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Stock Market & Financial Investment News

News Breaks
September 24, 2012
10:25 EDTAKS, MU, NICE, PROV, QCOR, RBC, SQNM, X, VECO, MRX, IEX, ATU, ATML, BAX, CCI, FNSR, FCF, FLS, GRC, WBSOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AK Steel (AKS) downgraded to Sell from Neutral at Citigroup... Actuant (ATU) downgraded to Hold from Buy at Jefferies... Atmel (ATML) downgraded to Neutral from Buy at UBS... Baxter (BAX) downgraded to Hold from Buy at Deutsche Bank... Crown Castle (CCI) downgraded to Neutral from Outperform at Macquarie... Finisar (FNSR) downgraded to Market Perform from Outperform at Raymond James... First Commonwealth (FCF) downgraded to Market Perform at Keefe Bruyette... Flowserve (FLS) downgraded to Hold from Buy at Jefferies... Gorman-Rupp (GRC) downgraded to Underperform from Hold at Jefferies... IDEX Corp. (IEX) downgraded to Hold from Buy at Jefferies... Medicis (MRX) downgraded to Neutral from Positive at Susquehanna... Micron (MU) downgraded to Sector Perform from Outperform at Pacific Crest... NICE Systems (NICE) downgraded to Sector Perform from Outperform at RBC Capital... Providen (PROV) downgraded to Market Perform from Outperform at Raymond James... Questcor (QCOR) downgraded to Market Perform from Outperform at Leerink... Regal-Beloit (RBC) downgraded to Hold from Buy at Jefferies... Sequenom (SQNM) downgraded to Neutral from Overweight at Piper Jaffray... U.S. Steel (X) downgraded to Neutral from Buy at Citigroup... Veeco (VECO) downgraded to Sell from Neutral at Goldman... Webster Financial (WBS) downgraded to Underweight from Equal Weight at Morgan Stanley.
News For AKS;ATU;ATML;BAX;CCI;FNSR;FCF;FLS;GRC;IEX;MRX;MU;NICE;PROV;QCOR;RBC;SQNM;X;VECO;WBS From The Last 14 Days
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October 14, 2014
08:13 EDTCCICorvex says Crown Castle, Verizon deal would 'diversify' revenues
Corvex said, "A Verizon (VZ) tower deal would diversify Crown Castle's (CCI) revenues and deepen the company's relationship with arguably the U.S.'s strongest wireless company and operator of the country's most robust network. As the largest and most-focused U.S. tower operator and the largest operator of legacy carrier portfolios, Crown Castle could be the best strategic acquirer of Verizon's tower assets. That does not mean the company will be best positioned financially to provide the highest and best bid though. Based on recent press articles, the potential sale price for the Verizon towers could be approximately $6B. However, we strongly believe that the company should not issue any equity at recent prices, and certainly not to acquire more tower assets at premium prices when Crown Castle continues to trade at a material discount to both transaction multiples and publicly traded peers."
08:11 EDTCCICorvex sees Crown Castle to trade closer to 3.5% dividend yield over time
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08:10 EDTCCICorvex says Crown Castle has 'exceptional growth opportunities' ahead
Corvex said, "We are optimistic that many of you share our view that Crown Castle (CCI) is a great business with exceptional growth opportunities in the years ahead. However, we also believe many of you share our frustration over the company's stock price underperformance relative to peers and the market over the last eighteen months, and the company's persistent market discount relative to its peers and its own intrinsic value. We believe Crown Castle shares some of these same frustrations, and we commend management for soliciting input from its shareholders on this issue as well as the company's activities generally. We recently met with management at Crown Castle's headquarters in Houston and have had several follow-up conversations, continuing the productive dialogue we have had with the company for several years. Given the recent published speculation of a potential Verizon (VZ) towers transaction, we felt compelled to reach out publicly to fellow shareholders at this time as well, to further stimulate the capital allocation discussion which has intensified among investors and analysts in recent weeks. We firmly believe Crown Castle's valuation can be improved dramatically and sustainably through a change in the company's capital allocation plan, reducing Crown Castle's cost of capital and enhancing its ability to continue to grow and compound shareholder value over the long term. Based on our analysis, we see a near-term opportunity for Crown Castle to drive a 27% re-rating in its equity, and the potential for over 60% upside in 15 months. Once the company's equity currency has strengthened, Crown Castle can aggressively pursue a Verizon towers transaction, creating even greater long-term value for shareholders. However, if the company does not have the right cost of capital, it should not be pursuing acquisitions or issuing equity, whether for Verizon's towers or any other transaction. We make our case to shareholders and the company below, as well as in the attached presentation. Our analysis suggests a change in capital allocation could result in Crown Castle's stock trading for in excess of $100.00 per share within a short time frame, and compounding further from there. Based on recent public commentary by management, we think Crown Castle may be considering the same actions we suggest."
08:07 EDTCCICorvex sends letter to Crown Castle regarding capital allocation
Corvex Management released a letter to Crown Castle shareholders outlining a proposal to improve the company's capital allocation strategy to strengthen Crown Castle's valuation, reduce its cost of capital, and enhance the company's ability to continue to grow and compound shareholder value. The company said, "Given the increased public debate around Crown Castle's capital allocation policy as well as the potential for a Verizon towers transaction in the near future, we feel compelled to share our views publicly. We believe Crown Castle's valuation can be improved dramatically and sustainably by changing its capital allocation plan, expanding the company's investor base and closing its discount to peers and intrinsic value. We commend management for soliciting input from us and our fellow shareholders regularly, and we look forward to working together to create value for all Crown Castle shareholders."
07:15 EDTBAXBaxter October volatility elevated into Q3 and guidance
Baxter October option implied volatility is at 33, November is at 23, December is at 19, February is at of 17; compared to its 26-week average of 18 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on October 16.
07:14 EDTRBCRegal-Beloit initiated with a Buy at Wunderlich
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October 13, 2014
08:07 EDTATMLAtmel partners with IHR in automotive electronics
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07:37 EDTBAXAmerican Society of Anesthesiologists to hold annual meeting
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07:25 EDTBAXEuropean Association of Cardiothoracic Surgery to hold annual meeting
28th EACTS Annual Meeting is being held in Milan, Italy on October 11-15.
06:03 EDTMUStocks with implied volatility above IV index mean; HTZ MU
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October 12, 2014
17:58 EDTMUMicron shares look more attractive, Barron's says
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October 10, 2014
16:22 EDTMUOn The Fly: Closing Wrap
Stocks on Wall Street had a bit of a see-saw trading day, but ended the session in the red once again. The Nasdaq took the brunt of the losses, falling over 2%, while the Dow's slide erased its gains for the year. ECONOMIC EVENTS: In the U.S., the import price index fell 0.5% in September, versus expectations for a 0.7% decline. Oil slumped to a four-year low during the session, as brent crude touched $88.11 intra-day, its lowest level since December 2010. COMPANY NEWS: The semiconductor sector was weak across the board after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector has entered a correction. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it does business with over 80,000 customers and that it built a significant amount of inventory in the distribution channel in the September quarter. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future. Microchip, which also pre-announced weaker than expected second quarter revenue, dropped $5.58, or 12.26%, to $39.96. Intel (INTC) fell $1.71, or 5.09%, to $31.91, Avago (AVGO) declined $9.24, or 11.46%, to $71.36, Texas Instruments (TXN) slipped $3.28, or 7.13%, to $42.74 and Micron (MU) dropped $2.71, or 8.86%, to $27.93. MAJOR MOVERS: Among the notable gainers was Exact Sciences (EXAS), which rallied $6.48, or 35.76%, to $24.60 after the company announced last night that the Centers for Medicare & Medicaid Services, or CMS, had agreed to cover the company's colorectal cancer and pre-cancer test through Medicare. Also higher was Dave & Buster (PLAY), which gained $1.28 to $17.28 after commencing trading on the Nasdaq following its initial public offering. Among the noteworthy losers was Procera Networks (PKT), which was downgraded by at least four research firms and plunged $2.85, or 33.33%, to $5.70 after the company warned its Q3 revenue will miss expectations. Also lower were shares of Caesars (CZR), which dropped $1.92, or 17.36%, to $9.14 after disclosing in a regulatory filing that its Chief Accounting Officer resigned to accept a position with another company. INDEXES: The Dow fell 115.15, or 0.69%, to 16,544.10, the Nasdaq plunged 102.10, or 2.33%, to 4,276.24, and the S&P 500 dropped 22.08, or 1.15%, to 1,906.13.
13:08 EDTMUOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and saw several swings throughout the morning. Near midday the averages were mixed, with the Dow a bit higher and the Nasdaq weighed down by weakness across the semiconductor sector. ECONOMIC EVENTS: In the U.S., the import price index fell 0.5% in September, versus expectations for a 0.7% decline. COMPANY NEWS: Shares of a number of semiconductor makers, including industry giant Intel (INTC), were sharply lower after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector has entered a correction. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it does business with over 80,000 customers and that it built a significant amount of inventory in the distribution channel in the September quarter. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future. Near noon, Microchip dropped 11%, Intel fell almost 4%, Texas Instruments (TXN) slipped over 6%, Micron (MU) dropped 6% and Fairchild (FCS) declined 12%. MAJOR MOVERS: Among the notable gainers was Exact Sciences (EXAS), which rallied 35% after the company announced last night that the Centers for Medicare & Medicaid Services, or CMS, had agreed to cover the company's colorectal cancer and pre-cancer test through Medicare. Among the noteworthy losers were a number of companies that, similarly to Microchip, warned that their quarterly results will likely miss expectations, including Procera Networks (PKT), which plunged 34%, Manitowoc (MTW), which fell 9%, and Sizmek (SZMK), which dropped 21%. INDEXES: Near midday, the Dow was up 38.02, or 0.23%, to 16,697.27, the Nasdaq was down 35.89, or 0.82%, to 4,342.45, and the S&P 500 was up 0.42, or 0.02%, to 1,928.63.
11:13 EDTMUMicrochip not relevant to DRAM, NAND, says Summit Research
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10:58 EDTMUMicron falls with peers, levels to watch
The shares are down more than 7.5% to $28.30 at time of writing, just off the lows of the session at $27.59 which is now support. Resistance is at $28.78.
10:29 EDTMU, ATMLMicrochip CEO warning on industry correction sinks semiconductors
Shares of a number of semiconductor makers are falling sharply after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector had entered a correction. In a note to investors today, research firm FBR Capital said Microchip's comments "could be worrisome, " and the firm responded by taking a more defensive stance on the space. WHAT'S NEW: Microchip, which develops microcontroller and analog semiconductors, estimated that its second quarter revenue would come in at $546.2M, versus its previous guidance of $560.0M-$575.9M and analysts' consensus estimate of $568M. The company said that it had experienced a number of negative trends during the quarter, including a weaker than usual September, weakness in China, and significant inventory builds at its distributor customers. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it reports sales from distribution on a sell-through basis and built a significant amount of inventory in the distribution channel in the September quarter and that it does business with over 80,000 customers. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future. ANALYST REACTION: In a note to investors today, FBR Capital analyst Christopher Rolland said that Microchip's statements come in the wake of other negative signs for the sector. In August and September, lead times for the sector fell versus the month before, the analyst stated. Additionally, revenue trends at Taiwanese chip makers weakened in August, Rolland stated. The analyst said that Microchip's statements pushed him over the fence, causing him to take a more defensive stance on the sector. He removed ON Semiconductor (ONNN) from FBR's Top Picks list but kept an Outperform rating on the stock, as he believes that its valuation is "very reasonable." Rolland maintained Market Perform ratings on Atmel (ATML), Texas Instruments (TXN), Fairchild (FCS), AMD (AMD), and Applied Micro Circuits (AMCC). Sterne Agee also attributed weakness in the sector to Microchip's warnings, but the firm recommended buying NXP Semiconductors (NXPI), Avago (AVGO), and Skyworks (SWKS) due to their strong product cycles with EMV and upcoming iPhone-iPad launches from Apple (AAPL). In addition, the firm said it would buy Micron (MU) and SanDisk (SNDK) given tight supply, below normal inventory levels, and tailwinds from China. PRICE ACTION: In early trading, Microchip dropped nearly 14% to $39.29, Intel (INTC) fell almost 6% to $31.67, On Semiconductor slid 10% to $7.53, Atmel tumbled 11.5% to $6.61, Texas Instruments slipped 8% to $42.16, Fairchild slumped 10.6% to $12.95, AMD dropped 6% to $2.77, Applied Micro declined 10% to $6.19, and NXP Semiconductors was 14% lower to $55.27.
10:20 EDTMUSemiconductors defended at Sterne Agee
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09:54 EDTBAXJPMorgan medical supplies analyst holds an analyst/industry conference call
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08:03 EDTFCFFirst Commonwealth acquires Thompson/McLay Insurance Associates
First Commonwealth announced its acquisition of Thompson/McLay Insurance Associates in Indiana, PA. Following the acquisition, Thompson/McLay will retain its name and operate as a division of First Commonwealth Insurance Agency. With the acquisition of Thompson/McLay, First Commonwealth Insurance Agency will focus on delivering in three primary service categories: employee benefits consulting, personal and commercial property and casualty offerings, and client consultation pertaining to the Affordable Care Act for individuals and small businesses.
October 9, 2014
07:08 EDTXCanadian court approves U.S. Steel division DIP financing, Reuters says
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