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January 18, 2013
10:04 EDTMGM, BLL, XXIA, KOG, V, COF, ALTE, NTCT, EL, N, CSX, ODFL, WABCOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Alterra Capital (ALTE) downgraded to Neutral from Buy at Sterne Agee... Ball Corp. (BLL) downgraded to Hold from Buy at Jefferies... CSX (CSX) downgraded to Neutral from Outperform at Credit Suisse... Capital One (COF) downgraded to Neutral from Buy at Janney Capital... MGM Resorts (MGM) downgraded to Market Perform from Outperform at Wells Fargo... NetSuite (N) downgraded to Neutral from Conviction Buy at Goldman... Visa (V) downgraded to Neutral from Outperform at RW Baird... Westamerica (WABC) downgraded to Underperform from Market Perform at BMO Capital... Estee Lauder (EL) downgraded to Outperform from Buy at CLSA... Kodiak Oil & Gas (KOG) downgraded to Neutral from Outperform at Credit Suisse... Old Dominion (ODFL) downgraded to Hold from Buy at Stifel Nicolaus... NetScout (NTCT) downgraded to Hold from Buy at Noble Financial... Ixia (XXIA) downgraded to Neutral from Buy at Lazard Capital.
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October 1, 2015
09:49 EDTCSXCSX says taking precautions, preparing for Hurricane Joaquin
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09:30 EDTCSXRails sector upgraded to Market Weight from Market Weight at Wolfe Research
Wolfe Research upgraded the Rails Sector to Market Overweight citing limited downside in earnings and valuations at current levels. The firm recommends investors aggressively buy rail stocks again given below market multiples and double-digit earnings growth next year. As part of the sector upgrade, the analyst raised Norfolk Southern to Outperform from Peer Perform.
08:51 EDTCOFOversold bank stocks due for a bounce, says Baird
Following the worst quarter for the S&P 500 and for the KBW Nasdaq Bank Index since the third quarter of 2011, Baird analyst David George contends that "broadly oversold" bank stocks are due for a bounce. The analyst believes that even in-line results should help improve the bearish sentiment on the sector and could see bouncebacks for defensive names like JPMorgan (JPM), PNC (PNC) and BB&T (BBT) as well as for higher-beta names like Bank of America (BAC) and Capital One (COF).
08:06 EDTBLLBall Corp.'s acquisition of Rexam receives Statement of Objections in Europe
Ball received a Statement of Objections from the European Commission in relation to its proposal to buy Rexam. Ball and Rexam PLC announced on February 19 the terms of a recommended cash and share offer by Ball UK Acquisition Ltd., a wholly-owned subsidiary of Ball, for the entire issued and to be issued share capital of Rexam. Ball stated that "the concerns raised in the SO allow the parties to develop the appropriate and adequate remedy package to bring about the successful clearance by the EU's competition authority of this proposed acquisition". It is expected that all necessary regulatory clearances will be obtained to enable the proposed acquisition to close during 1H16. Following closing of the transaction, Ball will remain a NYSE listed company domiciled in the U.S.
06:25 EDTBLLEU regulators express concerns over Ball-Rexam deal, WSJ reports
EU regulators have sent a list of concerns to Ball Corp. (BLL) over its proposed $6.6B takeover of Rexam (REXMY) as part of an investigation into whether the deal could lead to higher prices for beverage cans, the Wall Street Journal reports. The move will force Ball to come forward with concessions, such as asset sales, in order to allay the regulator's concerns, the report says. Reference Link
05:36 EDTVVisa initiated with an Outperform at Cowen
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05:30 EDTBLLBall Corp. opens aluminum aerosol can plant in India
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September 30, 2015
12:26 EDTCSXRails advance after Goldman says rate of volume declines improving
Shares of railroad operators are advancing after Goldman Sachs moved its Rails coverage view to Attractive from Neutral. WHAT'S NEW: In a note to investors, Goldman Sach's Tom Kim and team said while rail volumes continue to contract, the rate of change has begun to improve and the firm sees this as an early inflection indicator. The negatives in the rail sector appear to be well known as the sector has been under "significant" selling pressure since peaking in the fourth quarter of 2014, added Goldman Sachs. The firm sees structural improvement in the profitability of the rail sector as operating margins for 2015 are estimated to have expanded to 35% from 29% in 2010. Goldman thinks the negative earnings per share revisions cycle for rails is over and that investor expectations are achievable. The firm sees earnings as a catalyst for sector performance and believes carloads will grow again in 2016 with 4% year-over-year growth in intermodal. WHAT'S NOTABLE: Kim upgraded Canadian Pacific (CP) to Buy from Neutral and reiterated its Buy rating on Union Pacific (UNP). The firm sees upside potential for Canadian National Railway (CNI), CSX (CSX), Kansas City Southern (KSU), and Norfolk Southern Corporation (NSC), but it maintained its Neutral ratings on those names as the firm expects these stocks to trade in-line with its broader Transportation coverage universe. PRICE ACTION: In afternoon trading, shares of Canadian Pacific are up nearly 3%, while Union Pacific is higher by almost 1%. CSX is advancing 2.2%, while Canadian National Railway, Kansas City Southern, and Norfolk Southern Corporation are each up over 1%.
09:31 EDTMGMLas Vegas reports August gaming win down 1.4% to $908.24M
Las Vegas strip August gaming win fell 4.7% to $527.38M. Publicly traded companies in the casino space include Boyd Gaming (BYD), Caesars (CZR), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN) and Wynn Resorts (WYNN).
08:08 EDTCSXRails sector upgraded to Attractive from Neutral at Goldman
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07:42 EDTMGMMacau casinos have new concern with junket embezzlement scandal, WSJ says
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September 28, 2015
19:57 EDTVRetailers urge courts to reject Visa, MasterCard settlement, Reuters says
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15:37 EDTMGMLas Vegas Sands abandons plans for South Florida casino, LVRJ says
Las Vegas Sands' (LVS) senior vice president of government relations confirmed published reports that the company has abandoned its effort to build a casino-resort in South Florida, reported the Las Vegas Review Journal. The report, which noted that Wynn Resorts (WYNN), MGM Resorts (MGM), Boyd Gaming (BYD) and Genting Berhad were also involved in the Florida efforts, said that Sands will now focus its attention on a potential development in Georgia. Reference Link
11:42 EDTCSXCSX, mechanical unions announce labor partnership
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10:00 EDTELOn The Fly: Analyst Initiation Summary
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08:59 EDTBLLBall Corp., Rexam antitrust process proceeding on track, says Baird
Baird said it believes the antitrust review for Ball Corporation's (BLL) acquisition of Rexam (REXMY) is on track for a close in the first half of next year, in-line with expectations. The firm, which sees $6-$7 per share in earnings power for the combined business, keeps its Outperform rating and $85 price target on Ball shares.
07:50 EDTMGMUBS and Deutsche Bank to co-host a forum
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07:38 EDTCOFBox to hold a user conference
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06:39 EDTCSXCSX added to US 1 List; FedEx and Whirlpool removed at BofA/Merrill
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05:58 EDTELEstee Lauder initiated with a Hold at Jefferies
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