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January 23, 2013
10:09 EDTWLT, KEY, STR, KBH, DHI, D, ANR, UNM, NVS, IBM, COST, N, VZ, SRC, MIDD, HMC, ALU, LVSOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Alcatel-Lucent (ALU) upgraded to Neutral from Sell at Citigroup... Costco (COST) upgraded to Market Perform from Underperform at Bernstein... D.R. Horton (DHI) upgraded to Market Perform from Underperform at Raymond James... Honda (HMC) upgraded to Outperform from Neutral at Macquarie... IBM (IBM) upgraded to Hold from Sell at Societe Generale... KB Home (KBH) upgraded to Market Perform from Underperform at Raymond James... Middleby (MIDD) upgraded to Outperform from Neutral at RW Baird.. Novartis (NVS) upgraded to Buy from Neutral at Citigroup... Platinum Group (PLG) upgraded to Outperform from Sector Perform at RBC Capital... Questar (STR) upgraded to Buy from Neutral at Citigroup... Spirit Realty (SRC) upgraded to Outperform from Market Perform at Raymond James... Unum Group (UNM) upgraded to Overweight from Equal Weight at Barclays... Verizon (VZ) upgraded to Buy from Hold at Canaccord... KeyCorp (KEY) upgraded to Outperform from Sell at CLSA... Alpha Natural (ANR) upgraded to Buy from Hold at Dahlman Rose... Walter Energy (WLT) upgraded to Buy from Hold at Dahlman Rose... NetSuite (N) upgraded to Buy from Neutral at Lazard Capital... Disney (D) upgraded to Buy from Neutral at B. Riley Caris... Las Vegas Sands (LVS) upgraded to Neutral from Sell at Compass Point.
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July 16, 2015
09:13 EDTKEYKeyCorp says 'committed' to meeting FY15 outlook
Says credit quality "strong." Says company "well positioned" for 2H15. Expects continued higher levels of liquidity in Q3. Says may see near term pressure on margin, but expects FY15 margin to be relatively stable with Q2. Expects FY15 investment banking and debt placement fees to exceed FY14. Says committed to generating cost savings. Says expense guidance remains unchanged, sees FY15 expenses relatively stable with FY14. Says "on track" for FY guidance, says committed to meeting FY15 outlook. Sees credit quality remaining "a good story" for FY15. Says will continue share repurchases in FY15. Comments taken from the Q2 conference call.
08:54 EDTUNMBofA/Merrill U.S. life insurance analyst holds analyst/industry conference call
U.S. Life Insurance Analyst Weiss, along with Jill Hoffman, VP of Government Affairs and Felicia Smith, VP & Senior Counsel for Regulatory Affairs from the Financial Services Roundtable, discuss the Labor Department's recent proposal to impose fiduciary standards on the sale of retirement products on an Analyst/Industry conference call to be held on July 20 at 11 am.
07:18 EDTIBMIBM July weekly volatility elevated into Q2 and outlook
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06:44 EDTKEYKeyCorp still targeting long-term efficiency ratio below 60%
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06:36 EDTKEYKeyCorp reports Q2 EPS 27c, consensus 28c
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July 15, 2015
19:03 EDTANROn The Fly: After Hours Movers
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18:59 EDTANRAlpha Natural in talks for financing of possible bankruptcy filing, WSJ says
Alpha Natural is engaging in discussions for financing for a possible bankruptcy filing, reports the Wall Street Journal, citing people familiar with the matter. The filing could come early next month, the Journal adds. Reference Link
14:53 EDTKEYNotable companies reporting before tomorrow's open
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09:04 EDTMIDDMiddleby to host conference call
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08:12 EDTIBMIBM and RTI International partner for data-driven development
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08:10 EDTMIDDMiddleby to acquire AGA Rangemaster Group
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07:58 EDTNVSAnalysts break down impact of $7.2B Receptos buyout
After Celgene (CELG) announced last night that the company has agreed to acquire Receptos (RCPT) for $232 per share in cash, or a total of about $7.2B net of cash acquired, research firms have chimed in with their opinions on how the proposed deal may impact others in the biotech space. Receptos key asset is Ozanimod, which is being studied in Phase III trials for relapsing multiple sclerosis and ulcerative colitis. DERIVATIVE CALLS: Piper Jaffray analyst Edward Tenthoff told investors that he views Celgene's deal for Receptos as good for Arena Pharmaceuticals (ARNA). The analyst notes that Arena's APD334 is already showing dose-dependent decreases in circulating lymphocyte counts and that the company will initiate Phase II studies in ulcerative colitis and Crohn's disease this year. Tenthoff reiterates an Overweight rating and $7.50 price target on Arena, which has a market capitalization around $1B and closed yesterday up 8c to $4.47. In its own note to investors this morning, Nomura said Celgene's deal could put downward pressure on Biogen's (BIIB) long-term multiple sclerosis estimates. Nomura's M. Ian Somaiya contended that one-year Phase II efficacy data for Ozanimod looked as good as Novartis’s (NVS) Gilenya and Biogen's Tecfidera’s Phase III at year 2. Somaiya also wondered if rival Gilead (GILD) could be "looking for something bigger" than Receptos for its own deal, telling investors that the firm views Incyte (INCY) as Gilead's most likely takeout target. Incyte's shares closed up $4.46 at $117.46 yesterday, giving the company a market cap of about $20B. RIVAL BID?: Wedbush analyst Liana Moussatos believes another bidder may seek to acquire Receptos, noting that she previously estimated Receptos could be valued at $348 per share, or about $10.9B, in a buyout. Moussatos noted that Celgene said it expects annual peak sales for Ozanimod to reach about $4B-$6B for RMS and UC, making its acquisition price of $7.2BN only a bit more than about 1X peak sales without accounting for other possible indications or the rest of its pipeline. Moussatos told investors she sees "plenty" of potential upside to justify a rival bidder stepping in and reiterated the firm's Outperform rating on Receptos shares. PRICE ACTION: In pre-market trading, Receptos rose 10% to $228.61 while Gilead gained 1.4% to about $119 per share.
July 14, 2015
16:43 EDTHMCHonda Finance reaches $24M settlement over alleged loan discrimination
The Department of Justice and the Consumer Financial Protection Bureau announced a settlement to resolve allegations that American Honda Finance engaged in a pattern or practice of discrimination against African-American, Hispanic and Asian/Pacific Islander borrowers in auto lending. As part of the settlement, Honda has agreed to change the way it prices its loans by limiting dealer markup to 125 basis points for loans of 60 months or less, and to 100 basis points for loans greater than 60 months. The settlement also provides $24M in compensation for alleged victims of past discrimination. In addition to the $24M in payments for its past conduct, under the Justice Department consent order, Honda will also pay $1M to fund a consumer financial education program focused on consumer auto finance that is designed to benefit African-American, Hispanic and Asian/Pacific Islander populations. The settlement also requires Honda to improve its monitoring and compliance systems. The settlement allows the lender to experiment with different approaches toward lessening discrimination and requires it to regularly report to the department and the CFPB on the results of its efforts as well as discuss potential ways to improve results. Reference Link
16:01 EDTLVSOptions Update; July 14, 2015
iPath S&P 500 VIX Short-Term Futures down 15c to 17.76 Option volume leaders: AAPL FB BAC T AMZN BABA INTC JPM LVS AAL CHK MSFT NFLX TSLA TWTR MPC
14:00 EDTLVSNew Jersey reports Atlantic City gaming win down 8.2% to $216.5M in June
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10:55 EDTLVSLas Vegas Sands July volatility elevated into Q2 and outlook
Las Vegas Sands July call option implied volatility is at 38, August is at 34, September is at 33; compared to its 52-week range of 18 to 41; suggesting large near term price movement into the expected release of Q2 results on July 14.
10:07 EDTVZVerizon announces new content partnership with VICE
Verizon announced a new content partnership that will bring VICE Media's content to Verizon's mobile video platform, launching later this year. The multi-year partnership will see a broad selection of VICE digital content, including original domestic and international programming produced exclusively for Verizon, all through a mobile-first video offering. The content offering will also include a curated selection of original videos from across VICE's digital channels covering a range of categories.
09:35 EDTLVSActive equity options trading on open
Active equity options trading on open: AAPL FB BAC T AMZN BABA INTC JPM LVS AAL CHK MSFT
08:10 EDTIBMIBM and Mubdala sign agreement to bring Watson to MENA
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07:32 EDTCOSTFederal Reserve Bank of Kansas City to hold a symposium
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