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Stock Market & Financial Investment News

News Breaks
July 22, 2014
10:00 EDTAGN, VOLVY, WOOF, VAL, UCTT, TREX, SANM, RLGY, INWK, HBAN, HAS, EGAS, FIVE, DLR, FANG, CYS, BMRC, AXL, ZIONOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Allergan (AGN) upgraded to Buy from Neutral at UBS... American Axle (AXL) upgraded to Neutral from Underweight at JPMorgan... Bank of Marin (BMRC) upgraded to Buy from Hold at Sandler O'Neill... CYS Investments (CYS) upgraded to Buy from Hold at Wunderlich... Diamondback Energy (FANG) upgraded to Buy from Neutral at Roth Capital... Digital Realty (DLR) upgraded to Buy from Hold at Deutsche Bank... Five Below (FIVE) upgraded to Outperform from Market Perform at Wells Fargo... Gas Natural (EGAS) upgraded to Buy from Hold at Wunderlich... Hasbro (HAS) upgraded to Overweight from Equal Weight at Barclays... Huntington Bancshares (HBAN) upgraded to Outperform at Keefe Bruyette... InnerWorkings (INWK) upgraded to Buy from Hold at Feltl... Realogy (RLGY) upgraded to Buy from Neutral at Citigroup... Sanmina (SANM) upgraded to Hold from Sell at Deutsche Bank... Trex Company (TREX) upgraded at Stifel... Ultra Clean (UCTT) upgraded to Buy from Neutral at Roth Capital... VCA Inc. (WOOF) upgraded at Stifel... Valspar (VAL) upgraded to Conviction Buy from Neutral at Goldman... Volvo (VOLVY) upgraded to Neutral from Sell at Goldman... Zions Bancorp (ZION) upgraded to Buy from Neutral at Compass Point.
News For AGN;AXL;BMRC;CYS;FANG;DLR;FIVE;EGAS;HAS;HBAN;INWK;RLGY;SANM;TREX;UCTT;VAL;WOOF;VOLVY;ZION From The Last 14 Days
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September 23, 2014
16:13 EDTAGNPershing's Ackman sends letter to Allergan, threatens suit
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12:28 EDTAGNSalix climbs after reports say Allergan discussing takeover
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12:11 EDTAGNOn The Fly: Midday Wrap
Stocks on Wall Street were mixed and little changed at midday, amid new rules from the Obama administration on tax inversions and manufacturing data from around the globe. ECONOMIC EVENTS: In the U.S., the FHFA's home price index rose 0.1% in July to 212.7, missing expectations for a rise of 0.5%. Markit's preliminary manufacturing Purchasing Managers' Index for September came in at 57.9, slightly below the consensus forecast for a 58.0 reading. The Richmond Fed manufacturing index for September rose to 14, beating expectations for it to have dropped two points to 10. In China, HSBC's flash manufacturing Purchasing Managers' Index rose to 50.5 from a final reading of 50.2 in August, better than expectations. In Europe, Markit's composite flash PMI for the eurozone dipped to a nine-month low of 52.3, missing expectations for it to hold steady at the 52.5 seen in August. COMPANY NEWS: Shares of several companies, including a number in the pharmaceutical industry, are lower in early trading after the Treasury Department announced new regulations yesterday night that aim to make it tougher for U.S. companies to lower their tax burdens via mergers with foreign companies, otherwise known as "inversions." Among the stocks that moved lower after the new rules were announced was Astrazeneca (AZN), which had previously been a target of Pfizer (PFE) and fell about 4% near midday. Also lower were shares of both Shire (SHPG), which fell 2%, and Abbvie (ABBV), which dropped 1.6%, as the two have previously agreed to merge in a tax inversion deal. Medtronic (MDT) and Covidien (COV), which similarly agreed to an inversion merger, were down 3.3% and 2.7%, respectively. MAJOR MOVERS: Among the notable gainers was Salix Pharmaceuticals (SLXP), which rose more than 5% after The Wall Street Journal reported that Allergan (AGN) is in advanced talks on a deal to buy the company. Shares of Allergan were also up nearly 3% near midday, as the Journal also reported that Allergan rejected a recent buyout offer from Actavis (ACT). Among the noteworthy losers was Ascena Retail (ASNA), which dropped 16% after the apparel retailer's fourth quarter results and fiscal 2015 profit outlook trailed analysts' consensus estimates. Also lower following its own earnings report was auto retailer CarMax (KMX), which fell over 9%. INDEXES: Near midday, the Dow was down 32.91, or 0.19%, to 17,139.77, the Nasdaq was up 2.90, or 0.06%, to 4,530.59, and the S&P 500 was down 2.29, or 0.11%, to 1,992.00.
10:54 EDTAGNStocks, analysts react to Treasury inversion crackdown
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09:17 EDTAGNSalix, Allergan just started talks over price, CNBC reports
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09:13 EDTAGNOn The Fly: Pre-market Movers
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08:53 EDTAGNInversion regulations look more onerous than expected, says FBR Capital
FBR Capital says the new regulations announced last night by the Treasury and IRS contain appear more onerous than expected. FBR points out the proposed changes remove the ability of inverting companies to make "hopscotch loans" between the foreign and domestic subsidiaries. The firm believes the regulations will not end the practice of inversions, and it still expects completion of already announced deals.
08:38 EDTAGNPershing threatens suit against Allergan if no vote held on Salix deal, WSJ says
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08:31 EDTAGNSalix takeout price could be $200 per share, says Leerink
Leerink estimates a takeout valuation for Salix (SLXP) of $200 per share, but says it would start recommending investors take profits above $185. The firm believes a potential deal with Allergan (AGN) would likely include an above-average break-up fee. Leerink thinks a competitive bid could surface, and points out Actavis (ACT) has more overlapping cost structure with Salix than Allergan. Shares of Salix are up 9% to $173.48 in pre-market trading after Wall Street Journal reported the company is in merger talks with Allergan.
06:28 EDTAGNTreasury rules may put Mylan deal at risk, says BMO Capital
BMO Capital believes Treasury's new inversion rules may put the tax benefits of Mylan's (MYL) planned acquisition of Abbott's (ABT) established products business at risk. BMO also thinks the rules impact Salix's (SLXP) pending deal for Cosmo Pharmaceuticals, which it feels may help make a deal with Allergan (AGN) more likely.
05:56 EDTAGNTreasury, IRS announce plans to reduce inversion tax benefits
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September 22, 2014
19:03 EDTAGNAllergan rejected buyout bid from Actavis, in advanced talks for Salix, WSJ says
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10:15 EDTRLGYOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Actavis (ACT) downgraded to Equal Weight from Overweight at Barclays... Aetna (AET) downgraded to Neutral from Buy at BofA/Merrill... Auxilium (AUXL) downgraded to Hold from Buy at Stifel... CARBO Ceramics (CRR) downgraded to Neutral from Buy at Sterne Agee... Commerzbank (CRZBY) downgraded to Underperform from Neutral at Exane BNP Paribas... Concur (CNQR) downgraded to Neutral from Buy at Nomura... Dresser-Rand (DRC) downgraded to Neutral from Accumulate at Global Hunter... Finish Line (FINL) downgraded to Equal Weight from Overweight at Morgan Stanley... General Communications (GNCMA) downgraded to Hold from Buy at Drexel Hamilton... InvenSense (INVN) downgraded to Neutral from Outperform at RW Baird... Las Vegas Sands (LVS) downgraded to Market Perform from Outperform at Wells Fargo... Lindsay Corp. (LNN) downgraded at Sterne Agee... Melco Crown (MPEL) downgraded to Market Perform from Outperform at Wells Fargo... Outerwall (OUTR) downgraded to Sell from Neutral at B. Riley... PSEG (PEG) downgraded to Hold from Buy at Jefferies... Realogy (RLGY) downgraded to Underperform from Neutral at Credit Suisse... Regal-Beloit (RBC) downgraded to Accumulate from Buy at Global Hunter... SABMiller (SBMRY) downgraded to Market Perform from Outperform at Bernstein... Saba Software (SABA) downgraded to Neutral from Buy at B. Riley... Suburban Propane (SPH) downgraded to Market Perform from Outperform at Wells Fargo... Swiss Re (SSREY) downgraded to Underperform from Neutral at Exane BNP Paribas... Towers Watson (TW) downgraded to Buy from Conviction Buy at Goldman... Valmont (VMI) downgraded at Sterne Agee... Walgreen (WAG) downgraded to Equal Weight from Overweight at Barclays... Watts Water (WTS) downgraded to Neutral from Buy at Janney Capital... Wynn Resorts (WYNN) downgraded to Market Perform from Outperform at Wells Fargo... Yahoo (YHOO) downgraded to Neutral from Buy at BofA/Merrill.
06:42 EDTRLGYRealogy downgraded to Underperform from Neutral at Credit Suisse
Credit Suisse downgraded Realogy to Underperform following industry checks that indicate weak buyer traffic levels, softening home sales, and depressed mortgage applications.
September 19, 2014
11:25 EDTAGNSenators bring bill requiring companies to settle before inverting
U.S. Senators Sherrod Brown and Dick Durbin announced new legislation requiring corporations to "Pay What You Owe Before You Go" – settling their U.S. tax bill before relocating to a foreign country. "Everyone knows that before you leave a restaurant you have to settle your tab," Brown said. "Corporations shouldn’t get to play by different rules. While it is critical that we reach a long-term solution that reforms our international corporate tax code by implementing a global minimum tax and reducing the statutory tax rate, this bill is an immediate, commonsense measure to ensure businesses settle up before leaving the U.S." Among the deals or possible transactions that involve inversion are Mylan's (MYL) acquisition of Abbott (ABT), Medtronic's (MDT) acquisition of Covidien (COV) and Valeant's (VRX) proposed takeover of Allergan (AGN).
10:06 EDTZIONOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: American Eagle (AEO) upgraded to Buy from Neutral at Goldman... Concur (CNQR) upgraded to Neutral from Sell at Goldman... Continental Resources (CLR) upgraded to Buy from Neutral at Global Hunter... Deutsche Telekom (DTEGY) upgraded to Buy from Neutral at Citigroup... DuPont (DD) upgraded to Buy from Hold at BGC Financial... First Horizon (FHN) upgraded to Outperform from Market Perform at Raymond James... Francesca's (FRAN) upgraded to Buy from Neutral at Buckingham... Guess (GES) upgraded to Neutral from Underperform at Buckingham... National CineMedia (NCMI) upgraded to Outperform from Market Perform at FBR Capital... Patterson-UTI Energy (PTEN) upgraded to Overweight from Equalweight at Capital One... SABMiller (SBMRY) upgraded to Neutral from Reduce at Nomura... Synovus (SNV) upgraded to Strong Buy from Outperform at Raymond James... Texas Capital (TCBI) upgraded to Buy from Hold at Wunderlich... VF Corp. (VFC) upgraded to Buy from Hold at KeyBanc... Zions Bancorp (ZION) upgraded to Strong Buy from Outperform at Raymond James.
06:49 EDTZIONZions Bancorp upgraded to Strong Buy from Outperform at Raymond James
Raymond James upgraded ZIons to Strong Buy citing increased interest rate projections by the Fed, a highly sensitive asset balance sheet, expected NIM expansion, and additional TBV accretion from further CDO sales and maturities of TruPS.
September 18, 2014
16:45 EDTHBANHuntington Bancshares releases results of its mid-cycle stress test
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08:37 EDTFANGDiamondback Energy 2.5M share Spot Secondary priced at $75.95
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05:25 EDTVOLVYVolvo reports August truck deliveries down 8% to 11,809
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