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May 28, 2014
04:55 EDTALL, ALL, ALL, NOC, NOC, NOC, BAC, BAC, BAC, CMG, CMG, CMG, FCX, FCX, FCX, GD, GD, GD, MCD, MCD, MCD, TRI, TRI, TRI, REGN, REGN, REGN, GS, GS, GS, PX, PX, PXBernstein to hold a conference
Strategic Decisions Conference to be held in New York on May 28-30.
News For ALL;GS;REGN;TRI;MCD;GD;FCX;CMG;BAC;NOC;PX From The Last 14 Days
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January 14, 2015
15:00 EDTBACBank of America January 16 straddle priced for 3.3% movement into Q4
13:25 EDTBACEarnings Preview: Bank of America to report after mixed competitors' results
Bank of America (BAC), one of the largest banks in the U.S., is expected to report fourth quarter earnings before the open on Thursday, January 15, with a conference call scheduled for 8:30 am ET. EXPECTATIONS: Analysts are looking for earnings per share of 32c on revenue of $20.94B. The consensus range is 30c-39c for EPS on revenue of $20.39B-$21.48B, according to First Call. LAST QUARTER: Bank of America reported stronger than expected third quarter results, as it said its customer and client activity was "solid." Its net chargeoffs declined across most major portfolios versus the same period a year earlier, and its tangible book value increased 4% over the same period in 2013 to $14.13 per share. COMPETITORS' RESULTS: Wells Fargo (WFC) reported in-line fourth quarter profit and slightly higher than expected fourth quarter revenue. The bank said that its credit quality continued to improve last quarter. The bank's commercial and consumer loans, as well as its deposits also increased, it stated. However, its home lending originations fell to $44B from $48B in Q3. Also, JPMorgan (JPM) reported weaker than expected results, and noted that legal expenses lowered its EPS by 26c. Notably the results for JPMorgan's Corporate and Investment Bank sank significantly last quarter, compared with the previous quarter. The unit's net revenue fell to $7.4B from $9.1B, while its net income dropped to $972M from $1.7B. STREET RESEARCH: Large banks were hurt by trading volatility last quarter, research firm MKM Partners wrote last month. "Trading and investment banking are key quarterly swing factors" for Bank of America, the firm stated. MKM cut its Q4 EPS estimate for the bank by 9% to 32c. On the other hand, Barron's on December 27 named Bank of America as one of its ten favorite stocks for 2015. The bank had to absorb "massive legal charges" last year, but these charges should quickly decline in 2015, the magazine forecast. Bank of America trades at 12 times the consensus 2015 EPS estimate of $1.48, and its EPS is expected to reach about $2 by 2017, Barron's stated. Additionally, the bank will benefit if interest rates rise, Barron's believes. PRICE ACTION: Bank of America's stock has fallen 7% over the last month, and 5% over the last year.
12:49 EDTFCX, BACOn The Fly: Midday Wrap
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12:38 EDTCMGChipotle Q1 results at modest risk from pork disruption, says Miller Tabak
Miller Tabak credits Chipotle for being proactive and not selling pork that did not meet their standards, but also believes that the pork supply disruption adds modest risk to the company's Q1 result. Assuming a full-quarter disruption at one-third of Chipotle locations, the firm would lower its Q1 same-store sales estimate to 10%-10.3% from its current 11% growth projection. Miller Tabak maintains its Hold rating and $710 fair value estimate on Chipotle shares.
12:35 EDTCMGChipotle suspends pork sales at one-third of U.S. restaurants, Reuters reports
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10:39 EDTFCXOptions with increasing implied volatility
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10:18 EDTFCXFreeport McMoRan falls sharply to new 52-week lows on weak copper
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10:00 EDTALLOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: ACE Limited (ACE) downgraded to Neutral from Outperform at Macquarie... AXIS Capital (AXS) downgraded to Neutral from Outperform at Macquarie... Allstate (ALL) downgraded to Underperform from Neutral at Macquarie... Altera (ALTR) downgraded to Neutral from Overweight at JPMorgan... American Midstream Partners (AMID) downgraded to Neutral from Buy at BofA/Merrill... Argo Group (AGII) downgraded to Underperform from Neutral at Macquarie... Aspen Insurance (AHL) downgraded to Underperform from Neutral at Macquarie... Beneficial Bancorp (BNCL) downgraded to Neutral at Boenning & Scattergood... CDW Corporation (CDW) downgraded to Neutral from Buy at Goldman... CHC Group (HELI) downgraded at Raymond James... CIRCOR (CIR) downgraded to Hold from Buy at Stifel... Chesapeake (CHK) downgraded to Underweight from Equal Weight at Barclays... Commerzbank (CRZBY) downgraded to Sell from Neutral at Goldman... Continental Resources (CLR) downgraded to Equal Weight from Overweight at Barclays... Corporate Office Properties (OFC) downgraded to Market Perform at Wells Fargo... Credit Suisse (CS) downgraded to Neutral from Overweight at HSBC... Datawatch (DWCH) downgraded to Hold at Canaccord... Devon Energy (DVN) downgraded to Equal Weight from Overweight at Barclays... Dollar Tree (DLTR) downgraded to Neutral from Buy at Northcoast... Douglas Emmett (DEI) downgraded to Neutral from Buy at Mizuho... Dresser-Rand (DRC) downgraded to Underperform from Market Perform at Raymond James... Enable Midstream (ENBL) downgraded to Underperform from Neutral at BofA/Merrill... F5 Networks (FFIV) downgraded to Equal Weight from Overweight at Barclays... First Majestic (AG) downgraded to Sector Perform from Outperform at Scotia Capital... Foot Locker (FL) downgraded to Sell from Neutral at Goldman... Franklin Resources (BEN) downgraded to Neutral from Buy at Goldman... HCP (HCP) downgraded to Market Perform from Outperform at Wells Fargo... Halcon Resources (HK) downgraded to Underweight from Equal Weight at Barclays... Insulet (PODD) downgraded at Sterne Agee... J.B. Hunt (JBHT) downgraded to Market Perform from Outperform at Avondale... JPMorgan (JPM) downgraded to Underweight from Neutral at HSBC... KB Home (KBH) downgraded to Neutral from Outperform at Credit Suisse... Kosmos (KOS) downgraded to Equal Weight from Overweight at Barclays... Marathon Oil (MRO) downgraded to Equal Weight from Overweight at Barclays... Medley Management (MDLY) downgraded to Market Perform at Keefe Bruyette... MoneyGram (MGI) downgraded to Underperform from Neutral at BofA/Merrill... NPS Pharmaceuticals (NPSP) downgraded to Neutral from Overweight at JPMorgan... National Grid (NGG) downgraded to Underperform from Neutral at Credit Suisse... Navigators (NAVG) downgraded to Underperform from Neutral at Macquarie... Pioneer Energy (PES) downgraded at Raymond James... RSP Permian (RSPP) downgraded to Equal Weight from Overweight at Barclays... Rambus (RMBS) downgraded to Neutral from Overweight at JPMorgan... Realty Income (O) downgraded to Market Perform from Outperform at Wells Fargo... Red Hat (RHT) downgraded to Sell from Neutral at Goldman... Resolute Energy (REN) downgraded to Underweight from Equal Weight at Barclays... Ross Stores (ROST) downgraded to Neutral at UBS... SandRidge Energy (SD) downgraded to Underweight from Equal Weight at Barclays... Tech Data (TECD) downgraded to Sell from Neutral at Goldman... Teekay Offshore Partners (TOO) downgraded to Neutral from Buy at BofA/Merrill... Travelers (TRV) downgraded to Underperform from Neutral at Macquarie... TrueCar (TRUE) downgraded to Market Perform at Cowen... Valspar (VAL) downgraded to Neutral from Outperform at RW Baird... Verizon (VZ) downgraded at Evercore ISI... Viacom (VIAB) downgraded to Sell from Buy at Citigroup... W. R. Berkley (WRB) downgraded to Underperform from Neutral at Macquarie... Waddell & Reed (WDR) downgraded to Neutral from Buy at Goldman... Western Union (WU) downgraded to Underperform from Neutral at BofA/Merrill... Whiting Petroleum (WLL) downgraded to Equal Weight from Overweight at Barclays... Whole Foods (WFM) downgraded to Hold from Buy at Argus... Xilinx (XLNX) downgraded to Neutral from Overweight at JPMorgan... iRobot (IRBT) downgraded to Underweight from Neutral at JPMorgan.
09:54 EDTMCDMcDonald's slips after Ackman says rumored investment 'unlikely'
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09:46 EDTMCDAckman says 'unlikely' to invest in McDonald's, Bloomberg reports
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09:36 EDTBACActive equity options trading
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09:16 EDTBACOn The Fly: Pre-market Movers
HIGHER: ZIOPHARM (ZIOP), up 53% after the company and Intrexon (XON) announced a licensing agreement with University of Texas. Intrexon shares are also up 12%... GameStop (GME), up 10.6% after reporting holiday SSS, providing guidance for the fourth quarter and fiscal 2014, and being upgraded at Pacific Crest... Smith Micro (SMSI), up 12.7% after reporting preliminary fourth quarter revenue and providing revenue guidance for the first quarter and fiscal 2015... BioCryst (BCRX), up 3.2% after receiving a positive opinion on EMA orphan drug designation for BCX4161... GoPro (GPRO), up 1% following analyst remarks that sell-off after yesterday's report on Apple (AAPL) patent was "overdone." DOWN AFTER EARNINGS: JPMorgan (JPM), down 2.7%... Wells Fargo (WFC), down 2.2%... Banking peers down as well, with Bank of America (BAC) down 2.8% and Citi (C) down 2%. ALSO LOWER: Tesla (TSLA), down 9% following comments made by CEO Elon Musk at an automotive conference in Detroit regarding a slowdown in China... New Media (NEWM), down 4.8% after 7M share spot secondary priced at $21.70... General Motors (GM), down 3% after giving 2015 guidance, saying it is on track to meet previously announced 2016 financial targets... Apple (AAPL), down 1% following lawsuit against Ericsson (ERIC) and countersuit filing.
07:34 EDTBACNew rules prompt BofA to sever ties with 150 hedge funds, Bloomberg reports
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07:31 EDTGSGoldman Sachs volatility increases into Q4 and outlook
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06:57 EDTBACBarclays appoints Jonathan Moulds as Group COO
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06:55 EDTMCDMcDonald's Japan finds plant doesn't use plastic found in McNugget, Reuters says
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06:36 EDTREGNRegeneron price target raised to $474 from $390 at Citigroup
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06:36 EDTALLAllstate downgraded to Underperform from Neutral at Macquarie
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06:36 EDTGSGoldman Sachs Q4 profit reduced by loan write-down, Reuters says
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06:21 EDTFCXFreeport McMoRan volatility elevated as copper pulls back
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