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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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September 25, 2015
05:51 EDTCMIBarclays starts U.S. Machinery space with Negative view
Barclays analyst Robert Wertheimer rolled out coverage of the U.S. Machinery space with a Negative view. Of the fifteen companies he initiated in the sector, only two are Overweight rated. Wertheimer started five names at Underweight, his firm's equivalent of a sell. Consensus estimates are too high across the board with revenue for this cycle already peaking for most of machinery, the analyst told investors last night in a research note. He sees a sharper downturn for North American trucks than the consensus expects, with another peak level eight years away. And the tractor supercycle is only two years in a downturn, while the prior two supercycles saw seven consecutive down years in machinery sales, Wertheimer adds. Allison Transmission (ALSN) and United Rentals (URI) are the analyst's Overweight-rated stocks in the sector. Deere (DE), CNH Industrial (CNHI), Cummins (CMI), PACCAR (PCAR) and Navistar (NAV) are his Underweight rated names. Wertheimer also started with Equal Weight ratings shares of Actuant (ATU), AGCO (AGCO), Caterpillar (CAT), Joy Global (JOY), Lincoln Electric (LECO), Manitowoc (MTW), Terex (TEX) and WABCO (WBC).
September 24, 2015
19:14 EDTMRVLOn The Fly: After Hours Movers
HIGHER AFTER EARNINGS: Jabil Circuit (JBL), up 9.6%... Nike (NKE), up 8%. ALSO HIGHER: Bellerophon Therapeutics (BLPH), up 92% after announcing "positive" data from its interim Phase 2 study of INOpulse... Reynolds American (RAI), up 1% after Bloomberg reported the company may sell $5B in assets to Japan Tobacco... Marvell (MRVL), up 5.15% after announcing a 17% global headcount reduction. LOWER AFTER EARNINGS: Pier 1 Imports (PIR), down 7.5%... Bed Bath & Beyond (BBBY), down 1%. ALSO LOWER: Internap (INAP), down 15.1% after cutting its FY15 revenue forecast... Emerge Energy Services (EMES), down 3.25% after withdrawing its distribution guidance due to "difficult market conditions."
17:10 EDTMRVLMarvell up 8% after announcing 17% global headcount reduction
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16:24 EDTMRVLMarvell to downsize mobile platform business, sees $100M-$130M charge
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16:14 EDTCMICummins initiated with an Underweight at Barclays
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13:29 EDTTOTTotal's Russian Arctic gas project receives Chinese investment, WSJ reports
The chances of Total's (TOT) Arctic natural gas project in Russia coming to fruition has been strengthened by a state-backed Chinese investment, the Wall Street Journal reports, citing comments from Total CEO Patrick Pouyanne. Yamal, a $27B project on a Russian peninsula, will be the main test to see if Russian energy projects are possible after its lead partner OAO Novatek (NOVKY) was hit with U.S. sanctions, the report says. Reference Link
10:30 EDTVVCAmerican Gas Association to hold a forum
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09:46 EDTMCOMoody's to host investor day
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07:41 EDTMCOMoody's to hold a teleconference
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07:34 EDTMCOCredit Suisse to hold a conference
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07:20 EDTPOTPotash volatility increases as shares trend lower
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06:20 EDTBPBP management to meet with Jefferies
Meetings to be held in Chicago/Kansas City/Minneapolis September 29- October 1 hosted by Jefferies.
September 23, 2015
18:19 EDTTOTTotal CEO downplays allegations of market manipulation, WSJ says
In a Wall Street Journal interview following market manipulation claims by the Federal Energy Regulatory Commission, Total CEO Patrick Pouyanne disclosed that the company is also being investigated by the Commodity Futures Trading Commission, though Pouyanne downplayed the matter. "There was no wrongdoing," said the Chief Executive, adding that the CFTC claims are being settled "for a few million dollars." Reference Link
17:15 EDTCGAdvent plans Oberthur IPO after rejecting Carlyle bid, Reuters says
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10:26 EDTVMWEMC standstill agreement with activist expired on Sept. 1, Re/code reports
The standstill agreement between EMC (EMC) and activist investor Elliott Management expired on September 1, Arik Hesseldahl of Re/code reports, citing people familiar with the terms. EMC may have asked Elliott for an informal extension of the agreement as its board weighs its options since Elliott has yet to resume its public campaign of pushing for a breakup, Hesseldahl adds. Reference Link
07:47 EDTPOTJPMorgan cuts targets for Mosaic and Potash but still sees value
JPMorgan analyst Jeffrey Zekauskas says weakening demand and price trends for potash does not bode well for the China and India contracts for 2016. The analyst reduced his earnings expectations for Potash (POT) and Mosaic (MOS), but keeps Overweight ratings on both citing their "value characteristics." He cut his price target for Potash to $26 from $34 and for Mosaic to $40 from $52.
06:44 EDTCMICummins volatility increases as shares near two-year low
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06:40 EDTPOTK+S investors urge company to reconsider Potash takeover, WSJ reports
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06:06 EDTTOTTotal to cut 2015 CapEx to $23B-$24B, 2016 CapEx to $20B-$21B
Total plans to return to a "sustainable level" in CapEx of $17B-$19B from 2017 onwards. The company is further increasing its OpEx reduction target by $50% to $3B from $2B by 2017. Total achieved a production increase of 11% YoY during 1H15. Production is planned to grow by an average of 6%-7% per year between 2014 and 2017, and by an average of 5% per year between 2014 and 2019. The company confirms that organic free cash flow will cover the dividend by 2017. The company also plans to invest CapEx of around $500M per year to build profitable businesses in new energies. Comments taken from Total Strategy & Outlook Presentation.
05:31 EDTTOTExxon Mobil initiated with an Underperform at Macquarie (yesterday)
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