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June 3, 2014
10:03 EDTNBG, FRME, CHL, WETF, LIN, EWBC, BRFS, SNV, HUN, DVN, AGPPY, AREXOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Anglo Platinum (AGPPY) upgraded to Overweight from Underweight at Barclays... Approach Resources (AREX) upgraded to Accumulate from Neutral at Global Hunter... BRF S.A. (BRFS) upgraded to Buy from Neutral at Goldman... China Mobile (CHL) upgraded to Buy from Neutral at Nomura... Devon Energy (DVN) upgraded to Outperform from Market Perform at Wells Fargo... East West Bancorp (EWBC) upgraded to Overweight from Equalweight at Barclays... First Merchants (FRME) upgraded to Outperform from Market Perform at Fig Partners... Huntsman (HUN) upgraded to Conviction Buy from Buy at Goldman... LIN Media (LIN) upgraded to Overweight from Equal Weight at Evercore... National Bank of Greece (NBG) upgraded to Buy from Reduce at Nomura... Synovus (SNV) upgraded to Outperform from Market Perform at Keefe Bruyette... WisdomTree (WETF) upgraded to Positive from Neutral at Susquehanna.
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January 29, 2015
06:01 EDTHUNHuntsman implied volatility of 49 at upper end of index mean range
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January 28, 2015
16:55 EDTNBGOn The Fly: Closing Wrap
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14:42 EDTSNVSynovus management to meet with Evercore ISI
Meetings to be held in Los Angeles on February 2, in San Francisco on February 3 and in Denver on February 4 hosted by Evercore ISI.
January 27, 2015
14:27 EDTCHLEarnings Preview: Apple China iPhone sales seen eclipsing U.S. for first time
Apple (AAPL) is set to report first quarter earnings after the market close on Tuesday, January 27, with a conference call scheduled for 5:00 pm ET. Apple, the world's most valuable company by market capitalization, is the manufacturer of the iPhone and iPad, among other desktop and mobile computing devices. EXPECTATIONS: Analysts are looking for earnings per share of $2.60 on revenue of $67.69B, according to First Call. The consensus range for EPS is $2.44-$2.97 on revenue of $65.01B-$74.27B. Along with its last earnings report, Apple said it sees Q1 revenue of $63.5B-$66.5B and a gross margin of 37.5%-38.5%. In a note to investors, Piper Jaffray analyst Gene Munster recently raised the firm's iPhone unit expectation to 65M from 61M based on the company reaching supply/demand balance before the end of the quarter. The firm reduced its iPad expectation to 22M from 25M and said it expects Mac sales to be roughly in line with the Street at around 5.3M units. LAST QUARTER: Apple reported fourth quarter EPS of $1.42, which topped the consensus estimate for $1.31. Fourth quarter revenue of $42.1B also beat the $39.85B consensus expectation. Apple reported it sold 39.27M iPhones, 12.32M iPads, 5.52M Macs, and 2.64M iPods in Q4. Apple reported Q4 gross margin of 38%, versus 37% last year, and noted that international sales accounted for 60% of the quarter’s revenue. NEWS: On November 11, Alibaba's (BABA) Executive Vice Chairman Joseph Tsai said the company and Apple were in talks for a potential partnership that would focus on the Chinese market, reported the Wall Street Journal. In an interview, Tsai said, “We are positive about the potential cooperation, but it depends on the details being worked out.” On January 8, Apple announced that the first week of January set a new record for billings from the App Store with customers around the world spending nearly half a billion dollars on apps and in-app purchases, and New Year’s Day 2015 marked the single biggest day ever in App Store sales history. These milestones follow a record-breaking 2014, in which billings rose 50% and apps generated over $10B in revenue for developers, Apple added. Yesterday, the Financial Times reported that Apple is expected to say it sold more iPhones in China than the U.S. for the first time last year. Analysts estimate the turning point in sales came last year after a deal with China Mobile (CHL), the publication added. ANALYST OPINION: On the day after Apple's last earnings report, Cantor Fitzgerald said Apple "executed impressively" in Q4 and provided a strong outlook for Q1. The firm added that it believed investors should "start thinking more boldly" about the company. It raised its price target for shares to $143 and keeps a Buy rating on the stock. Deutsche Bank, meanwhile, said it believed strong near-term growth was largely priced into Apple shares at then-current levels, while catalysts were limited ahead of Apple Watch. The firm expected shares to be range bound and kept a Hold rating on Apple following the company's better than expected Q4 results. On January 13, Credit Suisse analyst Kulbinder Garcha upgraded Apple to Outperform from Market Perform. The company should sell 215M iPhones in both fiscal 2015 and fiscal 2016, Garcha estimated. The same day, Canaccord analyst T. Michael Walkley said surveys showed strong demand and market share gains for the new iPhones. The analyst increased his iPhone estimates for Apple's December quarter, as well as his estimates for the company's overall December quarter results and reiterated a $135 price target and Buy rating on the shares. On January 15, Mizuho downgraded Apple to Neutral from Buy and maintained its $115 price target based on its belief that the risk/reward for the stock was balanced. The firm said it expects solid Q1 results and for the company's March outlook to be in-line with consensus, but expects iPhone sales to decelerate later in the year and for iWatch sales to potentially disappoint. Yesterday, Piper Jaffray said it believes investors are expecting Apple to report 65M-69M iPhone sales for the December quarter. Piper, which thinks the iPhone 6 sales cycle is off to a better than expected start and will be more sustainable than in past cycles, believes Apple's March quarter revenue guidance could imply about 5% upside to Street estimates, which it feels should be enough for the stock to react positively post earnings. Piper reiterated an Overweight rating on Apple with a $135 price target. PRICE ACTION: Shares of Apple advanced about 2.7% on the first day of trade following its Q4 report. Over the last three months, shares of Apple are up a bit over 5%. In afternoon trading ahead of its Q1 report tonight, Apple was down almost 2% to just over $111 per share.
09:51 EDTFRMEFirst Merchants reports Q4 EPS 41c, consensus 42c
Reports total assets equaled $5.8B as of year-end and total loans were $3.9B. Reports Q4 net charge offs of $2.59M.
07:03 EDTSNVSynovus reports Q4 adjusted EPS 39c, consensus 36c
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January 26, 2015
16:26 EDTDVNMarathon Oil, Cobalt, RSP Permian downgraded at UBS
UBS lowered its Brent and WTI forecasts to $52.50 and $49 from $67.50 and $62.50, respectively, and downgraded a number of names in the energy space in conjunction. Along with making changes to its oil price forecasts, UBS downgraded Marathon Oil (MRO), Cobalt (CIE) and RSP Permian (RSPP), all to Neutral from Buy. The firm also identified ConocoPhillips (COP), Devon Energy (DVN), Murphy Oil (MUR), Ultra Petroleum (UPL), Range Resources (RRC), Denbury Resources (DNR), and Magnum Hunter (MHR) as having high valuations, slowing growth and wide free cash flow deficits and said it was cautious on all of those names as well.
06:37 EDTCHLApple to report China iPhone sales topped US iPhone sales, Financial Times says
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January 23, 2015
15:39 EDTNBGNational Bank of Greece volatility increases into elections
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11:38 EDTNBG National Bank of Greece volatility elevated into elections
National Bank of Greece overall option implied volatility of 105 compares to its 26-week average of 81 according to Track Data, suggesting large price movement into national elections on January 25.
January 22, 2015
10:57 EDTNBGNational Bank of Greece volatility elevated into elections
National Bank of Greece overall option implied volatility of 105 compares to its 26-week average of 80 according to Track Data, suggesting large price movement into national elections on January 25.
08:35 EDTNBGBofA/Merrill Greek economist to hold an analyst/industry conference call
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January 21, 2015
17:59 EDTEWBCEast West Bancorp sees Q1 EPS 63c-65c, consensus 61c
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17:59 EDTEWBCEast West Bancorp sees FY15 EPS $2.60-$2.64, consensus $2.39
17:57 EDTEWBCEast West Bancorp increases dividend 11% to 20c
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17:55 EDTEWBCEast West Bancorp reports Q4 EPS 65c, consensus 65c
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15:27 EDTEWBCNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include American Express (AXP), consensus $1.38; Kinder Morgan (KMI), consensus 34c; eBay (EBAY), consensus 89c; Discover Financial Services (DFS), consensus $1.30; Crown Castle (CCI), consensus $1.05; Crown Castle (SNDK), consensus $1.27; Xilinx (XLNX), consensus 61c; F5 Networks (FFIV), consensus $1.49; United Rentals (URI), consensus $2.07; Plexus (PLXS), consensus 72c; Boston Private Financial Holdings (BPFH), consensus 22c; Dolby Laboratories (DLB), consensus 38c; SLM (SLM), consensus 5c; East West Bancorp (EWBC), consensus 65c; Raymond James Financial (RJF), consensus 86c; BancorpSouth (BXS), consensus 32c.
January 20, 2015
08:35 EDTAREXApproach Resources downgraded to Reduce from Neutral at SunTrust
SunTrust downgraded Approach Resources to Reduce to reflect a lower commodity price deck, poor productivity, and reduced capital spending that will decrease production and cash flow. Price target lowered to $3 from $7.
07:31 EDTAREXApproach Resources downgraded to Accumulate from Buy at KLR Group
Price target $7.
07:30 EDTDVNDevon Energy upgraded to Buy from Accumulate at KLR Group
Price target $81.
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