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December 11, 2012
12:33 EDTFDO, GDI, CLWR, DG, TNS, DAL, SPW, S, AIGOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday amid optimism that budget negotiations between the White House and Republicans have progressed behind closed doors, despite House Speaker John Boehner speaking at midday to say the White House has not provided details on its proposed spending cuts. Boehner's brief press conference took the market down just slightly but the averages all remain solidly in positive territory, with the Nasdaq continuing as the leader... ECONOMIC EVENTS: In the U.S., the NFIB Small Business Optimism Index dropped 5.6 points to 87.5 in November, which was a steeper fall than the forecast move down to 92.5. The U.S. trade deficit widened to $42.2B in October from $41.5B a month earlier. Wholesale inventories increased 0.6% in October, versus expectations for an increase of 0.4%. The Job Openings & Labor Turnover, or JOLTS, report showed job openings rose 128K in October to 3.675M. In Europe, the German ZEW Indicator of Economic Sentiment moved into positive territory for the first time since this May, rising to 6.9 in December from -15.7 in November... COMPANY NEWS: The Treasury announced last night it was exiting its stake in American International Group (AIG), selling its remaining 234.2M shares of AIG common stock. AIG jumped 4.7% following Treasury's exit... Shares of Delta Air Lines (DAL) rose nearly 6% after the company agreed to buy the 49% stake in Virgin Atlantic Airways held by Singapore Airlines for $360M... MAJOR MOVERS: Among the notable gainers were TNS (TNS), up 43% after agreeing to be acquired by Siris Capital for $21 per share, and Clearwire (CLWR), up over 14% after CNBC reported Sprint (S) is in talks to acquire the stake in the company it does not already own. Also higher were shares of Gardner Denver (GDI), which rose 2% after Reuters said the company is in exclusive buyout talks with SPX Corp. (SPW). Shares of SPX, however, fell almost 8% after the report. Among the other noteworthy losers were Dollar General (DG), down 5.9% after its guidance fell short of Street estimates, and peer Family Dollar (FDO), which fell 5.8% in sympathy... INDICES: Near 12:30 pm ET, the Dow was up 117.83, or 0.89%, to 13,287.71; the Nasdaq was up 42.00, or 1.41%, to 3,028.96; and the S&P 500 was up 13.88, or 0.98%, to 1,432.43.
News For AIG;DAL;CLWR;S;TNS;GDI;SPW;DG;FDO From The Last 14 Days
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November 20, 2015
07:35 EDTSSprint signs $1.2B deal for sale and lease-back of certain leased devices
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07:33 EDTSSprint signs $1.2B deal for sale and lease-back of certain leased devices
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07:04 EDTDGDollar General upgraded to Buy from Hold at BB&T
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November 18, 2015
17:48 EDTDALGrupo Aeromexico confirms Delta intention to increase stake in company
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16:45 EDTSOn The Fly: Top stock stories for Wednesday
Stocks on Wall Street were higher from the opening bell onward despite housing starts data that was weaker than expected. Investors waited for the release of the FOMC minutes and saw what they had suspected; that the Fed was reinforcing its message that the December meeting is an option for the central bank to begin raising interest rates. The visibility on rates gave investors confidence, leading to a late-day rally that saw the averages close at their highs. ECONOMIC EVENTS: In the U.S., the minutes from the Fed's last FOMC meeting showed that most participants expect that rate hike conditions will be met by their December meeting. The Fed repeated its constant refrain, though, that the actual decision would depend on the implications for the medium-term outlook from recent economic data. Housing starts fell 11.0% to a 1.06M pace in October, weaker than the expected rate of 1.16M. Building permits, however, rose 4.1% to a 1.15M rate, versus an expected rise of 3.8%. COMPANY NEWS: Shares of Target (TGT) fell 4.3% to $69.78 after the retailer reported in-line quarterly sales and profits and narrowed the range of its fiscal year earnings view. Target, which guided for same-store sales in the new quarter to be up 1%-2%, added that it sees "indications of heavy inventory levels" at some competitors into the holiday season... Shares of Apple (AAPL) climbed 3.17% to $117.29 after Goldman Sachs added the stock to its Conviction Buy List, predicting that investors should begin to focus on the company's monetization and recurring revenue opportunities over the next year, which would be a boon to its valuation... Raymond James analyst Pavel Molchanov downgraded Exxon Mobil to Underperform, the firm's equivalent to a "Sell" rating, saying he expects a modest oil recovery in 2016 but that Exxon's limited leverage to oil prices will act as a hindrance during a recovery. Despite Molchanov predicting Exxon shares to be a source of funds for investors turning more constructive on oil in 2016, the stock rose about 1% to $80.74 today amid a rally in oil prices. MAJOR MOVERS: Among the notable gainers was Fairchild (FCS), which jumped $1.52, or 8.5%, to $19.40 after agreeing to be acquired for $20 per share by ON Semiconductor (ON), whose stock fell 7.9% to $9.89 after the news. Also higher were Canadian Pacific (CP) and Norfolk Southern (NSC), with the two railway operators advancing a respective 5.8% and 6.35% after Canadian submitted a bid to acquire Norfolk, though the latter immediately criticized the offer as "low-premium." Additionally, ConAgra (CAG) gained 4% to $40.93 after announcing plans to separate into two independent public companies. Among the noteworthy losers was Qualcomm (QCOM), which dropped $4.98, or 9.4%, to $48.00 after disclosing that Korea's Fair Trade Commission alleged the company does not "properly negotiate" aspects of its licenses and may be violating Korean competition law. Also lower was Sprint (S), which fell 9.3%, to $3.99 after announcing a 50% discount for new customers switching from competing wireless carriers. GoPro (GPRO) declined 5.1% to $19.81 after research firm Piper Jaffray noted that the company has been offering discounts on its cameras, including featuring them on "flash sale" sites, and cut its price target on the stock to $15 per share. INDEXES: The Dow rose 247.66, or 1.42%, to 17,737.16, the Nasdaq gained 89.19, or 1.79%, to 5,075.20, and the S&P 500 advanced 33.14, or 1.62%, to 2,083.58.
16:39 EDTDALDelta to acquire up to additional 32% of Grupo Aeromexico outstanding shares
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15:24 EDTAIGIcahn says had 'constructive' meeting with AIG CEO last week, Reuters reports
Carl Icahn says still long AIG, reiterates call for break-up, Reuters reports, citing comments made by the investor at the news service's summit.
11:33 EDTSSprint announces launch of LTE Plus network
In celebration of the launch of its new LTE Plus network, Sprint (S) is introducing the biggest wireless offer in U.S. history - 50% off the price of most Verizon (VZ), AT&T (T) and T-Mobile (TMUS) rate plans, the company says. New customers can sign up for this offer nationwide Nov. 20 through Jan. 7, 2016. LTE Plus, available today in 77 major markets, takes advantage of Sprint's rich triband spectrum portfolio, and it uses some of the world's most advanced technologies in wireless, such as carrier aggregation and antenna beamforming. Customers who switch get 50 percent off most current rate plan prices from their current carrier. AT&T, T-Mobile and Verizon customers switching to Sprint also can take advantage of iPhone Forever, where they are eligible to upgrade every time a new iPhone launches. Customers must port one line, and can add up to 9 additional lines on the account. Customers must choose from the 50 percent off rate plans available from their current carrier. Cricket and MetroPCS customers also can switch and save 50 percent off their parent company's postpaid rates. 50 percent off pricing remains valid until Jan. 8, 2018, for activations between Nov. 20, 2015, and Jan. 7, 2016.
06:50 EDTAIGAIG CEO opposes split but open to divestitures, WSJ says
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November 17, 2015
16:21 EDTSSprint to hold a press conference with a conference call hookup
Sprint CEO Claure makes a major announcement and will answer questions from participating journalists at a Press Conference to be held on November 18 at 12:15 pm.
November 16, 2015
18:03 EDTAIGAIG amends by-laws to implement proxy access
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17:16 EDTAIGIcahn liquidated eBay stake, took Paypal stake
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17:02 EDTDGPoint72 added to lululemon position, subtracted from Netflix position
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16:53 EDTSPaulson reduced stake in Valeant
Paulson & Co. gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Perrigo (PRGO), CIT Group (CIT), Precision Castparts (PCP), Cameron (CAM), and Altera (ALTR). INCREASED STAKES: Teva (TEVA), Post Holdings (POST), Starwood Hotels (HOT), LivaNova (LIVN), and Synergy Pharmaceuticals (SGYP). DECREASED STAKES: Valeant (VRX), Shire (SHPG), Whiting Petroleum (WLL), Computer Sciences (CSC), and Oasis Petroleum (OAS). LIQUIDATED STAKES: Houghton Mifflin Harcourt (HMHC), Broadcom (BRCM), and Sprint (S).
14:20 EDTDGDollar General begins construction on new distribution center in Wisconsin
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09:59 EDTDALOmega bought Valeant in Q3, sold some SuneEdison
Leon Cooperman's Omega Advisors gave a quarterly update on its stakes in a filing this morning, disclosing its positions as of September 30. NEW STAKES: Pfizer (PFE), Valeant (VRX) Walgreens Boots Alliance (WBA), TerraForm Global (GLBL), Cigna (CI). INCREASED STAKES: Google Class A (GOOGL), Facebook (FB), Delta Air Lines (DAL). DECREASED STAKES: SunEdison (SUNE), Shire (SHPG), Citi (C), KAR Auction (KAR), LyondellBasell (LYB). LIQUIDATED STAKES: McKesson (MCK), 21st Century Fox (FOXA), General Motors (GM), QEP Resources (QEP), eBay (EBAY).
05:38 EDTDALDelta Air Lines implied volatility of 33 at lower end of index mean range
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November 13, 2015
18:09 EDTSSprint to restructure into four regional hubs, slash jobs, Bloomberg says
Sprint is creating four regional hubs and cutting some jobs to focus on service quality and customer retention in 19 major U.S. markets, part of CEO Marcelo Claure's restructuring efforts, Bloomberg reports. Reference Link
17:04 EDTAIGThird Point gives quarterly update on stakes
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16:40 EDTDALAppaloosa gives quarterly update on stakes
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