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January 8, 2013
10:00 EDTTAP, ABV, VNR, TDY, DLPH, CVA, VR, SRCL, SBY, PKY, MPLX, IMPV, CAP, ADTOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: ADT Corp. (ADT) initiated with a Buy at Stifel Nicolaus... CAI International (CAP) initiated with an Outperform at William Blair... Imperva (IMPV) initiated with a Market Perform at JMP Securities... MPLX (MPLX) initiated with a Market Perform at Wells Fargo... Parkway Properties (PKY) initiated with a Buy at BofA/Merrill... Silver Bay Realty Trust (SBY) initiated with an Outperform at JMP Securities... Stericycle (SRCL) initiated with an Equal Weight at Barclays... Validus (VR) initiated with an Overweight at Barclays... Covanta (CVA) initiated with an Overweight at JPMorgan... Delphi Automotive (DLPH) initiated with an Outperform at CLSA... Teledyne Technologies (TDY) initiated with a Buy at Needham... Vanguard Natural (VNR) initiated with a Buy at Ladenburg... AB InBev (ABV) initiated with a Buy at ISI Group... Molson Coors (TAP) initiated with a Neutral at ISI Group.
Check below for free stories on ADT;CAP;IMPV;MPLX;PKY;SBY;SRCL;VR;CVA;DLPH;TDY;VNR;ABV;TAP the last two weeks.
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August 14, 2014
10:05 EDTTAP, DLPHOn The Fly: Analyst Initiation Summary
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06:44 EDTTAPMolson Coors initiated with an Outperform at Credit Suisse
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August 13, 2014
16:16 EDTDLPHDelphi Automotive initiated with an Outperform at Credit Suisse
Target $83.
10:01 EDTIMPVOn The Fly: Analyst Initiation Summary
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August 12, 2014
16:26 EDTIMPVImperva initiated with a Neutral at Piper Jaffray
Target $29.
August 11, 2014
15:23 EDTDLPHJPMorgan to hold a conference
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06:57 EDTSRCLAvondale to hold a conference
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August 8, 2014
17:10 EDTTAPMarket finishes week up slightly as earnings offset by political events
Stocks finished the week fractionally higher than where they started as strong corporate earnings reports and better than expected economic data was weighed against concerns about geopolitical issues and negative M&A news. MACRO NEWS: A few ongoing geopolitical conflicts worried investors and weighed on shares. Russia unveiled sanctions against Western countries, banning the import of a wide range of food items from the U.S, the EU and a few allied countries in response to sanctions recently enacted against it from G7 nations... President Obama authorized the bombing of rebels in Iraq and Hamas and Israel failed to reach a permanent truce... An ISM services index, the U.S. trade deficit for June, and weekly jobless claims were all better than expected. Meanwhile, the increase in unit labor costs last quarter came in below the consensus outlook, perhaps easing fears that the Fed will need to raise interest rates sooner than expected. COMPANY NEWS: On the M&A front, two huge potential deals fell through as 21st Century Fox (FOX, FOXA) withdrew its offer to acquire Time Warner (TWX) and Sprint (S) reportedly decided to end its pursuit of a merger with peer T-Mobile (TMUS)... President Obama indicated that his administration would take unilateral steps in an effort to prevent companies from carrying out tax inversion acquisitions. Among the deals or possible transactions that involve inversion are Medtronic's (MDT) acquisition of Covidien (COV), Valeant's (VRX) proposed takeover of Allergan (AGN) and Mylan's (MYL) acquisition of Abbott's (ABT) developed markets branded generics pharmaceuticals business. Meanwhile, Walgreen's (WAG) stock tumbled after the U.S. company said it would not structure its takeover of European drugstore chain Alliance Boots as a tax inversion deal... 21st Century Fox, 3D printer maker Stratasys (SSYS), chip maker NVIDIA (NVDA), brewer Molson Coors (TAP), and luxury accessories maker Coach (COH) all rose following their earnings reports. Conversely, Target (TGT), luxury accessories maker Michael Kors (KORS) and Internet coupon provider Groupon (GRPN) fell following their results or guidance... Gannett (GCI) struck a deal to acquire the remaining 73% interest in Classified Ventures, whose primary asset is the online car shopping website, for $1.8B from the other partners in the venture, which include McClatchy (MNI), Tribune Media (TRBAA), Graham Holdings (GHC) and A. H. Belo (AHC). Gannett also announced plans to spin-off its Publishing business, which includes USA Today, through a tax-free distribution to shareholders... McDonald's (MCD) stock was little changed after the company reported that its comparable store sales fell 2.5% in July, which was significantly worse than expected. Food quality issues weighed on the fast food company's sales in Asia and as a result of the China supplier issue, the company warned its previously issued global comparable sales forecast for 2014 is now at risk. INDEXES: The Dow finished the week up 0.35% to 16,553.93, the S&P 500 rose 0.32% to 1,931.59, and the Nasdaq gained 0.41% to 4,370.90.
August 7, 2014
16:51 EDTPKYParkway Properties raises FY14 recurring FFO view to $1.39-$1.46
Consensus $1.39. Increased 2014 reported FFO guidance to range of $1.34-$1.41 per share.
16:50 EDTPKYParkway Properties reports Q2 recurring FFO 35c, consensus 33c
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15:18 EDTCVACovanta management to meet with BB&T
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August 6, 2014
17:05 EDTTAPOn The Fly: Closing Wrap
Stocks on Wall Street were nearly unchanged following a session dominated by talk of big name deals that did not happen. The market moved lower in the early going but found a level in the second half hour of trading and began to drift off the bottom. The averages crossed into positive territory about an hour after the opening bell and then spent most of the afternoon drifting. ECONOMIC EVENTS: In the U.S., the trade deficit narrowed to $41.5B in June from a revised $44.7B in May. In Europe, Italian GDP unexpectedly contracted 0.2% in Q2, putting the country into a technical recession, while German manufacturing orders surprised with a 3.2% June drop. COMPANY NEWS: Time Warner (TWX) reported better than expected quarterly profits, but its stock fell $10.95, or 12.85%, to $74.24 after 21st Century Fox (FOXA, FOX) last night announced that it had withdrawn its takeover bid for the parent of HBO, Warner Bros. and other entertainment properties. Class A shares of 21st Century Fox advanced $1.03, or 3.29%, to $32.33 in the wake of the news and the company's announcement of a $6B share repurchase program... Wireless carriers Sprint (S) and T-Mobile (TMUS) both fell after multiple media outlets reported that the third largest mobile phone carrier in the U.S. has ended its pursuit of trying to combine with the fourth largest one. Sprint, which also replaced CEO Dan Hesse with Marcelo Claure, the founder and CEO of SoftBank (SFTBF) subsidiary Brightstar, declined $1.38, or 18.96%, to $5.90, while T-Mobile shares slid $2.85, or 8.4%, to $31.06. MAJOR MOVERS: Among the notable gainers was brewer Molson Coors (TAP), which rose $3.87, or 5.76%, to $71.08 after the company's second quarter profits topped expectations. Also higher following its earnings report was Enphase Energy (ENPH), which advanced $1.36, or 14.02%, to $11.06. Among the noteworthy losers was Walgreen (WAG), which dropped $9.91, or 14.34%, to $59.21 after the company exercised its option to acquire the remaining 55% of Alliance Boots that it does not already own but said its purchase of the rest of the U.K.'s Boots will not be a "tax inversion" deal, as many had been expecting. Also lower were shares of Groupon (GRPN), which fell 90c, or 12.72%, to $6.17 after the company reported first quarter revenue that missed expectations and it lowered its fiscal 2014 adjusted EBITDA outlook. INDEXES: The Dow added 13.87, or 0.08%, to 16,443.34, the Nasdaq rose 2.22, or 0.05%, to 4,355.05, and the S&P 500 barely budged, gaining 0.03 to 1,920.24.
16:18 EDTSBYSilver Bay Realty reports Q2 EPS 8c, consensus 6c
Reports Q2 revenue $19.2M, consensus $19.19M.
12:12 EDTTAPOn The Fly: Midday Wrap
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10:00 EDTVNROn The Fly: Analyst Downgrade Summary
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08:32 EDTTAPMolson Coors to hold a conference call
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07:34 EDTVNRVanguard Natural downgraded to Market Perform from Outperform at Raymond James
Raymond James downgraded Vanguard Natural to Market Perform citing weak NGL price realizations, the slowdown in cash flow growth, and in-line valuation. Note that Wunderlich also downgraded shares this morning.
07:32 EDTTAPMolson Coors reports Q2 EPS $1.56, consensus $1.46
Reports Q2 revenue $1.19B, consensus $1.18B.
07:15 EDTTAPMillerCoors reports Q2 underlying net income up 8% to $445.7M
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06:34 EDTVNRVanguard Natural downgraded to Hold from Buy at Wunderlich
Wunderlich downgraded Vanguard Natural to Hold with a $29 price target citing NGL price headwinds following the company's Q2 results.
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