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Stock Market & Financial Investment News

News Breaks
January 6, 2014
10:07 EDTPNK, TLOG, TSL, DOC, HMHC, AIG, CALL, YPF, SALT, JKS, CLNE, PM, VLP, RMAX, IACI, ATHMOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: AIG (AIG) reinstated with an Outperform at Credit Suisse... Autohome (ATHM) initiated with a Neutral at Piper Jaffray... Clean Energy (CLNE) initiated with a Neutral at Citigroup... Houghton Mifflin (HMHC) initiated with an Outperform at Wells Fargo... IAC (IACI) initiated with an Equal Weight at Morgan Stanley... JinkoSolar (JKS) initiated with a Buy at Jefferies... Physicians Realty Trust (DOC) initiated with an Outperform at JMP Securities... RE/MAX Holdings (RMAX) initiated with a Market Perform at JMP Securities... Scorpio Bulkers (SALT) initiated with a Buy at Deutsche Bank... Trina Solar (TSL) initiated with a Buy at Jefferies... Valero Energy Partners (VLP) initiated with an Outperform at Credit Suisse... YPF SA (YPF) initiated with an Overweight at Morgan Stanley... TetraLogic (TLOG) initiated with a Buy at Guggenheim... Philip Morris (PM) initiated with a Sell at Standpoint Research... magicJack (CALL) initiated with a Buy at Canaccord... Pinnacle Entertainment (PNK) reinstated with a Sell at Goldman.
News For AIG;ATHM;CLNE;HMHC;IACI;JKS;DOC;RMAX;SALT;TSL;VLP;YPF;TLOG;PM;CALL;PNK From The Last 14 Days
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July 21, 2015
07:14 EDTPNKGaming and Leisure Properties agrees to acquire Pinnacle real estate assets
Gaming and Leisure Properties (GLPI) and Pinnacle Entertainment (PNK) jointly announced that they have entered into a definitive agreement under which GLPI will acquire substantially all of Pinnacle's real estate assets in an all-stock transaction. Under the terms of the agreement, which was unanimously approved by both companies' boards, Pinnacle's operating business and the real property of Belterra Park Gaming & Entertainment will be spun off into a separately traded public company and the real estate assets held by the remaining company will be acquired by GLPI. Pinnacle shareholders will receive a fixed exchange ratio of 0.85 GLPI common shares per Pinnacle share for PropCo. Pinnacle shareholders will also receive one share of OpCo common stock for each share of Pinnacle they own. The agreed-upon exchange ratio gives PropCo an implied enterprise value of $4.75B, implying 12.6x initial year PropCo adjusted earnings before interest, taxes, depreciation and amortization, or 13.2x including transaction-related fees and expenses. Pro forma for the transaction, existing Pinnacle shareholders will own 100% of OpCo and approximately 56M shares in GLPI, representing an approximate 27% equity interest in the larger, post-transaction GLPI. Pinnacle's OpCo will continue to own and operate other assets, including Belterra Park Gaming & Entertainment, the Heartland Poker Tour, Pinnacle's interest in Retama Park, gaming licenses, gaming equipment as well as approximately 450 acres of developable land, principally in Lake Charles and Baton Rouge, adjacent to real estate GLPI would acquire. After the close of the transaction, which the companies expect will be completed in the first quarter of 2016, Pinnacle will operate the leased gaming facilities under a triple-net 10-year Master Lease agreement with GLPI that will have five subsequent, five-year extension periods at Pinnacle's option. Pinnacle will initially pay GLPI $377M in rent in the first year after close, which will result in a lease coverage ratio of 1.9x adjusted property earnings before interest, taxes, depreciation, amortization and rent/lease expense. GLPI anticipates the transaction will deliver low double-digit percentage accretion to its pro forma adjusted funds from operations per share in the first year after close. Under the triple-net lease structure, GLPI will benefit from the continued revenue growth of Pinnacle's operating assets. The combined REIT expects to continue to distribute at least 90% of its annual taxable income as dividends, and the first full year dividend per share is expected to increase by approximately a low double-digit percentage.
07:12 EDTPNKGaming and Leisure Properties agrees to acquire Pinnacle real estate assets
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July 20, 2015
16:06 EDTTLOGTetraLogic provides update on HBV clinical program
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10:43 EDTIACIZillow slides to 52-week low after Barclays cuts to sell
The shares of Zillow (Z) are falling after Barclays downgraded the stock to Underweight, the firm's equivalent of a "Sell" rating, citing increased competition in the "local" segment of the Internet market. Zillow's websites advertise homes that are up for sale. WHAT'S NEW: In a note to investors earlier today, Barclays analyst Christopher Merwin wrote that, heading into second quarter results, he does not recommend Internet stocks that have been "challenged" and have relatively "cheap" valuations. These valuations are only "cheap" based on consensus estimates that are probably too high, the analyst believes. Based on that criteria, he downgraded Zillow to Underweight from Equal Weight. He also used the same criteria to downgrade Yelp (YELP), whose website features user reviews of local businesses, to Equal Weight from Overweight. Both companies are facing an "atypical level" of competition, driven by a favorable venture capital funding environment, Merwin indicated. The competition has driven down the companies' multiples, he believes. WHAT'S NOTABLE: Merwin recommended that investors buy the shares of small and mid cap Internet companies whose estimates are just beginning to be revised upwards by analysts. He identified IAC (IACI), which owns several dating websites, as one stock in this category. IAC should benefit from increased monetization of its popular Tinder dating app and the stabilization of its core dating websites, the analyst contended. Also poised for further positive estimate revisions are video game makers Electronic Arts (EA) and Activision Blizzard (ATVI), Merwin believes. The companies' increased revenue from digital games should mitigate the risk they face from slowing software growth as sales of new consoles slow, the analyst believes. He noted that 50% of both companies' revenue are now generated from digital games and identified Electronic Arts and Activision Blizzard as two of his top ideas. PRICE ACTION: In morning trading, Zillow fell 5% to $79 after hitting a 52-week low of $76.82 earlier in the session. Meanwhile, Yelp slid 1.6% to $34.40, IAC fell fractionally to $83.83, Electronic Arts added about 1% to $74.15 and activision Blizzard rose 0.5% to $25.93.
07:44 EDTPNKRegional Gaming estimates raised at BofA/Merrill
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05:44 EDTIACIZillow Group downgraded to Underweight from Equal Weight at Barclays
Barclays analyst Christopher Merwin downgraded Zillow Group (Z) to Underweight saying competition is increasing in local. Underweight is Barclays' equivalent to a sell rating. The real estate and rental marketplace owner closed Friday at $83.27. Merwin believes consensus growth estimates are likely too high heading into Zillow's Q2 results and cut his price target for the stock to $70 from $90. The analyst this morning also downgraded Yelp (YELP) to Equal Weight for similar reasons. His top U.S. Internet picks heading into Q2 earnings season are IAC (IACI), Activision Blizzard (ATVI) and Electronic Arts (EA). Merwin thinks Activision and Electronic Arts will receive more than half of their 2015 revenue from digital.
July 17, 2015
07:02 EDTTSLTrina Solar's s PV modules receive UL1500V certification
Trina Solar's TSM-PE05A and TS-PE14A polycrystalline modules have received UL1500V certification from Underwriters Laboratories, a global independent safety science company. The UL1500V award certifies that the Modules are allowed to be used in PV systems with a maximum system voltage of 1500V, significantly higher than the existing 1000V of most modules on the market. Furthermore, the 1500V certification demonstrates that the Modules produced by Trina Solar meet higher technical standards and quality requirements.
July 16, 2015
12:12 EDTPMOn The Fly: Top stock stories at midday
Stocks began the session in positive territory after Greece's Parliament approved austerity measures that should pave the way for the country to receive a new bailout package. With earnings season gaining steam and the situations in Greece and China appearing more stable in recent days, the S&P and Nasdaq are back within striking distance of their all-time highs. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped to 281,000 in the week ended July 11, versus expectations for 285,000 first-time claims. The NAHB homebuilder sentiment index for July came in at 60, a point better than forecast. The Philly Fed business outlook index dropped 9.5 points to 5.7 in July, falling short of the 12.0 reading that was expected. In Europe, Greek lawmakers passed the country's austerity agreement and Euro-area finance ministers also reportedly agreed in principle to extend a $7.6B bridge loan to Greece. The loan, which will come from the European Financial Stabilization Mechanism, should help keep Greece afloat while Prime Minister Alexis Tsipras negotiates the details of the country's three-year bailout. COMPANY NEWS: Netflix (NFLX) rallied 16% and hit a split-adjusted all-time high of $114.45 per share after the streaming service operator reported stronger than expected second quarter results, including higher than expected Q2 subscriber metrics, prompting a large number of research firms to raise their price targets on the stock... The third-largest U.S. bank, Citigroup (C), posted second quarter profit, excluding adjustments and one-time items, of $1.45 per share, beating the $1.34 average estimate of analysts. Goldman Sachs (GS) reported Q2 earnings per share of $1.98, which fell far short of the consensus forecast of $3.89. However, the firm recorded $1.45B in net provisions for litigation and regulatory matters, which reduced EPS for the quarter by $2.77. Goldman Chairman and CEO Lloyd Blankfein said the bank was "pleased" with its quarterly performance, adding that while "uncertainty in the EU" weighed on investors’ conviction, many of its businesses continued to benefit from generally improving economic conditions. Citi shares rose 3.5% following its report, while Goldman shares slipped a bit more than 1.5%... eBay (EBAY), which is set to split from PayPal (PYPL) in just a few days, reported better than expected earnings for the still-combined company. eBay also announced an additional $1B stock repurchase authorization, bringing its total buyback allowance to $3B, and confirmed it reached a deal to sell eBay Enterprise to a consortium consisting of Sterling Partners, Permira Funds and others for $925M. MAJOR MOVERS: Among the notable gainers was Amira Nature Foods (ANFI), which advanced 16% after the company reported earnings and said it sees "double-digit" revenue growth in its new fiscal year. Also higher was Philip Morris (PM), which gained 3% after reporting better than expected earnings and revenue, excluding certain items. Among the noteworthy losers was Rovi (ROVI), which dropped 16.5% after Netflix was granted a motion of summary judgment invalidating all five of the remaining Rovi patents that were being contested in litigation between the companies. Also lower was Garmin (GRMN), which fell 9% after reporting preliminary Q2 earnings that fell short of expectations, citing the negative impact of currency movements and a "more promotional pricing environment" in the fitness segment. INDEXES: Near midday, the Dow was up 35.47, or 0.2%, to 18,085.64, the Nasdaq was up 54.08, or 1.06%, to 5,153.02, and the S&P 500 was up 14.10, or 0.67%, to 2,121.50.
09:09 EDTAIGAIG expands presence in Chinese-American life insurance market
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09:08 EDTPMOn The Fly: Pre-market Movers
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09:00 EDTPMAltria expands strategic framework with Philip Morris for e-vapor products
Altria (MO) announced that it is expanding its strategic framework with Philip Morris International (PM) to include a joint research, development and technology-sharing agreement. Under the agreement, Altria and PMI will collaborate to develop e-vapor products for commercialization in the United States by Altria and in markets outside the United States by PMI. The Agreement also provides for exclusive technology cross licenses, technical information sharing and cooperation on scientific assessment, regulatory engagement and approval related to e-vapor products.
08:54 EDTAIGBofA/Merrill U.S. life insurance analyst holds analyst/industry conference call
U.S. Life Insurance Analyst Weiss, along with Jill Hoffman, VP of Government Affairs and Felicia Smith, VP & Senior Counsel for Regulatory Affairs from the Financial Services Roundtable, discuss the Labor Department's recent proposal to impose fiduciary standards on the sale of retirement products on an Analyst/Industry conference call to be held on July 20 at 11 am.
08:17 EDTTSLPullback in solar space provides attractive entry point, says Cowen
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08:05 EDTAIGAIG launches design, construction risk mitigation service for luxury homes
AIG Private Client Group said it introduced the insurance industry’s first risk management and mitigation service for residential construction projects with budgets of $5M or more. The service seeks to minimize risks related to natural catastrophe, water damage, security, fire and life safety, and potential threats to fine art or other collections that will be located in a home. AIG’s Smart Build recommendations come from the company’s deep experience protecting some of the world’s largest luxury homes, as well as extensive analysis of AIG claims data and overall loss trends.
07:13 EDTPMPhilip Morris, Swedish Match to dissolve smokeless JV
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07:10 EDTJKSJinkoSolar signs $150M financing to expand project portfolio
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07:07 EDTTSLTrina Solar to supply 51MW of dual glass modules to Yunnan power project
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07:06 EDTPMPhilip Morris CEO says Q2 results 'very solid'
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07:04 EDTPMPhilip Morris sees being near high end of FY15 adjusted EPS growth of 9%-11%
PMI reaffirms its FY15 reported diluted EPS forecast of $4.32-$4.42, at prevailing exchange rates. On an adjusted basis, diluted EPS are projected to increase in the range of 9%-11% versus adjusted diluted EPS of $5.02 in 2014, with PMI anticipating that its currency-neutral adjusted diluted EPS growth rate will be towards the upper end of 9%-11%. Consensus $4.41. "While currency headwinds remain stubbornly high, we are ever focused on the prudent management of cash flow. We are committed to returning around 100% of our free cash flow to shareholders, said CEO Andre Calantzopoulos.
07:01 EDTPMPhilip Morris reports Q2 adjusted EPS $1.21, consensus $1.13
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