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January 27, 2014
10:00 EDTAMC, ERJ, OWW, DISH, CVC, DTV, TMHC, SSW, RAS, APTS, MHK, LAYN, GCAP, CLW, PVGOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: AMC Entertainment (AMC) initiated with an Outperform at Credit Suisse... Clearwater Paper (CLW) initiated with an Outperform at RBC Capital... GAIN Capital (GCAP) initiated with a Buy at Jefferies... Layne Christensen (LAYN) initiated with a Hold at Jefferies... Mohawk (MHK) initiated with a Strong Buy at ISI Group... Preferred Apartment (APTS) initiated with an Outperform at Oppenheimer... RAIT Financial (RAS) initiated with a Buy at Deutsche Bank... Seaspan (SSW) initiated with a Neutral at Citigroup... Standard Pacific (SPF) initiated with a Neutral at ISI Group... Taylor Morrison (TMHC) initiated with a Neutral at ISI Groups... DirecTV (DTV) initiated with a Buy at Buckingham... Cablevision (CVC) initiated with a Neutral at Buckingham... DISH (DISH) initiated with a Neutral at Buckingham... Orbitz (OWW) initiated with a Market Perform at Cowen... Pretium Resources (PVG) initiated with a Buy at H.C. Wainwright... Embraer (ERJ) initiated with an Underperform at Credit Suisse.
Check below for free stories on AMC;CLW;GCAP;LAYN;MHK;APTS;RAS;SSW;TMHC;DTV;CVC;DISH;OWW;ERJ;PVG the last two weeks.
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August 14, 2014
17:27 EDTMHKAppaloosa gives quarterly update on stakes
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17:16 EDTDTVPaulson & Co gives quarterly update on stakes
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16:54 EDTDTVBerkshire Hathaway gives quarterly update on stakes
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09:39 EDTDISHDISH accepts first Bitcoin payment
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August 13, 2014
12:07 EDTERJOn The Fly: Midday Wrap
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11:44 EDTERJBrazilian presidential candidate in plane crash, Reuters reports
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11:27 EDTDTVJDSU falls after outlook disappoints, analyst downgrades
Shares of JDSU (JDSU), a provider of equipment to telecommunications service providers, are sharply lower after the company's fourth quarter results and first quarter guidance were reported last night. Following the report, the stock was downgraded this morning at two Street research firms. WHAT'S NEW: Last night, JDSU reported fourth quarter adjusted earnings of 14c per share, beating the consensus forecast by 1c, on revenue of $448.6M, which topped the consensus $436.8M view. However, JDSU expects revenue to be $405M-$425M in its first quarter and sees Q1 EPS of 8c-12c, which fell short of consensus of about $441M and 14c, respectively. JDSU's President and CEO Tom Waechter said, "Looking ahead to fiscal 2015, we believe there are strong market drivers across our three business segments, and that we are well positioned with differentiated products and solutions to support our customers as they transition to Software Defined Networks, Network Function Virtualization and more dependency on cloud infrastructure. We continue to lead in our core network and anti-counterfeiting markets and I am pleased with the momentum we are building in our commercial lasers business on the strength of our highly differentiated fiber laser product line." ANALYST OPINION: Following the company's report, B. Riley analyst Dave Kang cut his rating on JDSU shares to Neutral from a Buy rating, citing near-term uncertainties in the North American telecom market. Kang pointed to two events contributing to that uncertainty, namely an architectural shift to SDN, or Software Defined Networking, and AT&T's (T) planned merger with DirecTV (DTV). The analyst acknowledged previously underestimating the potential impact of the SDN shift on the telecom equipment industry and noted that appears to be impacting JDSU's NSE business more than its optical component unit. Kang prefers Finisar (FNSR) over JDSU given the current environment, noting that about 70% of Finisar's sales come from the datacom sector. Kang lowered his price target on JDS Uniphase shares to $11.75 from $15.50. Piper Jaffray analyst Troy Jensen also downgraded JDSU following its report, lowering his rating on the stock to Neutral from Overweight. Jensen also said the company's worse than expected guidance indicates softer Telco spending and he believes JDSU will have trouble showing significant revenue acceleration even if the optical upgrade cycle starts to ramp up. Piper lowered its price target on the stock to $12 from $14. OTHERS TO WATCH: Other providers of telecom equipment include Ciena (CIEN) and Infinera (INFN). PRICE ACTION: In morning trading, shares of JDSU fell $1.12, or 9.4%, to $10.78. Meanwhile, shares of Finisar were down nearly 2% to $19.58, Ciena slipped 1.5% to $18.92 and Infinera was fractionally higher at $9.09.
06:58 EDTDISHDish Network an 'unlikely' buyer for T-Mobile, WSJ reports
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August 12, 2014
17:26 EDTDISHDish viewed as favored T-Mobile acquirer after Sprint drops bid, Bloomberg says
Dish Network (DISH) is viewed as a favorite to acquire T-Mobile (TMUS) after Sprint (S) dropped its plans to acquire the company last week, according to Bloomberg, citing analysts at Moody's Investors Service and Macquarie Group. Being an industry outsider, Dish wouldn't reduce the number of competitors in the wireless market, which would please regulators, Bloomberg added. Reference Link
August 11, 2014
16:39 EDTGCAPGAIN Capital says M&A pipeline robust, may execute deals in near-term
"Looking forward, we remain focused on growing our core operating metrics and executing on our M&A strategy, while also continuing to reduce our fixed cost base. We are excited by several opportunities to expand our customer base through various organic growth initiatives. Our M&A pipeline remains robust and we believe there are several attractive transactions that may be executed in the near-term. And continuing with our long-term focus on expense management, apart from synergy-related expense cuts following the 2013 acquisition of GFT, we are implementing additional cost reduction measures to further rationalize our expense base in light of challenging market conditions," said Glenn Stevens, CEO of GAIN Capital.
16:38 EDTGCAPGAIN Capital reports Q2 EPS (13c), consensus 7c
Reports Q2 revenue $69.7M, consensus $66.52M. Reports Q2 retail OTC trading volume of $522.2B, up 13% from the second quarter of 2013. Reports Institutional trading volume of $1.3T, up 27%, and average daily futures contracts of 26,322, up 19%. The company said, "Currency volatility fell to its lowest level in more than 10-years in the second quarter, which resulted in retail OTC revenue capture that was 30% below our trailing twelve month average. The severe downturn in revenue capture significantly impacted the performance of our retail OTC business and offset substantial growth in our institutional and futures businesses. Despite the poor market conditions, our core operating metrics remained stable across the board, demonstrating our ability to attract and maintain customers and positioning us to benefit when market conditions revert to historical norms."
August 8, 2014
15:45 EDTMHKMohawk management to meet with SunTrust
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10:36 EDTDTVOptions with increasing implied volatility
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10:34 EDTOWWOptions with decreasing implied volatility
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August 7, 2014
11:37 EDTOWWOrbitz CEO says diversification of channels 'really important' to business
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10:28 EDTOWWOptions with decreasing implied volatility
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08:09 EDTOWWOrbitz sees 2014 net revenue growth 9%-11%
Sees 2001 adjusted EBIDTA growth 7%-10%.
08:09 EDTOWWOrbitz sees Q3 revenue $249M-$254M, consensus $242.25M
Sees Q3 adjusted EBITDA $41M-$46B.
08:08 EDTOWWOrbitz reports Q2 EPS 6c, consensus 15c
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07:59 EDTDISHDISH price target raised to $78 from $62 at Brean Capital
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