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Stock Market & Financial Investment News

News Breaks
November 19, 2012
10:41 EDTLRN, CPHD, MTL, DRYS, AKS, VFC, LH, DMND, PNNTOn The Fly: Analyst Downgrade Summary
Today’s notable downgrades include: AK Steel (AKS) downgraded to Neutral from Buy at Longbow...Cepheid (CPHD) downgraded to Neutral from Buy at Goldman...Diamond Foods (DMND) downgraded to Underperform from Hold at Jefferies...DryShips (DRYS) downgraded to Market Perform from Outperform at Wells Fargo...K12 (LRN) downgraded to Market Perform from Outperform at Wells Fargo...LabCorp (LH) downgraded to Sell from Neutral at Goldman...Mechel (MTL) downgraded to Equal Weight from Overweight at Morgan Stanley...PennantPark (PNNT) downgraded to Neutral from Outperform at RW Baird...VF Corp. (VFC) downgraded to Neutral from Buy at DA Davidson.
News For AKS;CPHD;DMND;DRYS;LRN;LH;MTL;PNNT;VFC From The Last 14 Days
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March 30, 2015
16:05 EDTDRYSDryShips announces agreements to sell tanker fleet
DryShips announced that it has entered into firm sales agreements with entities controlled by the company's Chairman and CEO, George Economou, to sell its four Suezmax tankers, Vilamoura, Lipari, Petalidi and Bordeira, for an en-bloc sales price of $245M. In addition, it has entered into agreements with entities controlled by Economou to potentially sell its six Aframax tankers, Belmar, Calida, Alicante, Mareta, Saga and Daytona. The agreements to sell the Aframax fleet are not effective until the purchaser confirms his unconditional acceptance latest by June 30. Under the terms of the firm sales agreements on the four Suezmax tankers, the purchasers will pay upfront 20% to DryShips and the balance purchase price will be due on delivery which will be between July 1 and October 31 at the company's option. Under the terms of the agreements on the six Aframax tankers, the purchasers could potentially acquire these tankers for an en-bloc sales price of $291M, as long as they confirm their unconditional acceptance by June 30. Other than the sales price, all other material terms and conditions of this potential transaction mirror the terms and conditions on the sale of the four Suezmax tankers, including a 20% upfront payment to DryShips.
10:52 EDTLHLeerink's life science tools analyst holds an analyst/industry conference call
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March 27, 2015
14:47 EDTPNNTPennantPark management to meet with JPMorgan
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10:03 EDTLHOn The Fly: Analyst Initiation Summary
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06:12 EDTLHLabCorp initiated with an Outperform at JMP Securities
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March 25, 2015
12:54 EDTAKSSteel stocks trade higher ahead of Congressional Steel Caucus hearing
Steel manufacturing stocks are trading higher ahead of tomorrow's testimony at a Congressional Steel Caucus hearing. WHAT'S NEW: The United Steelworkers, or USW, will be joining Chief Executive Officers of steel companies and other representatives from the steel industry on Thursday, March 26 on Capitol Hill to testify at a Congressional Steel Caucus hearing on the "State of American Steel." The USW and the steel executives will speak to the state of the steel industry and how policies on trade are impacting manufacturing in the steel industry. WHAT'S NOTABLE: According to the American Iron and Steel Institute, year-to date total and finished steel imports are 7.977M and 6.41M net tons, respectively, up 23% and 36%, respectively, vs. the same period in 2014. In the past month, steelmakers including Nucor (NUE), AK Steel Holding (AKS) and Steel Dynamics (STLD) all issued profit warnings. On March 19, Nucor said "Overall operating performance at the steel mills segment for the first quarter of 2015 is expected to decrease significantly compared to the fourth quarter of 2014," citing lower selling prices and margins resulting from the "exceptionally high level of imports flooding the domestic market." The company also said "Total imports increased 38% in 2014 compared to 2013, with imports accounting for approximately 34% of the total domestic shipments in 2014. Global overcapacity built by state-owned enterprises is the biggest risk factor to our business." This morning, United States Steel Corporation (X) announced plans to consolidate its North American Flat-Rolled operations and temporarily idle its Granite City Works operations. The company noted that the consolidation is a result of challenging market conditions that reflect the cyclical nature of the industry. Global influences in the market like reduced steel prices, unfair trade, imports and fluctuating oil prices, continue to have an impact on the business, the company said. Publicly traded companies in the space including U.S. Steel , AK Steel and Steel Dynamics are all trading higher while Nucor is fractionally lower in midday trading.
11:48 EDTAKSSteel industry leaders set to testify on import surge, Bloomberg says
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11:28 EDTAKSEU to impose tariffs on steel from China and Taiwan, Reuters says
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08:53 EDTLHLabCorp has a conference call hosted by JPMorgan
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March 24, 2015
16:09 EDTCPHDCepheid receives FDA emergency use authorization for Xpert Ebola diagnostic test
Cepheid announced it has received Emergency Use Authorization from the FDA for Xpert Ebola, a molecular diagnostic test for Ebola Zaire Virus that delivers results in less than two hours. The test runs on the Cepheid GeneXpert Systems. Xpert Ebola has been authorized by FDA under an Emergency Use Authorization for use by CLIA moderate and high complexity laboratories or similarly qualified non-U.S. laboratories. The test will begin shipping in April. Cepheid's Xpert Ebola has not been FDA cleared or approved, but will remain available in the U.S. as an EUA product as long as the declared emergency remains in effect or it ceases to be authorized by FDA.
08:30 EDTLHLabCorp shares should be bought at current levels, says Maxim
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07:46 EDTLHLabCorp price target raised to $160 from $141 at Maxim
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March 23, 2015
10:07 EDTDMNDDiamond Foods management to meet with SunTrust
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10:00 EDTAKSOn The Fly: Analyst Downgrade Summary
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06:23 EDTAKSAK Steel downgraded to Neutral from Outperform at Macquarie
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March 20, 2015
09:24 EDTAKSOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Ctrip.com (CTRP), up 20.1%... Rally Software (RALY), up 17.3%... Nike (NKE), up 5.2%... Darden Restaurants (DRI), up 4.3%... Cheetah Mobile (CMCM), up 3.6%. ALSO HIGHER: Prothena (PRTA), up 40.2% after reporting positive results from Phase 1 study of PRX002... Viggle (VGGL), up 26.9% after confirming receipt of offer from chairman and CEO Robert Sillerman... Intercept Pharmaceuticals (ICPT), up 8.5% after announcing new data analyses from FLINT trial... Biogen Idec (BIIB), up 9.7% after presenting positive interim results from study of aducanumab... Pier 1 Imports (PIR), up 5.2% after being upgraded to Outperform from Perform at Oppenheimer... JinkoSolar (JKS), up 2.8% after announcing that it will supply 75 MWdc of its PV solar modules to Red Horse 2 project and following a strategic collaboration agreement with DuPont (DD). DuPont is up just under 1%. DOWN AFTER EARNINGS: AK Steel (AKS), down 6.8%... Youku Tudou (YOKU), down 4.9%... Tiffany (TIF), down 3.3%. ALSO LOWER: Macerich (MAC), down 7.7% after Simon makes $95.50 per share "best and final" offer.
March 19, 2015
18:58 EDTAKSOn The Fly: After Hours Movers
UP AFTER EARNINGS: Mattress Firm (MFRM), up 5.2%... New York & Company (NWY), up 3.1%... Rally Software (RALY), up 1.4%... Nike (NKE), up 4.2%... Youku Tudou (YOKU), up 1%. ALSO HIGHER: Prothena (PRTA), up 39.3% after reporting positive results from Phase 1 study of PRX002... SeaWorld (SEAS), up 1% after naming Joel Manby as president and CEO. DOWN AFTER EARNINGS: AK Steel (AKS), down 9.1%.
17:20 EDTAKSAK Steel down 5% following weaker than expected Q1 guidance
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17:19 EDTAKSAK Steel reports Q1 EPS (23c)-(28c), consensus 1c
AK Steel stated that Q1 EPS has been significantly and negatively impacted by lower than expected carbon steel spot market shipments and prices due to unexpectedly high levels of what it believes are unfairly traded imports. AK Steel expects Q1 shipments of approximately 1.73M tons, a decrease of approximately 14% from 4Q14. AK Steel expects a Q1 average selling price of approximately $995/ton, or about 1% higher than 4Q14. AK Steel expects to benefit in Q1 from lower raw material and energy costs, as well as stable and consistent operations. However, the collective benefit of these items is expected to be significantly out-weighed by the negative financial effects of the shipment volume and selling price declines
08:57 EDTCPHDCepheid has a conference call hosted by JPMorgan
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