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News Breaks
July 9, 2014
Today's noteworthy downgrades include: Advanced Energy (AEIS) downgraded to Neutral from Buy at Dougherty... Apollo Global (APO) downgraded to Neutral from Buy at Citigroup... Artisan Partners (APAM) downgraded to Neutral from Buy at Citigroup... Autoliv (ALV) downgraded to Hold from Buy at Nordea... BNP Paribas (BNPQY) downgraded to Neutral from Overweight at JPMorgan... BP (BP) downgraded to Hold from Buy at Deutsche Bank... Carlyle Group (CG) downgraded to Neutral from Buy at Citigroup... Coach (COH) downgraded at Buckingham... Cummins (CMI) downgraded to Buy from Conviction Buy at Goldman... Garmin (GRMN) downgraded to Underperform from Sector Perform at Pacific Crest... Gigamon (GIMO) downgraded to Buy from Strong Buy at Needham... International Paper (IP) downgraded at RBC Capital... Louisiana-Pacific (LPX) downgraded at RBC Capital... Marvell (MRVL) downgraded to Underperform from Perform at Oppenheimer... McGraw Hill Financial (MHFI) downgraded to Market Perform at Raymond James... Moody's (MCO) downgraded to Market Perform from Outperform at Raymond James... Plum Creek Timber (PCL) downgraded at RBC Capital... Potash (POT) downgraded to Neutral from Overweight at JPMorgan... RGS Energy (RGSE) downgraded at Cowen... Taminco (TAM) downgraded to Neutral from Buy at Citigroup... Total (TOT) downgraded to Hold from Buy at Societe Generale... Unilever (UN) downgraded to Reduce from Neutral at Nomura... VMware (VMW) downgraded to Market Perform from Outperform at Wells Fargo... Vectren (VVC) downgraded to Hold from Buy at KeyBanc.
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November 20, 2015
05:46 EDTBNPQYBNP Paribas dedicates EUR 15B in financing for renewable energy
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November 19, 2015
16:11 EDTVMWGoogle names VMware co-founder to lead cloud businesses
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07:16 EDTGRMNGarmin to appeal ITC judgment in Johnson Outdoors investigation
Garmin International Inc., a unit of Garmin Ltd. (GRMN), announced that the International Trade Commission issued a final determination in the investigation brought by Johnson Outdoors (JOUT) against Garmin. The ITC concluded that first generation Garmin SideVu scanning sonar products were too similar to some claims of one of the three patents asserted by Johnson Outdoors. The ITC ordered that these Garmin products be excluded from import into the United States; however, the ITC is allowing Garmin to freely import these products temporarily and further recommended that Garmin be allowed to freely import modified products permanently. The ITC found that Garmin did not infringe Johnson Outdoors' two other patents. "Garmin disagrees with the ITC and plans to appeal the determination," said Andrew Etkind, Garmin vice president and general counsel. "Nevertheless, we do not expect the ruling to have any impact on Garmin customers or products. Garmin has already modified our software to address the ITC's ruling, and we are ready to ship those products today. The ruling will have no impact on Garmin products already purchased by our customers and dealers, or any products purchased going forward."
05:15 EDTGRMNJohnson Outdoors, Hummingbird receive favorable ITC ruling against Garmin
Johnson Outdoors (JOUT) confirmed that the full International Trade Commission, or ITC, has affirmed the initial determination by the Administrative Law Judge that Garmin (GRMN) violated section 337 of the Tariff Act of 1930 by importing and selling SideVu sonars, which the ITC affirmed infringe a Johnson Outdoors Inc. side scan sonar patent used in certain Humminbird fishfinders. The ITC affirmed that: All three patents asserted by Johnson Outdoors are valid and enforceable Numerous models of Garmin's SideVu sonars directly infringe six Johnson Outdoors patent claims. The ITC also issued: A limited exclusion order barring Garmin's infringing SideVu sonar systems and components thereof which are manufactured overseas from import into the United States; A cease and desist order prohibiting Garmin from selling or distributing any infringing product or component thereof from its inventory. The orders will go into effect pending the mandatory review by the U.S. trade representative.
November 18, 2015
16:24 EDTCGBlackstone, Carlyle, KKR potential buyers of Armacell, Reuters says
Britain's Charterhouse has established a Friday deadline for bids on its insulation materials company Armacell, which may be valued at up to $1.06B, reports Reuters, citing sources. The business has attracted interest from private equity firms, with Blackstone (BX), Carlyle (CG), and KKR (KKR) "cited as potential buyers," according to the report. Reference Link
15:49 EDTGRMNFCC documents point to new Garmin 'smart TV' streaming device
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07:59 EDTAEISUBS to hold a conference
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07:58 EDTIPVertical Research Partners to hold a conference
Global Materials Conference 2015 is being held in New York on November 18-19.
07:05 EDTGRMNGarmin announces GAD 27 integrated controller
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November 17, 2015
11:35 EDTCGFinancing backing Carlyle's purchase of Symantec's Veritas pulled, Reuters says
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10:16 EDTBPBP confirms exploring sale of Alabama petrochemical facility
BP confirmed that it has decided to market for sale its Decatur, Alabama, petrochemicals complex as part of a broader reorganization of the company's global petrochemicals business. BP said its refocused petrochemicals strategy is pursuing a competitively advantaged portfolio through world-scale, low-cost facilities that utilize BP proprietary technology including the production of purified terephthalic acid, or PTA, a key raw material in the production of polyester. BP is spending $200M to upgrade its Cooper River, S.C., plant and its sister facility in Geel, Belgium - the largest PTA-producing sites in the Americas and Europe, respectively. The investment will enable the two facilities to lower operating costs, improve reliability and reduce emissions. Earlier this year, BP also started up its new Zhuhai 3 unit in Guangdong Province, China. Using BP's latest technology and capable of producing up to 1.25M tons of PTA per year, Zhuhai 3 is the world's largest single-train PTA production unit as well as being one of the largest and most efficient PTA production units in the world. While BP's Decatur complex no longer fits with this strategy, the facility has been a major contributor to BP's U.S. petrochemicals business for many years. It makes chemicals essential for the production of thousands of items, from plastic water bottles to flat-screen televisions. BP expects to complete a sale of all or part of the facility provided a buyer can be found and an acceptable deal can be reached. Reference Link
10:00 EDTPCL, MCOOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: CF Industries (CF) upgraded to Positive at Susquehanna... ExlService (EXLS) upgraded to Buy from Neutral at BofA/Merrill... Fitbit (FIT) upgraded to Buy at BofA/Merrill... Forward Air (FWRD) upgraded to Outperform at Baird... HD Supply (HDS) upgraded to Positive from Neutral at Susquehanna... Hannover Re (HVRRY) upgraded to Overweight from Underweight at JPMorgan... Moody's (MCO) upgraded to Buy from Neutral at UBS... PRA Group (PRAA) upgraded to Strong Buy from Market Perform at Raymond James... Plum Creek Timber (PCL) upgraded to Outperform from Sector Perform at RBC Capital... Shire (SHPG) upgraded to Outperform from Market Perform at Leerink... Yandex (YNDX) upgraded to Overweight from Equal Weight at Morgan Stanley... Zayo Group (ZAYO) upgraded to Buy from Neutral at MoffettNathanson.
09:48 EDTBPBP to explore sale of Alabama petrochemical plant, Bloomberg reports
Bloomberg cites e-mailed statement from BP.
09:02 EDTGRMNAnalyst pans competing products, says buy Fitbit
Shares of previous high-flier Fitbit (FIT) have dropped about 30% in the last two weeks following the company's third quarter earnings report, but an analyst at Bank of America upgraded his view of the fitness tracker maker this morning, saying that now is the time to buy ahead of fourth quarter results that may be boosted by the "underwhelming" new products being launched by its competitors. UNDERWHELMING COMPETITION: Fitbit's sales guidance for this holiday quarter looks conservative, contends Bank of America analyst Nat Schindler, who notes that the company only had the launch of one new product last December but will have the Charge, Charge HR and Surge to drive sales this season. Schindler also notes that the company's international advertising has expanded into more countries ahead of the holidays this year. Key, however, may be the "underwhelming" lineup of new or updated fitness trackers launched by competitors, such as the Microsoft's (MSFT) Band 2, Jawbone's UP4 and Sony's (SNE) Smartband 2, many of which have only minor improvements and no "must have" features to pull consumers away from Fitbit, Schindler told investors in his research note. PLATFORM PICKING UP STEAM: The analyst also pointed out that Fitbit now has more than 20 companies signed onto its health and wellness platform, including big names like Target (TGT) and Barclays (BCS), which he believes should help drive revenue beats in the upcoming fiscal year due to increased device sales. Also, the additional dashboard data should help Fitbit maintain long-term user engagement, said Schindler. APPLE WATCH: Apple's (AAPL) Apple Watch is largely viewed as the biggest potential competitive threat to Fitbit's offerings, but on the fitness tracker maker's last earnings call CEO James Park said Fitbit's products differ from those of its competitors in several key aspects, including pricing, cross-platform compatibility, brand awareness and product line breadth. Other wearables makers include Garmin (GRMN) and Samsung. PRICE ACTION: Since the day after Fitbit's last earnings report after the market close on November 2, its shares have fallen about 29.5% to close yesterday at $28.80. In pre-market trading this morning, Fitbit shares rose 2% to $29.40.
08:35 EDTMRVLMarvell submitted compliance plan to NASDAQ
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08:02 EDTMHFIMcGraw Hill Financial business and EPCO sign agreement
S&P Capital IQ and SNL, a business unit of McGraw Hill Financial together with the Eurosystem Procurement Coordination Office, or EPCO, have signed a four-year agreement for the delivery of Standard & Poor's Ratings Services' credit ratings and research. The agreement allows the central banks of the European System of Central Banks, or ESCB, as members of EPCO to access a wide range of issuer credit data through S&P Capital IQ's RatingsDirect and Xpressfeed tools, as well as through several other market data vendors.
07:51 EDTTOTRBC Capital to hold a field trip
European Energy Field Trip travels throughout Europe on November 17-19.
07:50 EDTMCOClearing House to hold a conference
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06:20 EDTPCLPlum Creek Timber upgraded to Outperform from Sector Perform at RBC Capital
RBC Capital upgraded Plum Creek Timber (PCL) to Outperform and increased its price target to $56 from $42 on shares following the acquisition by Weyerhaeuser (WY). Analyst Paul Chan likes the merger and said synergies, increased liquidity, and broadened timberlands diversity will make the combined company the investment of choice for investors seeking exposure to the group.
05:50 EDTMCOMoody's upgraded to Buy from Neutral at UBS
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