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January 8, 2013
10:00 EDTSRCL, VNR, CVA, TAP, TDY, VR, ABV, DLPH, MPLX, ADT, SBY, IMPV, PKY, CAPOn 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.
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July 21, 2015
09:00 EDTMPLXMPLX raises quarterly distribution by 7.3% to 44c per unit
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July 20, 2015
10:47 EDTTDYTeledyne awarded $15M contract for space-based imagery
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08:31 EDTADTADT Corp. board approves new $1B share repurchase program
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08:29 EDTTDYHoneywell organic growth hurdles could lead to M&A, says Cowen
Cowen believes Honeywell (HON) faces many hurdles to its organic growth, which could lead to M&A activity. The firm believes Honeywell targets could include Teledyne (TDY), BE Aerospace (BEAV) or Astronics (ATRO), which would allow it to grow it market leading telematics position. Cowen reiterated its Outperform rating and $116 price target on Honeywell shares.
07:11 EDTMPLXMPLX, MarkWest Energy provide supplimental information about merger
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July 17, 2015
16:41 EDTMPLXStocks end week higher as Google, Greece bring out the buyers
Stocks ended the week higher and the major averages are back at record highs after Iran agreed to a nuclear deal, Greece's parliament paved the way for the country to receive another bailout by agreeing to new austerity measures and Google (GOOG) gave investors hope that earnings from tech's other heavyweights will be similarly better than expected. MACRO NEWS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus the consensus forecast for growth of 0.3%. The producer prices index showed prices rose 0.4% in June, versus expectations for an increase of 0.2%. The consumer price index rose a seasonally adjusted 0.3% in June from a month earlier, matching the consensus forecast. Compared with last year, consumer prices rose 0.1%, marking the first annual increase since December. Housing starts rose 9.8% to a 1.17M rate in June and building permits rose 7.4% to a 1.34M pace, both of which topped expectations. The NAHB homebuilder sentiment index for July came in at 60, a point better than forecast. The University of Michigan's consumer sentiment reading dropped to 93.3 in the preliminary July figure, which was below the 96.0 reading that was expected. During testimony before Congress, Federal Reserve Chair Janet Yellen stayed on message, stating that the central bank is on track to raise record-low interest rates this year, so long as the labor market and the economy keep improving... In China, exports rose 2.1% from a year earlier during June and imports dropped 6.7%, leaving a trade surplus of $45.8B for the month, the nation's customs administration reported. The nation's GDP was reported to have grown 7% in the second quarter from a year earlier, beating the consensus expectation for growth of 6.8%... In Europe, Greek lawmakers passed the country's austerity agreement and Euro-area finance ministers reportedly agreed in principle to extend a bridge loan to Greece. The loan should help keep Greece afloat while its Prime Minister negotiates the details of the country's latest bailout... Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions by six world powers. The agreement still faces a political fight in the U.S. before taking effect, but President Barack Obama has vowed to veto any congressional effort to block its implementation. COMPANY NEWS: Class A shares of Google (GOOG, GOOGL) surged at the end of the week after the search giant reported better than expected revenues and earnings in the second quarter. Research firms all over Wall Street raised their price targets on the stock in the wake of the report... Netflix (NFLX) rallied to a split-adjusted all-time high after the streaming service operator reported stronger than expected second quarter results, including higher than expected Q2 subscriber metrics, prompting a large number of research firms to raise their price targets on the stock... Many of the nation's largest banks reported on their results in the second quarter this week. JPMorgan (JPM), Bank of America (BAC) and Citigroup (C) all posted quarterly profits, excluding certain items, that beat the average estimates of analysts. Wells Fargo (WFC) reported earnings in-line with consensus estimates and revenue somewhat below expectations, while Goldman Sachs (GS) reported headline earnings that appeared to fall far short of the consensus forecast. However, that was due to Goldman's nearly $1.5B in provisions for litigation and regulatory matters. Excluding those provisions, the bank's earnings were ahead of consensus... On the M&A front, Receptos (RCPT) advanced after Celgene (CELG) announced a deal to buy the smaller drugmaker for $232 per share in cash, or a total of about $7.2B net of cash acquired. A number of research firms applauded the deal, especially noting the price Celgene agreed to pay, but cautioned that a rival bidder may still emerge for Receptos. Marathon Petroleum (MPC) gained after MPLX (MPLX), the company's fee-based master limited partnership, agreed to acquire MarkWest Energy (MWE) in a cash and stock deal that implies a total enterprise value for MarkWest of approximately $20B, including the assumption of debt of approximately $4.2B. Micron (MU) rose after The Wall Street Journal reported that China's state-owned Tsinghua Unigroup had offered to acquire the memory chip maker for $23B, or $21 per share... Shares of Twitter (TWTR) spiked Tuesday morning after a questionable takeover report was published on a website that mimicked, but had a different web address, than Bloomberg News. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service was a fake, while a Twitter spokesperson also denied the report of an alleged deal... Macy's (M) jumped after Starboard CEO Jeffrey Smith called the stock his "best idea" for 2015, adding that the shares could be worth $125 each if the company takes steps to maximize the value of its real estate holdings. Amazon (AMZN) announced it sold more units on its first "Prime Day" than the biggest Black Friday ever and had more new members try its Prime service worldwide than any single day in company history. The e-commerce giant noted that its worldwide order growth increased 266% over the same day last year and 18% more than Black Friday 2014, adding that it will "definitely be" doing another Prime Day in the future. A number of semiconductor equipment stocks, including Applied Materials (AMAT) and Lam Research (LRCX), dropped after Intel (INTC) cut its capital expenditures guidance while reporting on its quarterly results. INDEXES: For the week, the Dow gained about 1.05% to close at 18,086.45, the Nasdaq advanced about 3.37% to close at 5,210.14, and the S&P 500 rose about 1.67% to close at 2,126.64.
14:37 EDTIMPVUCLA Health says 4.5M individuals' data possibly exposed in cyber attack
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07:31 EDTIMPVImperva Q2 results should top consensus expectations, says Stephens
Stephens said it remains convinced after speaking with partners that Imperva is well positioned for "strong" organic growth and the firm expects the company's Q2 results to beat consensus expectations given the continued strength of Incapsula and better sales execution. The firm reiterates its Overweight rating and $75 price target on Imperva shares.
July 16, 2015
13:52 EDTDLPHGM slips after Barclays downgrades auto sector on China downturnbw
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11:40 EDTTAPStocks with call strike movement; TAP HAL
Molson Coors (TAP) October 80 call option implied volatility decreased 5% to 32, Halliburton (HAL) October 46 call option implied volatility decreased 3% to 29 according to IVolatility.
10:00 EDTMPLX, DLPHOn The Fly: Analyst Downgrade Summary
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07:33 EDTDLPHDelphi downgraded to Equal Weight from Overweight at Barclays
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06:34 EDTMPLXMPLX downgraded to Sell from Hold at Evercore ISI
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July 15, 2015
16:34 EDTSRCLCintas reports sale of Shred-it stake to Stericycle for $550M-$600M
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16:20 EDTSRCLStericycle acquires Shred-it for $2.3B, sees at least 10% EPS accretion in 2016
Stericycle announced that it has entered into a definitive agreement to acquire privately-held Shred-it International, a global secure information destruction services provider, for $2.3B in cash. Upon closing, Shred-it will become a wholly-owned subsidiary of Stericycle. Stericycle noted that the acquisition will provide "operational synergies stemming from Stericycle's core competencies." The company sees approximately $150M in expected tax benefits, leading to a $2.15B cash purchase price net. Stericycle sees improved EBITDA and EPS growth through a combination of margin expansion and debt repayment. Sees Stericycle cost synergies of at least $20M-30M by 2018 with the potential for revenue synergies over time. The acquisition is anticipated to be accretive to cash EPS by at least 10% in 2016 and in the mid-to-high teens in 2018. The combined company is expected to generate in excess of $1B in EBITDA in 2016. Stericycle notes that it expects a "continued, disciplined acquisition strategy." Stericycle sees de-levering back to current debt/EBITDA levels by 2017. The acquisition is expected to close in Q4. Following the acquisition, the Shred-it management team will join Stericycle.
16:16 EDTSRCLStericycle acquires Shred-it for $2.3B
July 14, 2015
10:01 EDTMPLXOn The Fly: Analyst Downgrade Summary
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09:23 EDTMPLXMPLX downgraded to Sector Perform from Outperform at Scotia Howard Weil
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08:46 EDTMPLXMarathon Petroleum price target raised to $70 from $60 at Cowen
Cowen raised its price target on Marathon Petroleum (MPC) to $70 from $60 following the proposed acquisition by MPLX (MPLX) of MarkWest Energy (MWE), citing the expected deal accretion, potential synergies and "justified" multiple. Cowen reiterated its Outperform rating on Marathon Petroleum.
07:39 EDTTDYTeledyne initiated with a Buy at CL King
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