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July 11, 2014
10:00 EDTTCK, PG, MTG, CNW, TGB, PRGO, AUMN, EAT, QCOM, OTEX, FINL, ALDWOn 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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May 27, 2015
11:43 EDTPGRumor: Procter & Gamble active on renewed activist investor speculation
Procter & Gamble shares are active on renewed speculation Nelson Peltz's Trian Partners has taken stake in the company.
06:13 EDTQCOMTech companies look for ways to fend off activist investors, WSJ reports
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May 26, 2015
10:13 EDTEATHigh option volume stocks
06:24 EDTPGL'Oreal not interested in buying P&G's Wells business, Reuters reports
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May 25, 2015
13:56 EDTPRGOMylan responds to claims of EPS forecasting by Perrigo
Mylan (MYL) announced that it was asked by the Irish Takeover Panel to issue the following clarification and retraction in accordance with the Irish takeover rules, relating to its firm intention to make an offer to acquire Perrigo (PRGO). The clarification and retraction relates to certain forward-looking statements made by Mylan specifically during the "pendency of the offer" period concerning its long-stated target since 2012 of at least $6.00 in adjusted EPS by 2018. Subsequent to Mylan's May 5 earnings release, Perrigo submitted a complaint to the Irish Takeover Panel alleging that the reference to Mylan's $6.00 long-term target should be treated as a forward-looking profit forecast statement. Although Mylan's adjusted EPS goal has been a stated long-term target, and not a forecast of Mylan, at least during the offer period as it pertains to the Perrigo transaction, Mylan will no longer refer to that 2018 target or any other forward looking statements beyond 2015 that could constitute profit forecasts.
12:37 EDTQCOMQualcomm, Daimler announce strategic collaboration on connected car technology
Daimler AG (DDAIF) and Qualcomm Technologies, a subsidiary of Qualcomm (QCOM), announced a strategic collaboration focused on vehicle innovation. In the first phase of the collaboration, the companies will focus on developing vehicles with mobile technologies such as 3G/4G connectivity, wireless charging technology, and implementation of the Qualcomm "Halo" wireless electric vehicle charging technology. In addition, the companies are jointly assessing the application of Qualcomm's newly developed "Automotive Solutions." Qualcomm Technologies is collaborating with Daimler on its wireless power transfer 2.0 program for electric vehicles. The Qualcomm Halo technology could allow Daimler customers to charge their electric vehicles and plug-in hybrid EVs without having to plug them in. In addition, Qualcomm WiPower technology enables consumer electronics to charge wirelessly in-vehicle.
May 22, 2015
13:49 EDTPGHenkel seen in lead for Procter & Gamble's Wella brand, Bloomberg says
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12:48 EDTPGHenkel seen in lead for Procter & Gamble's Wella brand, Bloomberg says
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08:12 EDTPGProcter & Gamble should consider break-up, says Bernstein
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May 21, 2015
10:26 EDTPGDesigner Parfums, LUXE Brands to purchase Frederic Fekkai brand from P&G
Designer Parfums and LUXE Brands announced they have collaborated to form a joint venture to acquire the Frédéric Fekkai luxury hair care brand and salons from Procter & Gamble, effective June 30. The Fekkai business comprises a range of hair products and seven salons in New York, Connecticut, Florida, Texas and California. Approximately 225 people are currently employed in the salon business; they are expected to transfer to the newly formed entity.
07:37 EDTPRGOPfizer replaces AbbVie as top global pharma pick at Jefferies
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07:32 EDTQCOMQualcomm initiates $5B accelerated share repurchase
Qualcomm announced that it has entered into accelerated share repurchase agreements with two financial institutions to repurchase an aggregate of $5B of Qualcomm's common stock, with an initial delivery of approximately 57.7M shares. The final number of shares to be repurchased will be based on the volume-weighted average stock price of Qualcomm's common stock during the term of the transaction, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreements. The company is funding the accelerated share repurchase with proceeds from its recently completed $10B debt offering.
May 20, 2015
19:02 EDTOTEXOn The Fly: After Hours Movers
UP AFTER EARNINGS: (CRM), up 6.6%... Williams-Sonoma (WSM), up 4%. ALSO HIGHER: CTPartners (CTP), up 42% after agreeing to exclusive negotiations to be acquired by DHR International. DOWN AFTER EARNINGS: Xunlei (XNET), down 14.9%... NetApp (NTAP), down 8%... Open Text (OTEX), down 7.7%.... Rexnord (RXN), down 7.1%... Synopsys (SNPS), down 1.5%... Youku Tudou (YOKU), down 1.2%. ALSO LOWER: Wave Systems (WAVX), down 8.5% after filing to sell Class A common stock and warrants... OXiGENE (OXGN), down 5.1% after filing mixed securities shelf.
16:06 EDTOTEXOpenText announces restructuring plans
The company announced that it is initiating a restructuring program in conjunction with organizational changes to support its Cloud strategy and drive further operational efficiencies. Barrenechea said, "Effective immediately, we are announcing a simplification of our business structure around Enterprise, Information Exchange and Analytics, as well as a new Global Technical Services organization. This structure will allow us to scale as we continue to acquire complementary businesses over time, and will provide additional focus on winning the customer and capturing the lifetime value of that relationship. As a result of the restructuring, we expect to save approximately $50M in annualized operating expense, accretive to FY16 earnings and with little to no impact on revenues." The restructuring program costs are primarily related to employee severance arrangements and facility expenses, and are expected to result in a pre-tax restructuring charge of approximately $25M, total cash payments in the same amount, and a reduction in the company's workforce by approximately 5%. The company expects these charges to be incurred, and the costs to be paid out, substantially in the 1Q16.
16:05 EDTOTEXOpenText sees Q4 EPS 64c-72c, consensus 89c
Sees Q4 revenue $440M-$455M, consensus $487.78M. Barrenechea commented, "We continue to experience significant foreign exchange volatility due to the strengthening of the U.S. dollar. Our outlook is adjusted for anticipated negative foreign exchange impacts of approximately $44M to revenue and approximately 11c to adjusted EPS compared to the Fourth Quarter Fiscal 2014. These currency movements, which represent the majority of the adjustment, combined with the impact of our customers transitioning to the Cloud and a challenging global selling environment, form the basis for our Fourth Quarter Fiscal 2015 outlook today."
16:03 EDTOTEXOpenText CEO resumes full involvement in day-to-day operations
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16:02 EDTTCKTeck Resources acquires additional 1.5M shares of Artha Resources
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May 19, 2015
06:08 EDTPRGOPerrigo CEO says would talk with Mylan, but at a higher price, Globes reports
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May 18, 2015
12:07 EDTPRGOPerrigo: there is price point where would engage with Mylan, Bloomberg reports
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08:52 EDTPGProcter & Gamble removed from US Focus List at Credit Suisse
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