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May 21, 2014
10:00 EDTWBC, VRX, TSRE, RICE, OGE, DNOW, MMYT, LIQD, JPM, ENBL, CVA, C, CNP, BAC, ACAS, ALLYOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Ally Financial (ALLY) initiated with a Market Perform at Bernstein... American Capital (ACAS) initiated with a Buy at Sterne Agee... Bank of America (BAC) initiated with a Buy at MKM Partners... CenterPoint Energy (CNP) reinstated with an Equalweight at Barclays... Citigroup (C) initiated with a Buy at MKM Partners... Covanta (CVA) initiated with a Buy at BB&T... Enable Midstream (ENBL) initiated with a Buy at UBS... JPMorgan (JPM) initiated with a Buy at MKM Partners... Liquid Holdings (LIQD) initiated with an Outperform at JMP Securities... MakeMyTrip (MMYT) initiated with a Buy at Citigroup... NOW Inc. (DNOW) initiated with an Overweight at JPMorgan... OGE Energy (OGE) initiated with an Overweight at Barclays... Rice Energy (RICE) initiated with a Buy at Mizuho... Trade Street Residential (TSRE) initiated with a Buy at Compass Point... Valeant (VRX) initiated with an Outperformer at CIBC... WABCO (WBC) initiated with a Buy at Longbow.
Check below for free stories on ALLY;ACAS;BAC;CNP;C;CVA;ENBL;JPM;LIQD;MMYT;DNOW;OGE;RICE;TSRE;VRX;WBC the last two weeks.
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August 11, 2014
07:41 EDTRICERice Energy announces plans to form Midstream MLP
Rice Energy announced that it is pursuing the formation of a midstream master limited partnership and intends to confidentially submit a draft Registration Statement on Form S-1 to the U.S. Securities and Exchange Commission for an initial public offering of common units of the MLP. The offering is expected to be completed in the first half of 2015. It is expected that the initial assets of the MLP will consist of Rice Energy's Pennsylvania gas gathering and water sourcing and distribution assets. Following the closing of the contemplated IPO, Rice Energy will control the general partner of the MLP and will own 100% of the incentive distribution rights and a majority of the MLP limited partnership units.
07:41 EDTRICERice Energy sees FY14 production of 260-295 MMcfe/d
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07:38 EDTRICERice Energy reports Q2 net production of 241 MMcfe
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07:38 EDTRICERice Energy reports Q2 adjusted EPS 3c, consensus 5c
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07:22 EDTVRXJudge sets hearing date for Allergan suit vs. Valeant, Reuters reports
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07:06 EDTTSRETrade Street Residential reports Q2 core FFO 6c, consensus 8c
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06:58 EDTCUBS to hold a conference
UBS Financials 1:1 Conference to be held in Chicago on August 11.
06:43 EDTCCitigroup, Mercuria Energy battle in court over metals payments, WSJ says
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August 8, 2014
17:10 EDTVRXMarket finishes week up slightly as earnings offset by political events
Stocks finished the week fractionally higher than where they started as strong corporate earnings reports and better than expected economic data was weighed against concerns about geopolitical issues and negative M&A news. MACRO NEWS: A few ongoing geopolitical conflicts worried investors and weighed on shares. Russia unveiled sanctions against Western countries, banning the import of a wide range of food items from the U.S, the EU and a few allied countries in response to sanctions recently enacted against it from G7 nations... President Obama authorized the bombing of rebels in Iraq and Hamas and Israel failed to reach a permanent truce... An ISM services index, the U.S. trade deficit for June, and weekly jobless claims were all better than expected. Meanwhile, the increase in unit labor costs last quarter came in below the consensus outlook, perhaps easing fears that the Fed will need to raise interest rates sooner than expected. COMPANY NEWS: On the M&A front, two huge potential deals fell through as 21st Century Fox (FOX, FOXA) withdrew its offer to acquire Time Warner (TWX) and Sprint (S) reportedly decided to end its pursuit of a merger with peer T-Mobile (TMUS)... President Obama indicated that his administration would take unilateral steps in an effort to prevent companies from carrying out tax inversion acquisitions. Among the deals or possible transactions that involve inversion are Medtronic's (MDT) acquisition of Covidien (COV), Valeant's (VRX) proposed takeover of Allergan (AGN) and Mylan's (MYL) acquisition of Abbott's (ABT) developed markets branded generics pharmaceuticals business. Meanwhile, Walgreen's (WAG) stock tumbled after the U.S. company said it would not structure its takeover of European drugstore chain Alliance Boots as a tax inversion deal... 21st Century Fox, 3D printer maker Stratasys (SSYS), chip maker NVIDIA (NVDA), brewer Molson Coors (TAP), and luxury accessories maker Coach (COH) all rose following their earnings reports. Conversely, Target (TGT), luxury accessories maker Michael Kors (KORS) and Internet coupon provider Groupon (GRPN) fell following their results or guidance... Gannett (GCI) struck a deal to acquire the remaining 73% interest in Classified Ventures, whose primary asset is the online car shopping website, for $1.8B from the other partners in the venture, which include McClatchy (MNI), Tribune Media (TRBAA), Graham Holdings (GHC) and A. H. Belo (AHC). Gannett also announced plans to spin-off its Publishing business, which includes USA Today, through a tax-free distribution to shareholders... McDonald's (MCD) stock was little changed after the company reported that its comparable store sales fell 2.5% in July, which was significantly worse than expected. Food quality issues weighed on the fast food company's sales in Asia and as a result of the China supplier issue, the company warned its previously issued global comparable sales forecast for 2014 is now at risk. INDEXES: The Dow finished the week up 0.35% to 16,553.93, the S&P 500 rose 0.32% to 1,931.59, and the Nasdaq gained 0.41% to 4,370.90.
16:00 EDTCOptions Update; August 8, 2014
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12:38 EDTJPMSEC probing JPMorgan over potential conflicts of interest, WSJ says
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10:58 EDTVRXAllergan rises after analyst sees compelling risk/reward, upgrades stock
Shares of drug maker Allergan (AGN) are rising after research firm Leerink Swann upgraded the stock in a note to investors today. WHAT'S NEW: After Allergan's stock fell recently, the shares' risk/reward ratio has become "increasingly positive" and is now compelling, Leerink analyst Seamus Fernandez wrote. Allergan's business has shown little if any weakness as a result of Valeant's (VRX) takeover bid for the company and Allergan's planned restructuring is overdue, the analyst contended. The weakness in Allergan's shares has been caused mainly by technical and arbitrage issues, according to Fernandez, who forecasts that the company can generate EPS of over $8.20 next year. Meanwhile, Valeant's bid will prevent Allergan's stock from dropping too far as long as it is on the table, Fernandez believes. Allergan has a number of other upcoming potential positive catalysts, including a potential $5B-$10B share repurchase initiative and data due to be released on August 12 on DARPin, the company's drug for wet age-related macular degeneration. A potential compelling acquisition by Allergan could also boost the stock, the analyst wrote. He upgraded the stock to Outperform from Market Perform and placed a $184 price target on the shares. PRICE ACTION: In mid-morning trading, Allergan rose $3.98, or 2.6%, to $155.67.
09:37 EDTBACActive equity options trading on open
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08:27 EDTACASAmerican Capital management to meet with JPMorgan
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07:23 EDTJPMLevin probe of Goldman, JPMorgan commodity trading nears end, Reuters says
Senator Carl Levin's investigators have met with representatives from Goldman Sachs (GS) and JPMorgan (JPM) in recent weeks as his office wraps up its probe of the bank's commodity trading businesses, which could potentially reveal abuses in energy and metals markets, according to Reuters, citing sources familiar with the matter. Executives from the banks may appear at a hearing as early as September, the report added. Reference Link
07:18 EDTJPM, C, BACRegulators direct banks to steer mortgage aid to hard-hit areas, FT says
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07:01 EDTVRXHarvard professor says Treasury can reduce inversion incentives, NY Times says
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06:30 EDTC, JPMCitigroup, Accenture employ tech workers in Argentina, Bloomberg says
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06:16 EDTVRXAllergan upgraded to Outperform from Market Perform at Leerink
Leerink upgraded its rating on Allergan (AGN) shares to Outperform citing a compelling risk/reward profile following the recent pullback in shares. The firm believes Valeant's (VRX) takeover attempt is having little if any impact on Allergan's business. Leerink has a $184 price target for Allergan shares, which closed yesterday down $5.18 to $151.92.
05:50 EDTVRXStocks with implied volatility movement; TWX VRX
Stocks with implied volatility movement; Time Warner (TWX) 30, Valeant (VRX) 49 according to iVolatility.
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