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Stock Market & Financial Investment News

News For AIV;ARE;BXP;FAST;GGP;OCN;SPG;SCCO;EVER;SBUX;MNST;CVX;CP From The Last 14 Days
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January 25, 2015
14:24 EDTOCNOcwen settles dispute with California for $2.5M
On Friday evening, the California Department of Business Oversight-DBO announced a $2.5M settlement with Ocwen Loan Servicing, over the firm’s failure for more than a year to provide loan information needed by the DBO to assess Ocwen’s compliance with state mortgage lending laws.“The Department is committed to supporting a fair and secure financial services marketplace for all California consumers,” said DBO Commissioner Jan Lynn Owen. “This settlement allows us to move forward and ensure that Ocwen is meeting its obligations under the law.” Under the consent order agreement, the DBO will select an independent, third-party auditor, paid for by Ocwen, whose duties will include ensuring Ocwen provides the DBO all the information it has requested from loan files. Ocwen also will pay $2.5M in penalties and cover the DBO’s administrative costs associated with the case. The settlement also prohibits Ocwen from taking on any new California customers until the DBO determines the firm can fully respond in a timely manner to future requests for information, and the DBO will drop its effort to suspend Ocwen’s license to operate in California. Filed Oct. 3, the formal accusation grew out of Ocwen’s conduct during a routine regulatory examination and will now be withdrawn. Shares of Ocwen were up over 27% in after hours trading on Friday to $8.08. Reference Link
January 23, 2015
16:55 EDTSBUXMarket ends week higher after ECB announces bond purchase plan
Stocks finished higher for the week after the European Central Bank unveiled a larger than expected bond buying plan and earnings season in the U.S. picked up steam. MACRO NEWS: The European Central Bank announced that it would buy EUR 60B of government and private bonds per month through September 2016. Reports before the ECB's official announcement had suggested that the central bank would buy EUR 50B of bonds per month... On a negative note, the International Monetary Fund cut its 2015 global growth outlook to 3.5% from 3.8%... U.S. economic data was mixed, as weekly jobless claims and sales of existing homes in December were worse than expected, but the index of leading economic indicators and new housing permits for December came in above the consensus outlook. COMPANY NEWS: Netflix (NFLX), Starbucks (SBUX), firearm maker Smith & Wesson (SWHC), and Southwest Airlines (LUV) were among the companies whose stocks rose following their results and guidance. On the other side of the ledger, Johnson & Johnson (JNJ), IT management solution provider CA Technologies (CA), UPS (UPS), and application delivery networking products maker F5 Networks (FFIV) were among the companies that fell after they reported their earnings or updated their financial outlooks... M&A reports moved a number of stocks this week. The Financial Post reported that Samsung (SSNLF) had hired investment bank Evercore (EVR) to evaluate a purchase of the troubled Canadian company. Samsung is still considering purchasing BlackBerry (BBRY), the newspaper added. However, Canada's BNN reported that Evercore said that Samsung has not been a recent client of theirs and that they prepare ideas "routinely" on their "own accord." Avon (AVP) has held talks about a potential sale to private equity firm TPG Capital, dealReporter stated. Bloomberg reported that online travel agency Orbitz Worldwide (OWW) is working with an adviser to contact potential buyers and has drawn interest from private-equity funds and other Internet companies... DreamWorks Animation (DWA) tumbled after announcing a new strategic plan that will see it cut its feature production from three films per year down to two and axe about 500 jobs. INDEXES: For the week, the Dow dipped 0.37% to 17,672.60, the Nasdaq rose 1.14% to 4,757.88, and the S&P gained 0.34% to 2,051.82.
16:32 EDTSBUX, OCNOn The Fly: Closing Wrap
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14:01 EDTOCNOcwen, Home Loan Servicing slide after BlueMountain claims default event
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13:28 EDTOCNOcwen Financial volatility increases on wide price movement
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12:33 EDTSBUXOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq leading and the Dow lagging. The futures dipped this morning after UPS (UPS) pre-announced that its quarterly earnings would miss Street estimates. The earnings miss dragged other transportation names lower. ECONOMIC EVENTS: In the U.S., Markit's preliminary January manufacturing PMI fell to 53.7 from 53.9 previously, versus expectations for a reading of 54.0. Existing home sales rebounded 2.4% to a 5.04M rate in December, which was below the consensus forecast for a 3% increase. The leading indicators rose 0.5% to 121.1 in December, topping expectations for a rise of 0.4%. COMPANY NEWS: Shares of UPS plunged over 9% after the shipping giant warned that its Q4 adjusted EPS is now expected to be $1.25, below the consensus forecast of $1.47. "UPS invested heavily to ensure we would provide excellent service during peak when deliveries more than double. Though customers enjoyed high quality service, it came at a cost to UPS. Going forward, we will reduce operating costs and implement new pricing strategies during peak season,” said CEO David Abney. Subsequently, its peer, FedEx (FDX), reaffirmed its FY15 EPS forecast of $8.50-$9.00. The outlook compares to a consensus forecast of $8.97. FedEx shares, which were briefly halted for the announcement, are down 2% afterward... Shares of McDonald’s (MCD) slid about 1% near noon after its earnings miss, though the world’s largest restaurant chain's same-store sales declined less than analysts expected. Same-store sales in the company's fiscal fourth quarter declined 0.9%, versus the Consensus Metrix analysts' estimate for a 1.5% drop. Of note, McDonald’s U.S. same-store sales had their first monthly gain in more than a year in December, having risen 0.4%. MAJOR MOVERS: Among the notable gainers was Starbucks (SBUX), which rose 6.5% and had several research firms issue upbeat notes after the company reported in-line results last night. At least three firms responded to the report by raising their price targets on the shares. Also higher was Array BioPharma (ARRY), which jumped 38% after announcing that it has reached a definitive agreement with Novartis (NVS) to acquire worldwide rights to encorafenib, a BRAF inhibitor currently in Phase 3 development. Among the noteworthy losers was Avon Products (AVP), which dropped 11% after Wells Fargo downgraded the stock to Market Perform from Outperform after shares rallied yesterday over 14% following a report that the company has held talks with TPG Capital about a possible deal. Wells says it leveraged buyout math suggests a takeout of the entire company is unlikely. Also lower was DreamWorks Animation (DWA), which fell 9% after announcing a new strategic plan that will see it cut its feature production from three films per year down to two and cut about 500 jobs. INDEXES: Near midday, the Dow was down 42.58, or 0.24%, to 17,771.40, the Nasdaq was up 9.68, or 0.2%, to 4,760.08, and the S&P 500 was down 3.40, or 0.16%, to 2,059.75.
10:34 EDTSBUXAnalysts bullish on Starbucks following results
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10:06 EDTSBUXStarbucks CEO says company set up 'very well' for 2015
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10:02 EDTCVX, BXPOn the Fly: Analyst Downgrade Summary
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09:41 EDTCVXPrince Alwaleed says oil price will never reach $100 again
Saudi Prince Alwaleed is speaking on CNBC. Large oil names include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT).
09:36 EDTSBUXActive equity options trading
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09:21 EDTSBUXOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Infinera (INFN), up 13.2%... E-Trade (ETFC), up 5.6%... Starbucks (SBUX), up 5%... ResMed (RMD), up 3.2%. ALSO HIGHER: IVUS (VVUS), up 6.2% after being initiated with an Outperform at RBC Capital... Vitae Pharmaceuticals (VTAE), up 12.3% after 3M share Secondary priced at $11.90... lululemon (LULU), up 3.5% after being upgraded to Overweight from Neutral at JPMorgan. DOWN AFTER EARNINGS: Kimberly Clark (KMB), down 4.6%... Bank of New York Mellon (BK), down 2.1%... Altera (ALTR), down 4.4%... Kansas City Southern (KSU), down 3.3%... McDonald's (MCD), down fractionally. ALSO LOWER: LeapFrog (LF), down 32.8% after reporting preliminary third quarter results and withdrawing fiscal 2015 guidance... Molycorp (MCP), down 10.7% after being downgraded to Neutral from Buy at DA Davidson... Dreamworks (DWA), down 12% after announcing that it will cut 500 jobs, reduce films released per year, and seeing a $55M charge for 'The Penguins of Madagascar' and 'Mr. Peabody and Sherman'... Otonomy (OTIC), down 1.8% after secondary increased to 2.55M shares, priced at $29.25.
08:52 EDTSBUXStarbucks price target raised to $104 from $88 at RW Baird
Baird raised its price target on Starbucks to $104 from $88 citing its healthy profit growth and better than anticipated store traffic. The firm believes its positive thesis is intact and is justified by the company's balance sheet, high return on investment, and its above average growth profile. Baird reiterated its Outperform rating on Starbucks shares.
08:18 EDTCVXProcter & Gamble added to US Focus List at Credit Suisse
Credit Suisse added Procter & Gamble (PG) to the US Focus LIst and removed Colgate-Palmolive (CL), Chevron (CVX) and Williams (WMB).
07:44 EDTSBUXStarbucks price target rasised to $95 from $86 at Oppenheimer
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07:38 EDTCVXChevron downgraded at Credit Suisse
As previously reported, Credit Suisse downgraded Chevron to Neutral from Outperform. The analyst said the drop in oil will result in less production, increased debt, and lower upstream cash margins. Price target lowered to $115 from $130.
07:35 EDTSBUXStarbucks price target raised to $95 from 90 at UBS
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07:20 EDTCVXBass says 'want to be long oil companies, but don't want to buy them yet'
Oil majors include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Kyle Bass of Hayman Capital continues speaking on CNBC.
07:16 EDTBXPBoston Properties downgraded to Neutral from Buy at SunTrust
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07:05 EDTSBUXStarbucks results likely to stay solid for rest of fiscal 2015, says Wells Fargo
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06:58 EDTSBUXStarbucks remains a top investment idea at Piper Jaffray
Piper Jaffray says Starbucks remains one of its top investment recommendations after the company reported "strong" Q1 results. Piper believes the coffee retailer's core business fundamentals remain "highly attractive." It reiterates an Overweight rating on the stock with a $100 price target.
06:40 EDTCVXChevron downgraded to Neutral from Outperform at Credit Suisse
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06:34 EDTCVXAnalysts: King's death unlikely to change Saudi oil strategy, NY Times says
The death of Saudi Arabia's King Abdullah earlier today probably will not result in a change in the country's strategy as far as oil production is concerned, analysts said, according to The New York Times. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Reference Link
05:58 EDTOCNOcwen implied volatility of 150 at upper end of index mean range
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January 22, 2015
18:28 EDTSBUXOn The Fly: After Hours Movers
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18:05 EDTSBUXStarbucks says Q1 performance was 'exceptional'
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17:34 EDTSBUXStarbucks sees FY15 EPS outlook $3.09-$3.13, consensus $3.13
Reaffirms FY15 revenue growth outlook 16%-18% and global comparable store sales growth of mid-single digits. Non-GAAP operating margin is expected to be flat to slightly up over prior year non-GAAP operating margin. Still sees new store openings of 1,650.
17:31 EDTSBUXStarbucks sees 1H15 EPS at lower end of range
Sees 2H15 EPS at higher end of range. Sees FY15 EPS $3.09-$3.13, consensus $3.13. Expects EPS to grow as year progresses.
17:25 EDTSBUXStarbucks names Kevin Johnson as COO
On January 22, Starbucks (SBUX) announced the appointment of Kevin Johnson as president and COO. Johnson ceased membership on all Starbucks board committees prior to his appointment as president and COO. He will remain a member of the Starbucks board of directors, which he joined in March 2009, and is expected to start in his new role effective March 1. Johnson, currently a non-employee director of the company, served as CEO of Juniper Networks (JNPR) from September 2008 to December 2013.
16:08 EDTSBUXStarbucks jumps 3% to $85.30 following Q1 results
16:04 EDTSBUXStarbucks sees Q2 EPS 64c-65c, consensus 68c
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16:04 EDTSBUXStarbucks reports Q1 EPS 80c, consensus 80c
Reports Q1 revenue $4.8B, consensus $4.80B. Global comparable store sales increased 5%, with a 2% increase in traffic. Comparable store customer transactions increased by nearly 9M in the U.S., nearly 12M globally, year-over-year. The company opened 512 net new stores in Q1.
15:32 EDTSBUXNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Starbucks (SBUX), consensus 80c; Capital One (COF), consensus $1.74; Intuitive Surgical (ISRG), consensus $4.38; KLA-Tencor (KLAC), consensus 52c; Altera (ALTR), consensus 35c; E-Trade (ETFC), consensus 23c... ResMed (RMD), consensus 62c; Maxim Integrated Products (MXIM), consensus 30c; Maxim Integrated Products (MSCC), consensus 65c; Hexcel (HXL), consensus 54c; Polycom (PLCM), consensus 23c; Skyworks (SWKS), consensus $1.19; Curtiss-Wright (CW), consensus $1.00.
14:58 EDTSBUXStarbucks January weekly 82 straddle priced for 3.1% movement into Q1
12:31 EDTSBUXEarnings Preview: Starbucks sees Q1 adjusted EPS 79c-81c
Starbucks (SBUX) is scheduled to report first quarter results after the market close on Thursday, January 22, with a conference call scheduled for 5:00 pm ET. Starbucks purchases and roasts whole bean coffees and sells them, along with brewed coffees, Italian-style espresso beverages, cold blended beverages, food items, teas, and beverage-related accessories and equipment, primarily through company-operated retail stores. EXPECTATIONS: Analysts are looking for earnings per share of 80c on revenue of $4.8B, according to First Call. The consensus range for EPS is 78c-81c on revenue of $4.63B-$4.93B. LAST QUARTER: Starbucks reported fourth quarter adjusted EPS of 74c on revenue of $4.2B, in-line with estimates for 74c and $4.23B, respectively. Starbucks said global comparable store sales increased 5%. Looking ahead, the company forecast Q1 adjusted EPS 79c-81c and guided fiscal year 2015 EPS to $3.03-$3.13 against estimates at that time for $3.16. The company sees FY15 revenue growth of 16%-18%, including over $1B in incremental revenue from the planned acquisition of Starbucks Japan, against estimates at that time for $18.43B. Global comparable store sales growth was targeted in the mid-single digits. NEWS: In November, the European Union said the tax deal struck by Starbucks in the Netherlands amounts to illegal state aid, reported the Wall Street Journal. At its December Investor Day, Starbucks projected that revenue will approach $30B in fiscal year 2019, up from $16B in fiscal year 2014. Additionally, the company announced the launch of "Mobile Order & Pay," which allows customers to place orders in advance of their visit, and to pick up their ready order at their preferred Starbucks store, and also announced plans for food and beverage delivery. The company sees mobile ordering driving transactions and said it was exploring two different delivery models to launch in mid-to-late 2015. Starbucks' partnership with Square for use in mobile device payments also ended and the company replaced Tazo tea in its outlets with products from Teavana. During the quarter, Starbucks said that Chief Operating Officer Troy Alstead, a 23-year veteran of the company who also served for many years as the company's Chief Financial Officer, as well as leading the operations and development of Starbucks international business and its Europe, Middle East and Africa business unit, would take an extended unpaid leave from the company; his last day at his current role will be March 1. STREET RESEARCH: Piper Jaffray says it would be a buyer of Starbucks on any sell-off following the news of COO Alstead taking a leave of absence and said its fundamental thesis on the stock is unchanged and that Starbucks remains a top pick. William Blair thinks the near-term could "prove a bit rocky" for Starbucks investors given the departure of the "well-liked" COO and the potential slowing of domestic sales trends. The firm lowered its Q1 comp projection to 4%, below the consensus of 5%, citing a lower sales forecast in the Americas. Bernstein kept a $99 price target and Outperform rating on Starbucks after COO Alstead announced his leave of absence. Janney Capital cut its rating on the stock to Neutral from Buy, citing concerns about the company's near-term sales outlook. PRICE ACTION: Over the last three months, Starbucks shares are up almost 10%. Ahead of tonight's earnings report, shares are down about 0.7% to $81.86.
11:47 EDTSBUXStarbucks technical notes ahead of earnings
There is a potential bullish symmetrical triangle on the daily chart that could become active after earnings if price breaks out above $82.50. What makes the pattern bullish is the preceding uptrend. Upside potential for this pattern is to the $90 area, which would be a fresh lifetime high. When pulling back to a very long-term chart (10-year) the current pattern is visible, but part of a much larger bullish symmetrical triangle which is already in progress. The minimum objective from that pattern is also to the $90 area. While the current technical conditions are strongly bullish, there is always the prospect of pattern failure if the fundamentals fail to live up to bullish expectations. The downside reaction from a negative surprise could be equal in scale to the upside on a positive one. The bottom of the triangle pattern at the $78 area would be the first major support level for the shares. A breakdown below that support would void the pattern, with next support at $76.22.
11:35 EDTCPCanadian Pacific CEO does not see crude staying in mid-40s range
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11:20 EDTCPCanadian Pacific sees incentive compensation expense rising in 2015
Sees $25M-$30M in land sales this year. Sees CapEx unchanged from 2014. Comment from Q4 earnings call.
08:37 EDTCPCanadian Pacific sees FY15 adjusted EPS growth of 25%, consensus $11.10
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08:36 EDTCPCanadian Pacific reports Q4 adjusted EPS $2.68, consensus $2.58
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07:32 EDTSBUXStarbucks January weekly volatility elevated into Q1 and outlook
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05:49 EDTGGPStocks with implied volatility movement; SYY GGP
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January 21, 2015
14:30 EDTAIVDaiwa Asset reports 5.3% passive stake in Aimco
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13:43 EDTCVXOPEC El-Badri says oil will bounce back, not drop to $20, Bloomberg reports
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10:01 EDTCVXOn The Fly: Analyst Downgrade Summary
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07:37 EDTCVXWells upgrades Exxon Mobil, downgrades Chevron
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06:32 EDTCVXChevron downgraded to Market Perform from Outperform at Wells Fargo
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05:59 EDTOCNOcwen implied volatility of 152 at upper end of index mean range
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January 20, 2015
18:02 EDTCVXChevron Australian subsidiary signs SPA with SK LNG Trading
Chevron announced its Australian subsidiaries have signed a binding Sales and Purchase Agreement, or SPA, with SK LNG Trading Pte. Under the SPA, SK LNG Trading, which is part of a leading industrial conglomerate in South Korea, will receive 4.15M tons of LNG over a five-year period starting in 2017. During the time of this agreement, over 75% of Chevron’s equity LNG from Gorgon will be committed to customers in Asia.
10:45 EDTOCNOptions with increasing implied volatility
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09:01 EDTOCNOcwen says Erbey's decision to resign not due to disagreements with company
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08:50 EDTOCNAltisource downgraded at Sterne Agee
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07:43 EDTOCNAltisource CEO doubts California's case against Ocwen, NY Post says
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07:26 EDTGGPGeneral Growth initiated with an Outperform at Cowen
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January 19, 2015
06:47 EDTCVXJPMorgan says oil may drop below $40/barrel in near-term
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January 18, 2015
14:22 EDTCVXSchlumberger boss says oil price to challenge land producers, WSJ says
Paal Kibsgaard, CEO of Schlumberger, said U.S. energy producers are not done with work force reductions and that because of high costs, producers that focus on shale fields are worse off than rivals, says the Wall Street Journal. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A), Total (TOT), Schlumberger (SLB) and Baker Hughes (BHI). Reference Link
January 16, 2015
15:08 EDTSBUXStarbucks January weekly volatility elevated into Q1 and outlook
Starbucks January weekly call option implied volatility is at 38, February is at 24, April is at 20; compared to its 26-week average of 23 according to Track Data, suggesting large near term price movement into the expected release of Q1 results after the market close on January 22.
10:27 EDTOCN, SCCOOptions with increasing implied volatility
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10:24 EDTCVXOptions point to oil falling to near $30 per barrel, Merrill Lynch says
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10:13 EDTBXPBofA/Merrill Office REITs analyst holds analyst/industry conference call
U.S. Office & Warehouse REIT Analyst Feldman, along with Jones Lang LaSalle (JLL) Research, Lasing and Capital Markets teams, provide a comprehensive update on leasing and capital market conditions ahead of earnings on an Analyst/Industry conference call to be held on January 20 at 11 am.
10:06 EDTGGP, BXP, AIV, AREBofA/Merrill real estate analysts to hold an analyst/industry conference call
U.S. Real Estate Analyst Spector, along with EMEA Real State Analyst Bessell, HK/China Real Estate Analyst Ngai and ASEAN Real Estate Analyst Chua, discuss key trends in Global Property/Real Estate in 2015 on an Analyst/Industry conference call to be held on January 20 at 8 am.
06:49 EDTCVXOil prices climb after IEA says production falling, Reuters reports
Oil prices rebounded today after the International Energy Agency, or IEA, said it saw signs that oil production was falling in some areas, including North America, according to Reuters. "A price recovery...may not be imminent, but signs are mounting that the tide will turn," Reuters quoted the IEA as saying. Oil prices could rebound in the second half of the year, the IEA indicated, the news service reported. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Reference Link
06:11 EDTSBUXEU says Amazon's tax deal with Luxembourg may violate laws, WSJ reports
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January 15, 2015
10:52 EDTOCNChapman Capital discloses Ocwen stake, says it could 'double,' Bloomberg says
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10:42 EDTFASTFastenal says 'feels very good' about ability to get good margins
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10:37 EDTMNSTKraft rises after Goldman gets less cautious on food space, ups stock to buy
Shares of Kraft Foods (KRFT) are climbing after Goldman Sachs upgraded the stock to Buy and placed the shares on its Conviction List. WHAT'S NEW: Costs for food makers are declining as commodity prices drop, Goldman Sachs analyst Judy Hong wrote in a note to investors today. Kraft is among the U.S. food companies that benefits the most from lower costs, the analyst stated. Additionally, Kraft's pricing power is one of the strongest in the group and it is heavily exposed to the U.S. economy, the analyst stated. WHAT'S NOTABLE: Hong's upgrade of Kraft was part of a note in which she took a more balanced view of the U.S. consumer staples sector. The analyst upgraded the Food sector to Neutral from Cautious, noting that consumer staples stocks with outsized exposure to the U.S. market should be boosted by strong U.S. growth and more favorable foreign exchange dynamics than their peers. In addition to Kraft, the analyst identified the following stocks as her top picks within the consumer staples sector: Monster Beverage (MNST), Constellation Brands (STZ), Coca-Cola Enterprises (CCE), Keurig Green Mountain (GMCR), Freshpet (FRPT), Mead Johnson (MJN), and Estee Lauder (EL). Goldman also upgraded Hershey (HSY), Dr. Pepper Snapple (DPS), and Clorox (CLX), all to Neutral from Sell, downgraded cigarette maker Philip Morris (PM) to Sell from Neutral and downgraded brewer Molson Coors (TAP) to Neutral from Buy. PRICE ACTION: In early trading, Kraft climbed 3.7% to $65 per share.
10:29 EDTOCNOptions with increasing implied volatility
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10:11 EDTFASTFastenal says sales trends 'bode well' for 2015
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10:00 EDTSCCOOn The Fly: Analyst Initiation Summary
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08:30 EDTSBUXEU to publish details of Amazon's tax deal with Luxembourg, Reuters reports
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07:07 EDTFASTFastenal reports Q4 and FY14 sales trends
Fastenal's Q4 increase in net sales came primarily from higher unit sales. Net sales were impacted by slight inflationary price changes in non-fastener products and some price deflation in fastener products, but the net impact was a drag on growth. Growth in net sales was not meaningfully impacted by the introduction of new products or services, with one exception. The higher unit sales resulted primarily from increases in sales at older store locations and to a lesser degree the opening of new store locations in the last several years. Since May, stores opened greater than five years have enjoyed double digit growth in every month. The non-fastener business demonstrated greater relative resilience over the last several years vs. the fastener business and the distribution industry in general, due to the company's industrial vending program. However, this business was not immune to the impact of a weak industrial environment. During 2014, the company closed 52 stores in total. The company chose to close this group not because of unprofitability but because it felt this was a better approach to growing the business profitably. The company estimates a normal gross profit percentage for the business is around 51% and targets a range of 51% to 52%. During FY14 and Q4 of 2014, gross profit dropped below 51%, centered on transactional impacts driven by product and customer mix, its strong emphasis on growing average store sales and, in Q4, with seasonality.
06:52 EDTFASTFastenal reports Q4 EPS 40c, consensus 39c
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05:32 EDTSCCOSouthern Copper initiated with an Overweight at Barclays
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January 14, 2015
17:07 EDTFASTFastenal raises quarterly dividend to 28c from 25c per common share
The Fastenal Company reported its board declared a dividend of 28c per share to be paid in cash on February 27 to shareholders of record at the close of business on January 30.
15:27 EDTFASTNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Citigroup (C), consensus 11c; Bank of America (BAC), consensus 32c; Charles Schwab (SCHW), consensus 24c; Fastenal (FAST), consensus 39c.
14:22 EDTFASTFastenal technical comments ahead of results
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14:09 EDTOCNOcwen, Altisource, Home Loan Servicing downgraded by Moody's
Moody's earlier today downgraded the following ratings with a negative outlook: Ocwen Financial (OCN) - Corporate Family Rating to B3 from B2; Senior Secured Bank Credit Facility to B3 from B2; Senior Unsecured Debt to Caa1 from B3; Altisource Solutions (ASPS) - Corporate Family Rating to B3 from B2; Senior Secured Bank Credit Facility to B3 from B2; Home Loan Servicing Solutions (HLSS) -- Corporate Family Rating to B3 from B2; Senior Secured Bank Credit Facility to B3 from B2. The rating agency cited the "continued regulatory scrutiny of Ocwen that could lead to the loss of their license to service loans in California along with the seriously impaired franchise value of the three companies." Moody's attributed its negative outlook to the "uncertain outcome of the California Department of Business Oversight regulatory action and its effects on the Ocwen's ability to operate in California." It added that the downgrades to Home Loan Servicing and Altisource were driven by their businesses' reliance on Ocwen.
10:50 EDTOCNOcwen Financial puts active on wide price movement
Ocwen Financial April 3 and 7 puts are active on 10K contracts (2K calls) after the company commented that it is fully cooperating with the California Department of Business Oversight, or DBO, to resolve an administrative action dated October 3, 2014. January put option implied volatility is at 248, February is at 146, April is at 142; compared to its 26-week average of 68 according to Track Data. Active put volume suggests traders taking positions for price movement.
10:39 EDTOCNOptions with increasing implied volatility
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10:26 EDTBXPBoston Properties management to meet with Evercore, ISI
Meeting to be held in New York on January 21 hosted by Evercore, ISI.
10:00 EDTMNSTOn The Fly: Analyst Upgrade Summary
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09:20 EDTGGPEvercore ISI to hold a tour
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08:50 EDTMNSTMonster Beverage upgraded to Outperform at Cowen
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08:15 EDTSCCOSouthern Copper volatility elevated as copper pulls back to five-year low
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06:54 EDTCVXEnergy Department says oil production to rise this year, NY Times says
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06:50 EDTMNSTMonster Beverage upgraded to Outperform from Market Perform at Cowen
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06:00 EDTSPGMall REIT sector upgraded to Overweight at Wells Fargo
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05:50 EDTOCNStocks with implied volatility movement; NQ OCN
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05:41 EDTAIVMultifamily REIT sector downgraded to Market Weight at Wells Fargo
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January 13, 2015
18:37 EDTOCNOn The Fly: After Hours Movers
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16:24 EDTOCNOn The Fly: Closing Wrap
The Wall Street averages spent time in both positive and negative territory during the session, before closing a bit below where they'd started the day. The market opened sharply higher after Alcoa’s (AA) better than expected report gave some optimism about the upcoming earnings season. The early move higher came despite oil continuing its slide. The major averages saw their highs shortly after the open and then began to drift slowly lower. By mid-afternoon the market was in the red, though the equity averages eventually made it briefly back into positive ground, but failed to hold those narrow gains into the close. ECONOMIC EVENTS: In the U.S., the NFIB small business optimism index for December came in at 100.4, which was stronger than the expected 98.5 reading. The JOLTS report showed job openings increased 142K to 4.972M in November, beating the 4.85M consensus forecast. Treasury posted a $1.9B surplus in December, which was a bit below the expected surplus of $3B. Also of note is the fact that the U.S. and European benchmarks of WTI and Brent crude were at parity for the first time since 2013 during the session, with both trading near $46 per barrel for a time. COMPANY NEWS: KB Home (KBH) reported better than expected revenue and higher orders in its fourth quarter, but the stock declined $2.70, or 16.29%, to $13.87 after CEO Jeffrey Mezger warned on the associated earnings call that margins could drop "significantly" in its current quarter from the levels seen last year. KB's margin outlook, which it blamed on rising costs, heavier use of incentives and a sequential decline in average selling prices, dragged down peers in the housing space as well. D.R. Horton (DHI), the biggest homebuilder by market cap, finished the day down $1.26, or 4.83%, to $24.82, while PulteGroup (PHM) also slid $56c, or 2.47%, to $22.13... MetLife (MET) said it will sue to oppose the U.S. Financial Stability Oversight Council’s designation of the insurer as a SIFI, or "systemically important financial institution." The life insurer called the label premature and said it has offered “substantial and compelling evidence” that it isn’t a SIFI. Wells Fargo said it thinks it is appropriate for MetLife to challenge the ruling, though the firm does not presently see a Dodd-Frank provision that enables an entity to shed its designation. Wells added that a MetLife victory would have no impact on either AIG (AIG) or Prudential (PRU), which did not challenge their SIFI designations before their windows closed. MAJOR MOVERS: Among the notable gainers was Emulex (ELX), which rose $1.21, or 20.86%, to $7.01 after the company issued better than expected guidance on its second quarter results. Also higher was McGraw Hill Financial (MHFI), which jumped $5.13, or 5.98%, to $90.89 after reports said the company's Standard & Poor’s rating unit was in talks about a potential $1B settlement to its fight with the Justice Department and state attorneys general over allegations of inflating credit ratings on mortgage investments preceding the financial crisis. Among the noteworthy losers was ChannelAdvisor (ECOM), which plunged $11.32, or 53.52%, to $9.83 after its fourth quarter revenue warning prompted no less than eight downgrades of the stock by Street analysts. Also lower were shares of Ocwen Financial (OCN), which dropped $4.41, or 36.18%, to $7.78 after the Los Angeles Times reported that California is seeking to suspend the company's mortgage license in the state. Altisource Portfolio Solutions (ASPS), which is a related company to Ocwen, also declined $10.45, or 38.79%, to $16.49. Shares of GoPro (GPRO) fell $6.91, or 12.17%, to $49.87 after the Patently Apple blog reported that Apple (AAPL) was granted a patent for a camera system that specifically mentions the weaknesses of GoPro devices. INDEXES: The Dow fell 27.16, or 0.15%, to 17,613.68, the Nasdaq lost 3.21, or 0.07%, to 4,661.50, and the S&P 500 dropped 5.23, or 0.26%, to 2,023.03.
16:18 EDTOCNOcwen cooperating with CA DBO
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15:23 EDTOCNHome Loan Servicing shares oversold on Ocwen news, says Deutsche Bank
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13:39 EDTOCNEarnings Preview: Bernstein, Baird recently cautious on Wells Fargo
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12:48 EDTOCNOn The Fly: Midday Wrap
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11:58 EDTOCNOcwen news not an issue for Home Loan Servicing, says Sterne Agee
Sterne Agee attributes today's pullback in shares of Home Loan Servicing (HLSS) to news that Ocwen's (OCN) mortgage servicing licenses are being challenged in California. The firm says the news is "in no way" a Home Loan Servicing issue and that the company's dividends should be unaffected at current levels. Sterne believes Home Loan has established itself as a separate company and points out it is actively acquiring asserts away from Ocwen. It keeps a Buy rating on Home Loan with a $22 price target.
11:54 EDTFASTFastenal January volatility increases into Q4 and outlook
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11:43 EDTOCNHome Loan Servicing shares oversold on Ocwen news, says Keefe Bruyette
10:45 EDTOCNOptions with increasing implied volatility: OCN TLM
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10:44 EDTOCNSources think Ocwen will work out settlement with California, IMF News says
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10:43 EDTOCNHome Loan Servicing shares defended at Sterne Agee
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10:16 EDTMNSTMonster Beverage rises as Stifel target hike outweighs Wells Fargo downgrade
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10:00 EDTEVER, MNSTOn The Fly: Analyst Downgrade Summary
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09:47 EDTOCNCalifornia seeks to suspend Ocwen license, LA Times reports
California is probing potential violations by Ocwen Financial of the state's Homeowners Bill of Rights and is seeking to suspend the company's mortgage license, which would mean Ocwen would mean Ocwen would have to sell its rights to handle bill collection there, reported The Los Angeles Times last night. Ocwen shares are down 23.5% to $9.32 in early trading. Reference Link
09:44 EDTOCNCalifornia seeks to suspend Ocwen license, LAT reports
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09:09 EDTAIVAimco 8.2M share Spot Secondary priced at $39.20
Citigroup and KeyBanc acted as joint book running managers for the offering.
08:23 EDTMNSTMonster Beverage volatility elevated into investor meeting
Monster Beverage January call option implied volatility is at 49, February is at 34, March is at 36; compared to its 26-week average of 30 according to Track Data, suggesting larger near term price movement into a company hosted investor meeting today.
07:41 EDTMNSTWells downgrades Monster Beverage on valuation
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07:13 EDTMNSTMonster Beverage price target raised to $130 from $115 at Stifel
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06:26 EDTEVEREverBank downgraded to Sell from Neutral at Goldman
Goldman downgraded EverBank to Sell given lower EPS from NIM pressures, increased provisions, and higher expenses. Price target is $17.50.
05:51 EDTMNSTMonster Beverage downgraded to Market Perform from Outperform at Wells Fargo
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January 12, 2015
18:28 EDTAIVOn The Fly: After Hours Movers
UP AFTER EARNINGS: Alcoa (AA), up 1.4%; SYNNEX (SNX), up 5.4%. LOWER: Big 5 Sporting Goods (BGFV), down 8.3% after lowering fourth quarter revenue outlook... Wolverine World Wide (WWW), down 7.9% after reporting preliminary fourth quarter and fiscal 2014 results... Aimco (AIV), down 2.2% after filing to sell 8.2M shares of common stock... Brixmor Property Group (BRX), down 1.6% after offering 17.5M shares of common stock for holders.
16:12 EDTAIVAimco files to sell 8.2M shares of common stock
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14:51 EDTCVXSaudi Prince Alwaleed says oil won't hit $100 again, USA Today reports
Oil will never reach a price of $100 per barrel again, Saudi billionaire businessman Prince Alwaleed bin Talal said, according to USA Today. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Reference Link
10:00 EDTAIVOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Agnico-Eagle (AEM) upgraded at BMO Capital... Aimco (AIV) upgraded to Outperform from Market Perform at Wells Fargo... Alaska Air (ALK) upgraded at Evercore ISI... Alcoa (AA) upgraded to Buy from Neutral at Nomura... Alon USA Energy (ALJ) upgraded to Neutral from Sell at Goldman... AvalonBay (AVB) upgraded to Buy from Hold at Jefferies... BASF (BASFY) upgraded to Buy from Neutral at Citigroup... C.H. Robinson (CHRW) upgraded to Overweight from Equal Weight at Barclays... CBS (CBS) upgraded to Outperform at Cowen... Chesapeake (CHK) upgraded to Buy from Neutral at Goldman... China Mobile (CHL) upgraded to Buy from Hold at Jefferies... Chunghwa Telecom (CHT) upgraded to Neutral from Underweight at ... D.R. Horton (DHI) upgraded at KeyBanc... Daimler AG (DDAIF) upgraded to Neutral from Underperform at BofA/Merrill... Diamond Resorts (DRII) upgraded to Buy from Neutral at Goldman... FMC Corporation (FMC) upgraded to Buy from Neutral at BofA/Merrill... First Cash Financial (FCFS) upgraded to Buy from Neutral at Janney Capital... Frontier Communications (FTR) upgraded at BofA/Merrill... HomeAway (AWAY) upgraded to Outperform from Neutral at Macquarie... Ingersoll-Rand (IR) upgraded at Morgan Stanley... KB Home (KBH) upgraded to Outperform from Market Perform at Raymond James... Knight Transportation (KNX) upgraded to Overweight from Equal Weight at Barclays... LabCorp (LH) upgraded to Outperform at RW Baird... M.D.C. Holdings (MDC) upgraded to Outperform from Market Perform at Raymond James... Mid-America Apartment (MAA) upgraded to Buy from Hold at Jefferies... PACCAR (PCAR) upgraded at RBC Capital... Parsley Energy (PE) upgraded to Neutral from Sell at Goldman... Peugeot (PUGOY) upgraded to Buy from Underperform at BofA/Merrill... Radware (RDWR) upgraded to Buy from Neutral at Buckingham... Rush Enterprises (RUSHA) upgraded at BB&T... Ryland Group (RYL) upgraded to Outperform from Market Perform at Raymond James... SL Green Realty (SLG) upgraded to Buy from Hold at Jefferies... Solera (SLH) upgraded to Buy from Neutral at Goldman... Standard Pacific (SPF) upgraded to Neutral from Underweight at JPMorgan... Statoil (STO) upgraded to Neutral from Sell at Goldman... Syngenta (SYT) upgraded to Buy from Hold at Miller Tabak... VMware (VMW) upgraded to Positive from Mixed at OTR Global... Vale (VALE) upgraded to Outperform from Sector Perform at Scotia Capital... Volvo (VOLVY) upgraded to Neutral from Underperform at BofA/Merrill... Windstream (WIN) upgraded at BofA/Merrill... lululemon (LULU) upgraded to Neutral from Underperform at Sterne Agee.
05:37 EDTAIVAimco upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo upgraded Aimco to Outperform on expectations the company will benefit from relative capitalization rate compression. Wells raised its price target range for shares to $43-$44 from $36-$37.
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