|May 16, 2014|
|09:59 EDT||XGTI, TMK, MTL, AIZ, WAC, VOXX, XONE, WWE, NSM, CLF||On The Fly: Analyst Downgrade Summary|
Today's noteworthy downgrades include: Assurant (AIZ) downgraded at BofA/Merrill... Cliffs Natural (CLF) downgraded to Underperform from Neutral at Macquarie... ExOne (XONE) downgraded to Equal Weight from Overweight at Stephens... Mechel (MTL) downgraded to Neutral from Buy at Citigroup... Nationstar (NSM) downgraded to Hold from Buy at Jefferies... Torchmark (TMK) downgraded at BofA/Merrill... VOXX International (VOXX) downgraded to Buy from Strong Buy at Needham... WWE (WWE) downgraded to Hold from Buy at Benchmark Co.... Walter Investment (WAC) downgraded to Hold from Buy at Jefferies... xG Technology (XGTI) downgraded to Hold from Buy at Feltl.
News For AIZ;CLF;XONE;MTL;NSM;VOXX;TMK;WWE;WAC;XGTI From The Last 14 Days
|February 7, 2016|
|14:05 EDT||CLF||Cliffs Natural reaches Bloom Lake settlements, will adopt governance changes|
Cliffs Natural Resources announced it has reached agreements in principle to settle both the putative federal securities class action pending in the District Court for the Northern District of Ohio, and the combined shareholder derivative actions pending in the Court of Common Pleas of Cuyahoga County, Ohio. The lawsuits were based, among other things, on the alleged dissemination of false or misleading information by the previous management and previous board of directors regarding the company's former Bloom Lake mine in Canada. The settlements are subject to court approval, and will have "no impact" on the company's financial position or operations, Cliffs noted. The agreement in the securities action provides for a settlement payment to the class of $84M, the totality of which will be paid by the company's third party insurance carriers. Under the terms of the settlement for the derivative actions, the company has agreed to adopt a number of changes to its corporate governance policies, protocols and practices. In addition, the company's insurance carriers will pay $775,000 for plaintiff's attorneys' fees and costs.
|February 5, 2016|
|06:42 EDT||CLF||Cliffs Natural solvency concerns mounting, says Deutsche Bank|
Deutsche Bank analyst Jorge Beristain says that while successful execution of the recently announced debt exchange offer could bring a short-term catalyst for shares of Cliffs Natural, it may not alter medium-term solvency concerns. Post the company's Q4 results, the analyst cut his price target for the shares to $1.00 from $1.50 on lower iron ore realizations. He believes solvency concerns are mounting and reiterates a Sell rating on Cliffs.
|February 3, 2016|
|17:16 EDT||TMK||Torchmark sees FY16 EPS $4.28-$4.48, consensus $4.44|
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|17:15 EDT||TMK||Torchmark reports Q4 EPS $1.07, consensus $1.06|
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|February 1, 2016|
|16:24 EDT||CLF||Mesabi Trust receives royalty report of iron ore product shipments from Cliffs|
On January 29, the Trustees of Mesabi Trust (MSB) received the quarterly royalty report of iron ore product shipments from Silver Bay, Minnesota during the quarter ended December 31, 2015 from Cliffs Natural Resources (CLF), the parent company of Northshore Mining Company. As previously reported, on January 15, 2016, the Trustees declared a distribution of 5c per Unit of Beneficial Interest payable on February 20 to Mesabi Trust Unitholders of record at the close of business on January 30. As reported by Cliffs, based on shipments of iron ore products by Northshore during the three months ended December 31, 2015, Mesabi Trust was credited with a base royalty of $2.86M. Mesabi Trust also was credited with a bonus royalty in the amount of $271,153, based on the average sales price per ton of iron ore pellets and the volume of shipments by Northshore during the fourth calendar quarter of 2015. Royalties paid to Mesabi Trust, however, reflected a reduction of $797,170 as a result of negative pricing adjustments to base and bonus royalty calculations related to changes in price estimates made in the previous calendar quarters of 2015. Accordingly, the total royalty payments received on January 29, 2016 by Mesabi Trust from Northshore were $2.42M. The royalties paid to Mesabi Trust are based on the volume of shipments of iron ore pellets for the quarter and the year to date, the pricing of iron ore product sales, and the percentage of iron ore pellet shipments from Mesabi Trust lands rather than from non-Mesabi Trust lands. In the fourth calendar quarter of 2015, Northshore credited Mesabi Trust with 981,102 tons of iron ore, as compared to 1,244,364 tons during Q4 of 2014.
|January 29, 2016|
|06:38 EDT||WAC||Walter Investment announces acquisition of certain assets from RCS |
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|January 28, 2016|
|08:07 EDT||WWE||2K, WWE announce multi-year extension for WWE video game properties|
2K (TTWO) and WWE (WWE) announced that the companies have extended their partnership with a new multi-year exclusive agreement granting 2K the worldwide rights to develop and publish WWE video game properties across all major platforms and distribution channels. WW 2K, the simulation-based flagship series developed by 2K's Visual Concepts studio and Yuke's, will continue an 18-year tradition established by past WWE titles, including the recently released WWE 2K16. In addition, 2K will continue to invest in WWE SuperCard, the breakout hit card-battling game developed by its Cat Daddy Games studio, which has been downloaded more than nine million times since its initial release. Financial terms of the new agreement were not disclosed.
|January 27, 2016|
|09:12 EDT||CLF||On The Fly: Pre-market Movers |
UP AFTER EARNINGS: Biogen (BIIB), up 5.6%... Hawaiian Holdings (HA), up 6.7%... Capital One (COF), up 1.5%. ALSO HIGHER: Capnia (CAPN), up 34.1% after entering into an exclusive distribution agreement with Bemes... Fate Therapeutics (FATE), up 18.6% after announcing that the FDA has cleared the company's investigational new drug application for ProTmune... Raptor Pharmaceutical (RPTP), up 12.1% after being upgraded to Buy from Neutral at Citi... Aquinox (AQXP), up 5.6% after Baker Bros. buys 140,786 shares in the company... Sunedison (SUNE), up 7.4% after SunEdison and Greenlight Capital announced that they have mutually agreed to corporate governance initiatives... Citizens Financial Group (CFG), up 3% after it will be added to the S&P 500... Terex (TEX), up 5.2% after being upgraded to Neutral from Underweight at JPMorgan. DOWN AFTER EARNINGS: Tupperware Brands (TUP), down 11.4%... VMware (VMW), down 6.5%... Textron (TXT), down 9.9%... Cliffs Natural (CLF), down 5.8%... Boeing (BA), down 6.2%... Fiat Chrysler (FCAU), down 3%... Apple (AAPL), down 3.4%. ALSO LOWER: Priceline (PCLN), down 2.9% after being downgraded to Neutral from Buy at Goldman... Bed Bath & Beyond (BBBY), down 4.2% after being downgraded at Citi and KeyBanc... Tripadvisor (TRIP), down 5.5% after being downgraded to Sell from Neutral at Goldman.
|08:07 EDT||CLF||Cliffs Natural sees FY16 CapEx $50M vs. $83M in FY15|
For 2016, Cliffs expects full-year sales volume of approximately 17.5 million tons from its U.S. Iron Ore business. In order to reduce pellet inventory levels and generate cash flow from working capital, the Company currently plans to produce approximately 16 million tons of iron ore pellets. Cliffs' full-year 2016 U.S. Iron Ore cash production cost per ton expectation is $50 - $55. The Company's cash cost of goods sold per ton expectation is $55 - $60, representing a reduction of $5 from the previously disclosed 2016 cash costs of goods sold per ton expectation of $60 - $65. Cliffs anticipates depreciation, depletion and amortization to be approximately $7 per ton for full-year 2016. The Company remains in active negotiations with the United Steelworkers and is committed to reaching a fair and equitable agreement. The current contract has been extended by mutual agreement of both parties. The contract extension covers approximately 2,200 USW-represented workers at Cliffs' Empire and Tilden mines in Michigan, and its United Taconite and Hibbing Taconite mines in Minnesota. Cliffs' full-year 2016 Asia Pacific Iron Ore expected sales and production volume is approximately 11.5 million tons. The product mix is expected to contain 50 percent lump and 50 percent fines. The Company expects full-year 2016 interest expense to be approximately $240 million, of which approximately $205 million is cash interest. Cliffs expects full-year 2016 capital expenditures to be $50 million, a significant reduction compared to 2015 expenditures of $83 million. The reduction is driven by the divestiture of the remaining coal assets as well as spending discipline exhibited in the U.S. Iron Ore business.
|08:06 EDT||CLF||Cliffs Natural reports Q4 US Iron Ore total sales volume 4.5M|
U.S. Iron Ore pellet sales volume in the fourth quarter of 2015 was 4.5 million tons, a 42 percent decrease when compared with 7.8 million tons sold in the fourth quarter of 2014. The decrease was driven principally by the termination of a customer contract, lower demand from U.S. mills and higher sales in the comparable quarter in the prior year from the delayed start-up of the 2014 shipping season. Cash production cost per ton in U.S. Iron Ore was $45.36, down 23 percent from $58.96 in the prior year's fourth quarter. The decrease was driven by lower employment costs, reduced maintenance and repair costs, and year-over-year lower energy rates. Reports Q4 US Iron Ore total production volume 4.5M. Fourth-quarter 2015 Asia Pacific Iron Ore sales volume of 2.9 million was flat compared to the fourth quarter of 2014.
|08:04 EDT||CLF||Cliffs Natural reports Q4 cont ops EPS (14c), consensus (26c)|
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|January 26, 2016|
|14:32 EDT||CLF||Notable companies reporting before tomorrow's open|
Notable companies reporting before tomorrow's open, with earnings consensus, include Novartis (NVS), consensus $1.18... Boeing (BA), consensus $1.26... United Technologies (UTX), consensus $1.52... Biogen (BIIB), consensus $4.08... EMC (EMC), consensus 65c... General Dynamics (GD), consensus $2.38... Anthem (ANTM), consensus $1.22... Illinois Tool Works (ITW), consensus $1.21... State Street (STT), consensus $1.18... Norfolk Southern (NSC), consensus $1.24... Progressive (PGR), consensus 47c... St. Jude Medical (STJ), consensus $1.01... Rockwell Automation (ROK), consensus $1.33... Textron (TXT), consensus 83c... Hess (HES), consensus ($1.47)... Cliffs Natural (CLF), consensus (26c).
|13:45 EDT||XONE||Stratasys falls after JPMorgan cuts on rising competition, lack of catalysts|
Shares of Stratasys (SSYS) are falling after JPMorgan downgraded the company to Neutral, saying the 3D printer maker's financials could be pressured as clients curb spending and new competitors enter the space. NO CATALYSTS: Stratasys could see shrinking revenue and earnings through mid-2016 as strong competitors flood the low-end of the market and corporate clients rethink spending on the new technology, JPMorgan analyst Paul Coster argued Tuesday. Capital outlays remain muted across energy, industrials and manufacturing firms while medical device trends have also shown recent weakness, said Coster, leading him to downgrade Stratasys shares to Neutral and cut his price target to $19 from $24 on a lack of any significant catalysts for the next six months. The analyst also trimmed his outlook for 2016 earnings per share to 22c, though he sees 2017 EPS at 95c, with the above-consensus view reflecting the potential for Stratasys to benefit from cyclical demand recovery and restructuring efforts. PRICE ACTION: Shares of Stratasys have slipped roughly 4.6% to $16 while competitors 3D Systems (DDD) and ExOne (XONE) are up 5.4% and 4.5%, respectively.