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News Breaks
July 22, 2014
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.
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October 20, 2014
08:02 EDTFANGDiamondback, Viper sell-offs 'significantly overdone,' says Wunderlich
Wunderlich believes the recent sell-offs in shares of Diamondback Energy (FANG) and Viper Energy (VNOM) are "significantly overdone." The firm thinks recent news from Viper suggests that Diamondback's work in the Permian is continuing to provide strong growth in production and cash flow. It keeps a Buy rating on Diamondback with a $110 price target.
07:34 EDTAGNValeant says remains focused on completing Allergan transaction
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07:30 EDTAGNValeant CEO says 'can bid more than anyone' in financially sound Allergan deal
Pearson says "we cannot stop" another company from making a bid that does not make economic sense, but he believes Valeant (VRX) can "bid more than anyone" for Allergan (AGN) in a deal that makes financial sense. Pearson says he has met with doctor groups and that 95% of those he's spoken with support Valeant's bid for Allergan. Valeant CEO J. Michael Pearson spoke on CNBC.
07:16 EDTAGNAmerican Academy of Ophthalmology to hold annual meeting
AAO Annual Meeting 2014 is being held in Chicago on October 18-21.
06:34 EDTHASHasbro reports pre-tax charge due to restructuring of Hub Network
On September 25, Hasbro (HAS) and Discovery (DISCA) announced Hub Network would become Discovery Family Channel effective October 13, 2014. The network will broaden its programming focus to serve families in primetime and continue to showcase Hasbro Studios award-winning children’s content in daytime. As a result of restructuring the Company’s investment in the Hub Network joint venture, the Company recorded a pre-tax charge of $11.6M, or 6c per diluted share, in the third quarter 2014. This net charge is primarily related to the costs associated with recording the fair value of a put/call option exercisable at the end of 2021 that the Company and Discovery entered into related to this transaction.
06:33 EDTHASHasbro reports Q3 Franchise brands up 36%
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06:31 EDTHASHasbro reports Q3 adjusted EPS $1.46, consensus $1.45
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06:28 EDTAGNAllergan price target raised to $210 from $190 at Citigroup
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October 17, 2014
14:28 EDTHASHasbro technical comments ahead of results
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10:00 EDTFIVEOn The Fly: Analyst Initiation Summary
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09:47 EDTAGNValeant will not raise Allergan bid ahead of record date, CNBC reports
Valeant (VRX) will not raise its hostile takeover bid for Allergan (AGN) ahead of the record date for the vote, CNBC's David Faber reports. Allergan (AGN) is not currently in takeover talks with Actavis (ACT), Faber added.
09:45 EDTAGNAllergan not in deal talks with Actavis, CNBC reports
09:43 EDTAGNValeant not going to raise Allergan bid ahead of meeting, CNBC reports
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08:20 EDTHASHasbro volatility elevated into Q3 and outlook
Hasbro November call option implied volatility is at 26, January is at 22, April is at 20; compared to its 26-week average of 20 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on October 20.
08:11 EDTFIVEFive Below initiated with a Hold at Stifel
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07:38 EDTHBANHuntington expects near-tern improvement in interest rate enviornment
The company says, "We continue to be pleased with our healthy lending pipeline and the strength of the economies within our footprint. We are looking forward to a solid finish for 2014, as we remain on track to deliver another year with positive operating leverage. We are not expecting a near-term improvement in the interest rate environment. However, we are committing to delivering positive operating leverage again in 2015 as we will continue to prudently manage expenses in alignment with our revenue growth outlook. Net interest income is expected to increase slightly in Q4. We anticipate an increase in earning assets as total loans moderately grow and investment securities increase modestly. However, those benefits to net interest income are expected to be partially offset by continued downward pressure on NIM. Noninterest income, excluding the impact of any net MSR activity, is expected to remain near the current quarter’s level. Noninterest expense, excluding Significant Items, is expected to remain near the current quarter’s adjusted level. Fourth quarter 2014 is expected to include approximately $10M of Significant Items related to the already announced franchise repositioning activities. We will continue to look for ways to reduce expenses, while not impacting our previously announced growth strategies and our high level of customer service. Overall, asset quality metrics are expected to remain near current levels, although moderate quarterly volatility also is expected, given the absolute low level of problem assets and credit costs. We anticipate NCOs will remain within or below our long-term normalized range of 35 to 55 basis points. The effective tax rate for the remainder of 2014 is expected to be in the range of 25%-28%, primarily reflecting the impacts of tax-exempt income, tax-advantaged investments, general business credits, and the change in accounting for investments in qualified affordable housing projects."
07:37 EDTHBANHuntington Bancshares reports Q3 net interest income $466.3M
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07:34 EDTHBANHuntington Bancshares reports Q3 revenue $721.2M, consensus $716.43M
07:32 EDTHBANHuntington Bancshares ups dividend from 5c to 6c
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07:31 EDTHBANHuntington Bancshares reports Q3 EPS 18c, consensus 19c
Reports Q3 net charge-offs declined to 0.26% of average loans and leases, down from 0.53% in the year-ago quarter.
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