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November 19, 2012
10:41 EDTAKS, VFC, LH, DMND, PNNT, LRN, CPHD, MTL, DRYSOn 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.
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February 23, 2015
13:01 EDTAKSAK Steel to build research and innovation center in Middletown, Ohio
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09:59 EDTLHOn The Fly: Analyst Upgrade Summary
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08:12 EDTLHLabCorp upgraded to Overweight from Underweight at Morgan Stanley
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07:32 EDTLHLabCorp resumed with a Market Perform at Wells Fargo
Price target range $120-$129.
06:36 EDTLHLabCorp upgraded to Outperform from Neutral at Credit Suisse
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05:41 EDTLHLabCorp upgraded to Overweight from Neutral at Piper Jaffray
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February 20, 2015
07:13 EDTLHLabCorp says has temporarily suspended share repurchase program
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07:12 EDTLHLabCorp sees FY15 adjusted EPS $7.35-$7.70, consensus $7.34
Guidance includes accretion of approximately 35c-40c to earnings in 2015 from the acquisition of Covance. The Company expects to have approximately 102 million total weighted-average shares outstanding in 2015, after issuing approximately 15.3 million shares for the Covance transaction. Sees FY15 total revenue growth of approximately 40%-44%, after adjusting for approximately 160 basis points of negative currency impact. Revenue growth in the clinical laboratory business of approximately 3%-5%. Consensus is $6.16B. Revenue growth in the Covance business of approximately 4%-6%, after adjusting for approximately 330 basis points of negative currency impact. Sees FY15 operating cash flow $1.075B-$1.1B, CapEx $325M-$350M, free cash flow $725M-$775M. Free cash flow will be used to pay down debt and for tuck-in acquisitions. The company has temporarily suspended its share repurchase program until it approaches its target leverage ratio of 2.5 times debt to EBITDA. The company expects cost synergies from business optimization, corporate overhead and purchasing and logistics in excess of $100M within three years, with associated one-time costs of approximately $50M. The company expects synergies in 2015 of approximately $35M, with associated one-time costs of approximately $20M. Project LaunchPad will re-engineer the Company’s systems and processes, leverage technological advancements, create a sustainable, more efficient business model, and improve the experience of all stakeholders. The company expects this initiative to drive net savings in excess of $150M over the next three years, with associated one-time costs of approximately $30M. The company expects net savings from this initiative in 2015 of approximately $50M, with associated one-time costs of approximately $15M.
07:09 EDTLHLabCorp reports Q4 adjusted EPS $1.65, consensus $1.63
Reports Q4 revenue $1.51B, consensus $1.5B.
February 19, 2015
15:32 EDTLHNotable companies reporting before tomorrow's open
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11:36 EDTVFCVF Corp. reaches settlement with RevoLaze in patent infringement case
RevoLaze, LLC, a laser technology firm headquartered in Westlake, OH, announced that it has reached a settlement and license agreement with VF Corporation regarding the patent infringement lawsuits filed with the International Trade Commission August 18, 2014 and Cleveland U.S. District Court on August 15, 2014 naming 17 denim jeans companies. The financial terms of the agreement are confidential.
09:22 EDTLHLabCorp completes acquisition of Covance
LabCorp (LH) announced the completion of its acquisition of Covance (CVD), following its entry into a definitive purchase agreement on November 2, 2014. At closing, the purchase consideration was valued at $107.19 per Covance share, consisting of $75.76 in cash and 0.2686 LabCorp shares for each Covance share, or an equity value of approximately $6.2B and an enterprise value of approximately $5.7B. The closing of the transaction follows the receipt of all necessary regulatory requirements and approval of the transaction by Covance shareholders on February 18. With the closing of the transaction, Covance common stock will cease trading and will no longer be listed on the NYSE.
February 18, 2015
10:42 EDTVFCApparel makers beyond Perry Ellis seen hurt by port slowdown
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09:29 EDTMTLMechel reports disposal of Mechel Bluestone
Mechel has closed a deal on the disposal of Mechel Bluestone, including its mining operations, to a company owned by the Justice family. The deal includes: an immediate cash payment of $5M royalty payments on coal mined and sold in an amount of $3.00 per ton portion of any future sale of the company and/or its assets of 12.5% of the sale price if within five years of transaction close or 10% of the sale price after year five, but before year ten. In addition, as part of the transaction, the parties agreed to terminate all claims against each other, including their unresolved dispute related to the calculation of a contingent payment obligation arising out of the 2009 transaction in which Mechel obtained the Bluestone assets from Justice.
09:27 EDTLHCovance stockholders approve acquisition by LabCorp
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February 17, 2015
18:43 EDTVFCApparel stocks lower after Perry Ellis warns of West Coast port disruption
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February 13, 2015
16:28 EDTVFCOn The Fly: Closing Wrap
Stocks on Wall Street opened the session in positive territory and remained there throughout the day. Although the market moved in a narrow range, the S&P 500 closed at an all-time high, the Nasdaq hit a 15 year high, and the Dow crossed back above 18,000 for the first time this year. There was little volatility in the market as investors looked forward to the three day President’s Day weekend. ECONOMIC EVENTS: In the U.S., consumer sentiment fell to 93.6 in the preliminary February release from the University of Michigan survey, versus expectations for the reading to hold at the 98.1 it achieved in January. The import price index for January declined 2.8%, versus the consensus forecast for a 3.2% drop. In Europe, Eurozone GDP grew by 0.3% in the last three months of 2014, which was a bit faster than expected, largely due to strength in Germany. COMPANY NEWS: Shares of King Digital (KING) advanced $1.96, or 13.3%, to $16.70, while shares of Zynga (ZNGA) dropped 42c, or 15.79%, to $2.24 after both casual game makers last night announced fourth quarter results and provided their respective outlooks. The maker of Candy Crush and other games reported adjusted earnings per share and revenue that beat expectations and also announced a special dividend of 84c per share, while the revenue and outlook of its rival Zynga came in below expectations. MAJOR MOVERS: Among the notable gainers was Columbia Sportswear (COLM), which rose $7.91, or 18.15%, to $51.50 after the clothing maker reported better than expected sales and profits, gave an earning forecast that topped estimates and approved an additional $200M share repurchase authorization. Also higher following its earnings report was another clothing maker V.F. Corporation (VFC), the owner of the North Face, Vans and Timberland brands, which gained $4.26, or 6%, to $75.26. Among the noteworthy losers was MagnaChip Semiconductor (MX), which plunged $7.50, or 49.93%, to $7.52 and was downgraded at Topeka and Barclays after restating its financial statements for 2011, 2012, 2013, and the first three quarters of 2014. Also lower were shares of ConAgra (CAG), which slid $1.59, or 4.37%, to $34.83 after the packaged food maker said after last night's closing bell that it sees third quarter earnings per share 10c below the 62c it earned in the same quarter last year. INDEXES: The Dow rose 46.97, or 0.26%, to 18,019.35, the Nasdaq gained 36.22, or 0.75%, to 4,893.84, and the S&P 500 advanced 8.51, or 0.41%, to 2,096.99.
07:09 EDTCPHDCepheid receives FDA clearance for expanded claims on TB test
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07:04 EDTVFCVF Corp. sees FY15 EPS up 12% on currency netural basis vs. FY14
Consensus is $3.39. Revenue is expected to increase by 8% on a currency neutral basis. Revenues for the Outdoor & Action Sports coalition, including The North Face®, Vans® and Timberland® brands, are expected to increase at a low double-digit percentage rate currency neutral. Imagewear and Sportswear coalition revenues are expected to grow at a mid single-digit rate. Jeanswear is expected to grow at a low single-digit rate and Contemporary Brands revenues are expected to be nearly flat on a currency neutral basis. VF expects to spend approximately $700M under the company’s share repurchase program; when combined with the annual dividend, this will return more than $1.2B to shareholders in 2015. Gross margin is expected to improve by 40 basis points to reach 49.2%, which includes a 30 basis point headwind from changes in foreign currency. Operating margin is expected to reach 15%, including the negative impact of changes in foreign currency. In terms of revenue comparisons in 2015, on a currency neutral basis, we expect relatively consistent growth comparisons quarter-by-quarter throughout the year. Due to the rapid strengthening of the U.S. dollar in the second half of 2014, reported revenue comparisons in the second half of 2015 will be slightly stronger than in the first half. In terms of earnings cadence in 2015, the negative impact of currency movements is more pronounced in the first half of the year, especially in the first quarter when foreign currencies in 2014 were at their strongest level against the U.S. dollar and our international business mix is particularly high.
07:01 EDTVFCVF Corp. reports Q4 adjusted EPS 98c, consensus 98c
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