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July 11, 2014
10:00 EDTQCOM, OTEX, FINL, ALDW, TCK, PG, MTG, CNW, TGB, PRGO, AUMN, EATOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Alon USA Partners (ALDW) downgraded to Neutral from Buy at Citigroup... Brinker (EAT) downgraded to Hold from Buy at Wunderlich... Con-way (CNW) downgraded to Neutral from Buy at Citigroup... Finish Line (FINL) downgraded at Sterne Agee... Golden Minerals (AUMN) downgraded to Neutral from Buy at Roth Capital... MGIC Investment (MTG) downgraded to Buy from Conviction Buy at Goldman... Open Text (OTEX) downgraded to Sector Perform from Outperform at RBC Capital... Perrigo (PRGO) downgraded to Equal Weight from Overweight at Morgan Stanley... Procter & Gamble (PG) downgraded to Market Perform from Outperform at Wells Fargo... Qualcomm (QCOM) downgraded to Buy from Conviction Buy at Goldman... Taseko Mines (TGB) downgraded at BofA/Merrill... Teck Resources (TCK) downgraded to Underperform from Neutral at BofA/Merrill.
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November 18, 2015
10:30 EDTQCOMQualcomm drops, levels to watch
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10:10 EDTPRGOOptions with decreasing implied volatility
Options with decreasing implied volatility: INSY PRGO SYF KSS LOCO ATML JWN JD MEG MWE
10:00 EDTPRGOOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Apple (AAPL) upgraded to Conviction Buy from Buy at Goldman... BorgWarner (BWA) upgraded to Buy from Neutral at Goldman... Cognex (CGNX) upgraded to Buy from Hold at Canaccord... FARO Technologies (FARO) upgraded to Buy from Hold at Canaccord... Lazard (LAZ) upgraded to Strong Buy from Outperform at Raymond James... LendingClub (LC) upgraded on valuation, positive outlook at Sterne Agee CRT... Middleby (MIDD) upgraded to Outperform from Market Perform at BMO Capital... Perrigo (PRGO) upgraded to Buy from Neutral at B. Riley... RE/MAX Holdings (RMAX) upgraded to Market Perform from Underperform at JMP Securities... Sally Beauty (SBH) upgraded to Buy from Neutral at Goldman... Shopify (SHOP) upgraded to Outperform from Market Perform at Raymond James... TASER (TASR) upgraded to Buy from Neutral at Ladenburg... USG (USG) upgraded to Buy from Neutral at Northcoast.
09:09 EDTPGProcter & Gamble says 'not averse' to looking at any option that creates value
Says "not averse" to looking at any option that creates value for shareholders.
09:05 EDTQCOMQualcomm says Korea FTC report allegations 'not supported by the facts'
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08:57 EDTPGProcter & Gamble CFO sees organic sales topline growth resuming in Q2
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08:46 EDTPGProcter & Gamble repeats FY16 guidance in presentation slides
Sees FY16 core EPS growth down slightly to up mid single digits, all-in EPS growth up 53%-63%. Sees FY16 core operating profit up mid to high single digits. Sees FY16 organic sales growth in line to up low single digits, all-in sales growth down high single digits. Sees currency down 5%-6%, Venezuela and minor brand divestitures down 2%-3%. Sees FY16 share retirement/repurchases $8B-$9B, dividends over $7B, cash returned to shareholders $15B-$16B. Comments from slides being presented at the Morgan Stanley Global Consumer and Retail Conference.
08:22 EDTPRGOMylan resinstated with an Overweight at JPMorgan
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06:37 EDTPRGOPerrigo resumed with a Neutral from Overweight at JPMorgan
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06:02 EDTPRGOPerrigo upgraded to Buy from Neutral at B. Riley
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05:28 EDTTCKTeck Resources to reduce spending by $650M, cuts 1,000 jobs
In response to persistent low commodity prices, Teck Resources is implementing additional measures to reduce costs and conserve capital: Reduction in total spending of $650M in 2016, to be achieved through $350M of capital spending reductions and deferrals and $300M of operating cost savings identified as part of the 2016 operating budget. Elimination of an additional 1,000 positions across Teck's global offices and operations, through a combination of layoffs and attrition. This will include a reduction in senior management positions and brings total labor force reductions over the past 18 months to approximately 2,000 positions. Withdrawal of the Coal Mountain Phase 2 project from the Environmental Assessment process and suspension of further work on the project. The capital reductions and deferrals described above are in comparison to preliminary 2016 capital spending plans. The 2016 capital budget is still under review and Teck will announce forecast 2016 capital spending in February 2016.
November 17, 2015
11:32 EDTQCOMQualcomm to host analyst meeting
Analyst Meeting to be held in New York on November 18 at 10 am. Webcast Link
11:03 EDTQCOMTsinghua Chairman says in talks with U.S.-based chipmaker, Reuters reports
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10:33 EDTQCOMCiti says Xilinx, not Maxim, likely to be acquired
According to Citi, analog chip maker Maxim Semiconductor (MXIM) probably won't be acquired, despite Bloomberg reports which stated that Texas Instruments (TXN) and Analog Devices (ADI) had held talks about potentially buying the company. The firm sees Xilinx (XLNX) as the only large cap chip maker remaining that has "all of the attributes of a good takeover target." WHAT'S NEW: The only two companies capable of buying Maxim are Texas Instruments and Analog Devices, Citi analyst Christopher Danely wrote in a note to investors today. However, Maxim's valuation is too high for Texas Instruments and the deal would be too big for Analog Devices, the analyst stated. However, Xilinx is a potential takeover target, partly due to its high margins, a size large enough that it could impact an acquirer's profits and its cost cutting opportunities, Danely stated. One potential acquirer of Xilinx is Qualcomm (QCOM), which has suggested that it could be interested in M&A opportunities in the future, the analyst wrote. Despite his belief that Xilinx could be acquired, Danely kept a Neutral rating on the shares. WHAT'S NOTABLE: On October 14, Bloomberg reported that Analog Devices and Maxim were in merger talks. On October 28, the news service reported that Texas Instruments was in talks about buying Maxim. According to Bloomberg, Maxim was working with a bank on a strategic review before it was approached by Analog Devices. Maxim may not want to sell itself unless it receives a large premium, the news service stated. PRICE ACTION: In early trading, Maxim was flat near $38.86 per share, while Xilinx gained 1.5% to $47.83.
10:11 EDTPRGOOptions with decreasing implied volatility
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10:01 EDTFINLUnder Armour, Nike slide after Dick's outlook misses expectations
Shares of Under Armour (UA) and Nike (NKE) slipped after Dick's Sporting Goods (DKS) provided guidance for the fourth quarter and fiscal 2015 that both missed consensus estimates. WHAT'S NEW: Dick's Sporting Goods reported Q3 adjusted earnings per share of 45c on revenue of $1.64B, mostly in-line with analyst estimates of 47c on revenues of $1.64B. The company guided for Q4 EPS of $1.10-$1.25, short of the consensus estimate of $1.43. Dick's also said it anticipates FY15 adjusted EPS of $2.85-$3.00, lower than current analyst expectations of $3.19. STREET RESEARCH: Following the report, Baird analyst Justin Kleber said that Dick's Sporting Goods is the "strongest player" in its segment, which should enable the company to grow its sector-leading 10% market share at the expense of smaller competitors. The analyst added that profitability for the company should improve as volumes increase and as the company leverages its store base to fulfill further orders. Kleber said that Dick's Sporting Goods' e-commerce business will be more profitable than its brick-and-mortar business by 2017. The analyst maintained a Neutral rating and $48 price target on Dick's Sporting Goods' stock. PRICE ACTION: In morning trading, Dick's Sporting Goods dropped 17.5% to $33.67, while supplier Under Armour fell 5.6% to $84.95 and Nike was down 2% to $121.08. Dick's peers fell as well, with Finish Line (FINL) dropping 1%, Foot Locker (FL) slid 1.3% and Cabela's (CAB) dipping marginally in morning trading.
08:54 EDTQCOMMaxim could be bidder for Fairchild, says Citi
Citi analyst Atif Malik views Maxim Integrated (MXIM) as a potential acquirer Fairchild Semiconductor (FCS). Bloomberg on October 13 reported that Fairchild was seeking advice for a potential sale, and listed potential acquirers as STMicroelectronics (STM), Infineon (IFNNY) and ON Semiconductor (ON). Bids from STM and ON seem unlikely, but Infineon and Maxim could be potential acquirers of Fairchild, Malik tells investors in a research note. In a bull case scenario, Fairchild's buyout value could reach $25 per share, the analyst contends. Fairchild closed yesterday at $17.76. Malik's peer at Citi, analyst Christopher Danely, argued today in research note that Maxim Integrated (MXIM) is unlikely to get acquired despite reports of interest from Analog Devices (ADI) and Texas Instruments (TXN). Danely views Xilinx (XLNX) as a potential takeout target, potentially for Qualcomm (QCOM).
08:37 EDTQCOMCiti sees Xilinx, not Maxim, as potential takeout candidate
Citi analyst Christopher Danely says he does not expect Maxim Integrated (MXIM) to get acquired despite reports of interest from Analog Devices (ADI) and Texas Instruments (TXN). Xilinx (XLNX) is the only large-cap semiconductor company left with "all of the attributes of a good takeover target," Danely tells investors in a research note. He believes Xilinx management could be willing sellers at the right price, and points out Qualcomm (QCOM) has a history of doing deals. Xilinx could make a good candidate for Qualcomm, Danely contends.
07:52 EDTPGMorgan Stanley to hold a conference
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05:33 EDTQCOMStocks with implied volatility below IV index mean; YUM QCOM
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