will be presented at the company's investor meeting.
September 21, 2015
16:47 EDTCNCCentene announces date of special meeting to vote on pending Health Net merger
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10:00 EDTWDROn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AB InBev (BUD) downgraded to Sector Perform from Outperform at RBC Capital... Aircastle (AYR) downgraded to Underperform from Buy at BofA/Merrill... Atmel (ATML) downgraded to Hold from Buy at Craig-Hallum... Boston Properties (BXP) downgraded to Neutral from Buy at Mizuho... Buenaventura (BVN) downgraded to Neutral from Outperform at Credit Suisse... CARBO Ceramics (CRR) downgraded to Underperform from Sector Perform at Iberia... Cameron (CAM) downgraded to Sector Perform from Outperform at Iberia... D.R. Horton (DHI) downgraded to Hold from Buy at Deutsche Bank... General Finance Corp (GFN) downgraded on pricing pressures at Oppenheimer... Greenbrier (GBX) downgraded to Market Perform from Outperform at Wells Fargo... HCP (HCP) downgraded to Sell from Neutral at Goldman... Helmerich & Payne (HP) downgraded to Sector Perform from Outperform at Iberia... ImmunoGen (IMGN) downgraded to Underweight on IMGN 853 risk at Morgan Stanley... Janus Capital (JNS) downgraded to Underweight from Equal Weight at Morgan Stanley... Key Energy (KEG) downgraded to Sector Perform from Outperform at Iberia... Melco Crown (MPEL) downgraded to Underperform from Neutral at Macquarie... Olympic Steel (ZEUS) downgraded to Sector Weight from Overweight at KeyBanc... Potash (POT) downgraded to Underperform from Neutral at Macquarie... Precision Castparts (PCP) downgraded following acquisition at RBC Capital... Rocky Brands (RCKY) downgraded to Neutral from Buy at B. Riley... Sirona Dental (SIRO) downgraded to Equal Weight from Overweight at Stephens... Tribune Publishing (TPUB) downgraded to Underperform from Neutral at Macquarie... Trinity Industries (TRN) downgraded on lower growth outlook at Wells Fargo... Waddell & Reed (WDR) downgraded to Underweight from Equal Weight at Morgan Stanley... WisdomTree (WETF) downgraded to Equal Weight from Overweight at Morgan Stanley... ZS Pharma (ZSPH) downgraded to Equal Weight on valuation at Morgan Stanley.
09:50 EDTMYGNMyriad Genetics management to meet with Leerink
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09:41 EDTPHParker-Hannifin to host investor meeting
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08:46 EDTADMBofa/Merrill agribusiness analysts hold analyst/industry conference call
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07:49 EDTWDRWaddell & Reed downgraded to Underweight from Equal Weight at Morgan Stanley
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07:03 EDTSSRISilver Standard intersects high grade silver mineralization at Pirquitas mine
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06:31 EDTWDRWaddell & Reed downgraded to Underweight from Equal Weight at Morgan Stanley
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05:36 EDTSTLDSteel Dynamics to host investor day
Investor day to be held on September 23 at 9:30 am. Webcast Link
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