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March 17, 2014
10:03 EDTPOT, TCP, REGN, MMLP, BHI, AGU, PSA, SI, POST, LO, AHT, SAP, RNF, WTS, STAA, PTEN, CVLT, ALDW, KOGOn The Fly: Analyst Upgrade Summary
Alon USA Partners (ALDW) upgraded to Buy from Neutral at Citigroup... Ashford Hospitality (AHT) upgraded to Outperform from Market Perform at JMP Securities... Baker Hughes (BHI) upgraded to Buy from Neutral at Goldman... CommVault (CVLT) upgraded to Buy from Neutral at Mizuho... Lorillard (LO) upgraded to Buy from Neutral at Goldman... Martin Midstream Partners (MMLP) upgraded to Buy from Neutral at UBS... Patterson-UTI Energy (PTEN) upgraded to Conviction Buy from Neutral at Goldman... Post Holdings (POST) upgraded to Buy from Neutral at SunTrust... Regeneron (REGN) upgraded to Buy from Neutral at Citigroup... STAAR Surgical (STAA) upgraded to Buy from Hold at Canaccord... Siemens (SI) upgraded to Buy from Neutral at BofA/Merrill... TC PipeLines (TCP) upgraded to Buy from Neutral at UBS... Watts Water (WTS) upgraded to Buy from Hold at BB&T... Public Storage (PSA) upgraded to Outperform from Neutral at Macquarie... Potash (POT) upgraded to Market Perform from Underperform at Cowen... Rentech Nitrogen (RNF) upgraded to Market Perform from Underperform at Cowen... Agrium (AGU) upgraded to Market Perform from Underperform at Cowen... Kodiak Oil & Gas (KOG) upgraded to Buy from Accumulate at KLR Group... SAP (SAP) upgraded to Buy from Neutral at Citigroup.
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October 1, 2015
10:32 EDTPOTBernstein U.S. chemicals analysts hold an analyst/industry conference call
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05:54 EDTREGNExpress Scripts hinted at slow anti-PCSK9 launches, says Piper Jaffray
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September 30, 2015
18:28 EDTBHICourt says Interior Department lacks authority for fracking rule, WSJ reports
A federal court judge ruled that the Interior Department lacked the authority to institute a stricter rule on fracking, reports the Wall Street Journal, citing Judge Scott Skavdahl's preliminary injunction. Publicly traded companies in the space include Baker Hughes (BHI), IHS Inc. (IHS), Halliburton (HAL), Nabors Industries (NBR), and Weatherford (WFT). Reference Link
17:34 EDTREGNExpress Scripts says many PCSK9 prescriptions denied, Reuters reports
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10:00 EDTPOSTOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Analog Devices (ADI) upgraded to Buy from Neutral at Citi... Asbury Automotive (ABG) upgraded to Neutral from Underperform at BofA/Merrill... Brookfield (BAM) upgraded to Outperform from Market Perform at BMO Capital... CNOOC (CEO) upgraded to Buy from Hold at Jefferies... Canadian Pacific (CP) upgraded to Buy from Neutral at Goldman... Citizens Financial (CFG) upgraded to Buy from Neutral at UBS... Esperion (ESPR) upgraded to Neutral from Sell at Chardan... HSBC (HSBC) upgraded to Buy from Neutral at UBS... Hecla Mining (HL) upgraded to Outperformer from Sector Performer at CIBC... Johnson Controls (JCI) upgraded to Outperform from Market Perform at William Blair... Level 3 (LVLT) upgraded to Buy from Neutral at UBS... Madison Square Garden (MSG) upgraded on asset value, share buyback outlook at Stifel... Medivation (MDVN) upgraded to Market Perform from Underperform at Cowen... PHH Corp. (PHH) upgraded to Buy from Neutral at Compass Point... Post Holdings (POST) upgraded to Buy from Neutral at SunTrust... Ralph Lauren (RL) upgraded to Buy from Neutral at UBS... Regions Financial (RF) upgraded to Buy from Hold at Sandler O'Neill... Shire (SHPG) upgraded to Hold from Reduce at HSBC... Sinopec (SNP) upgraded to Buy from Hold at Jefferies... Verifone (PAY) upgraded to Buy from Hold at Argus.
07:03 EDTPOSTPost Holdings upgraded to Buy from Neutral at SunTrust
SunTrust upgraded Post Holdings to Buy and increased its price target to $75 from $65 on shares. Analyst William Chappell upgraded shares citing the almost 20% pullback in the last two days on reports it will no longer bid for ConAgra's private label business. Chappell views valuation as attractive and believes the company has stabilized its legacy business and has the opportunity to post significant upside to estimates.
September 28, 2015
15:57 EDTPOSTConAgra private label unit bid on by TreeHouse, dealReporter says
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10:37 EDTBHIAnalysts sees upside for Halliburton as Baker Hughes deal moves forward
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07:52 EDTREGNIIR Holdings to hold a conference
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06:48 EDTBHIHalliburton and Baker Hughes announce additional divestiture proposals
Halliburton (HAL) and Baker Hughes (BHI) announced that the companies will market for sale additional businesses in connection with Halliburton's pending acquisition of Baker Hughes. Pursuant to the Merger Agreement, and in order to permit completion of Halliburton's acquisition of Baker Hughes, the following additional businesses are intended to be divested: Halliburton's expandable liner hangers business, which is part of the company's Completion & Production Division; Baker Hughes' core completions business, which includes: packers, flow control tools, subsurface safety systems, intelligent well systems, permanent monitoring, sand control tools and sand control screens; the Baker Hughes sand control business in the Gulf of Mexico, including two pressure pumping vessels; and Baker Hughes' offshore cementing businesses in Australia, Brazil, the Gulf of Mexico, Norway, and the United Kingdom. The combined 2013 revenue associated with all of the businesses intended to be divested was approximately $5.2B. The sale of these businesses will be subject to the negotiation of acceptable terms and conditions for the divestitures, the approval of the divesting company's board, and final approval of the Baker Hughes acquisition by competition enforcement authorities. Halliburton anticipates that the companies will complete the sales of these businesses in the same timeframe as, and the closing of the divestitures would be conditioned on, the closing of the pending Baker Hughes acquisition.
05:18 EDTREGNRegeneron and Sanofi announce of approval of Praluent in EU
Regeneron (REGN) and Sanofi (SNY) announced that the European Commission has granted marketing authorization for Praluent for the treatment of bad cholesterol, known as low-density lipoprotein cholesterol, in certain adult patients with hypercholesterolemia. Praluent is the only EC-approved PCSK9 inhibitor that is available in two starting doses as a single 1-milliter injection once every two weeks, offering two levels of efficacy. Praluent will be available in a single-dose pre-filled pen that patients self-administer. The EC approved Praluent for the treatment of adult patients with primary hypercholesterolemia or mixed dyslipidemia as an adjunct to diet: a) in combination with a statin, or statin with other lipid-lowering therapies in patients unable to reach their LDL-cholesterol goals with the maximally-tolerated statin or b) alone or in combination with other lipid-lowering therapies for patients who are statin intolerant, or for whom a statin is contraindicated. The effect of Praluent on cardiovascular morbidity and mortality has not yet been determined.
September 25, 2015
16:17 EDTREGNOn The Fly: Top stock stories for Friday
Stocks opened with sharp gains the day after Fed Chair Janet Yellen gave some clarity to the market by suggesting the Fed will most likely raise interest rates by the end of the year. During afternoon trading, the news flow slowed and the volume lightened on the buy side, leaving the sellers with the upper hand. The Nasdaq was the first index to move into negative territory, led by broad weakness in biotech stocks, while the Dow was helped to stay in the green by a big post-earnings move higher in Nike (NKE). The averages limped into the close, leaving the market with an interesting set-up to begin next week. Outside of stock news, it was certainly a headline packed day, as Speaker of the House John Boehner announced that he will resign at the end of October, Chinese President Xi Jinping continued his U.S. visit and Pope Francis addressed the United Nations while spending a second day in New York City. ECONOMIC EVENTS: In the U.S., the third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... Federal Reserve Chair Janet Yellen said during a speech at UMass Amherst last night that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago. Of note, the Fed chair paused multiple times toward the end of her speech and received medical attention afterward, but returned to her regular schedule later in the evening, with the bank explaining that Yellen was dehydrated after a long day but was otherwise fine. COMPANY NEWS: Nike jumped $10.23, or 8.9%, to $125.02 after Thursday night's report of better than expected earnings and futures orders prompted numerous price target hikes at Street research firms. Additionally, Sterne Agee upgraded Nike to Buy from Neutral, saying it thinks the company is benefiting from its "global grass roots engagement with its customers," which enables it to meet its customers' needs and determine to what extent it can raise prices. The firm, which thinks that the company is continuing to gain share, has a $150 price target on the athletic gear giant... Biotech stocks, which were already having a bad week, ended the week on a down note, as the iShares NASDAQ Biotechnology Index (IBB) fell 4.9%, giving it a weekly decline of about 13%. Among the biggest large-cap losers in the space were Vertex (VRTX), which fell 7%, Regeneron (REGN), which dropped 6% and Celgene (CELG), which slid 4.8%. MAJOR MOVERS: Among the notable gainers was Jabil Circuit (JBL), which advanced $2.38, or 12.2%, to $21.88 after it reported higher than expected earnings and gave guidance for its November quarter that was significantly above expectations. Also higher was Cirrus Logic (CRUS), which gained $3.90, or 14.4%, to $31.03 after tear downs of Apple's (AAPL) iPhone 6S and 6S Plus led analysts to conclude that the chipmaker appears poised to obtain more revenue from the new devices than from the previous generation of the market-leading smartphone. Among the noteworthy losers was Finish Line (FINL), which fell $4.86, or 19.6%, to $19.91 after reporting second quarter revenue that missed expectations and saying it expects adjusted earnings this fiscal year to increase in a low single to mid single digits percentage from last year. Also lower following its earnings report was smartphone and software maker BlackBerry (BBRY), which slid 7.68% to $6.49 after the company posted a second quarter loss that was steeper than analysts expected. BlackBerry also confirmed press reports that it plans to launch a new phone that uses Google's (GOOG) Android operating system instead of its own proprietary BB10 OS. Shares of Aratana Therapeutics (PETX), which dropped $6.81, or 38.97%, to $10.68 after the company said that, based on "mixed clinical and scientific results," it does not believe that canine lymphoma products AT-004 and AT-005 in their current, first-generation forms will capture the desired lymphoma market opportunity. INDEXES: The Dow rose 113.35, or 0.7%, to 16,314.67, the Nasdaq fell 47.98, or 1.01%, to 4,686.50, and the S&P 500 added/slipped 0.90, or 0.05%, to 1,931.34.
13:03 EDTBHIBaker Hughes reports U.S. rig count down 4 to 838
Baker Hughes says that the U.S. Rig Count is down 4 rigs from last week to 838, with oil rigs down 4 to 640, gas rigs down 1 to 197, and miscellaneous rigs up 1 to 1. Says the U.S. Rig Count is down 1,093 rigs from last year at 1,931, with oil rigs down 952, gas rigs down 141, and miscellaneous rigs unchanged at 1. The U.S. Offshore rig count is 33, up 2 rigs from last week, and down 29 rigs year over year. The Canadian Rig Count is down 6 rigs from last week to 176, with oil rigs down 4 to 66, and gas rigs down 2 to 110. The Canadian Rig Count is down 253 rigs from last year at 429, with oil rigs down 180, and gas rigs down 73.
09:07 EDTREGNBayer says Eylea recommended for EU approval in additional indication
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September 24, 2015
13:31 EDTSAPAriba settles trade secrets litigation with Coupa
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08:33 EDTREGNRegeneron and Icahn School of Medicine enter antibody research agreement
Regeneron and The Experimental Therapeutics Institute at the Icahn School of Medicine at Mount Sinai today announced that they have entered into an agreement with the goal of accelerating the discovery of fully human antibodies directed against therapeutic targets being researched by Mount Sinai investigators. Regeneron will provide the ETI with access to VelocImmune technology and potential financial support to use the company's proprietary antibody discovery platform to generate antibodies against targets of interest and explore potential therapeutic applications for human disease. ETI will undertake preclinical research, and Regeneron has an exclusive option to negotiate a license to the antibody for future clinical development and commercialization.
07:20 EDTPOTPotash volatility increases as shares trend lower
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September 23, 2015
07:47 EDTPOTJPMorgan cuts targets for Mosaic and Potash but still sees value
JPMorgan analyst Jeffrey Zekauskas says weakening demand and price trends for potash does not bode well for the China and India contracts for 2016. The analyst reduced his earnings expectations for Potash (POT) and Mosaic (MOS), but keeps Overweight ratings on both citing their "value characteristics." He cut his price target for Potash to $26 from $34 and for Mosaic to $40 from $52.
07:02 EDTPOSTPost to acquire Willamette Egg Farms
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06:40 EDTPOTK+S investors urge company to reconsider Potash takeover, WSJ reports
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