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October 19, 2012
10:01 EDTCMG, NVDA, KEY, FITB, AMD, DO, SON, LYG, JNS, BCS, WMB, NOC, MRVL, GOOG, ATHNOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AMD (AMD) downgraded to Market Perform from Outperform at FBR Capital... athenahealth (ATHN) downgraded to Underperform from Hold at Jefferies... Barclays (BCS) downgraded to Hold from Buy at Canaccord... Fifth Third Bancorp (FITB) downgraded to Neutral from Buy at Compass Point... Google (GOOG) downgraded to Neutral from Buy at BofA/Merrill... Janus Capital (JNS) downgraded to Underweight from Neutral at JPMorgan... KeyCorp (KEY) downgraded to Neutral from Buy at Citigroup... Lloyds Banking (LYG) downgraded to Underweight from Neutral at JPMorgan... Marvell (MRVL) downgraded to Hold from Buy at Deutsche Bank... NVIDIA (NVDA) downgraded to Market Perform from Outperform at FBR Capital... Northrop Grumman (NOC) downgraded to Perform from Outperform at Oppenheimer... Sonoco Products (SON) downgraded to Neutral from Overweight at JPMorgan... Chipotle (CMG) downgraded to Neutral from Outperform at Wedbush... Williams (WMB) downgraded to Accumulate from Buy at Tudor Pickering... Diamond Offshore (DO) downgraded to Sector Perform from Outperform at Iberia.
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November 16, 2015
07:03 EDTNOCGarmin says GSX 70 selected by Northrop Grumman for RQ-4 UAS
Garmin International, a unit of Garmin Ltd. (GRMN), announced the selection of the GSX 70, a full-featured solid-state weather radar by Northrop Grumman (NOC) for the U.S. Air Force fleet of RQ-4 Global Hawk unmanned aircraft systems. Equipped to fly at a maximum altitude of 60,000 feet with an endurance of 32+ hours, the Global Hawk is a high-altitude, long-endurance UAS.
06:49 EDTSONETP, Sonoco announce $2.23B dropdown of remaning 68.42% interest in Sunoco
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06:40 EDTNVDANVIDIA upgraded to Buy from Hold at Canaccord
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06:27 EDTGOOGYandex extends Google antitrust battle to EU, Bloomberg reports
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06:19 EDTSONSonoco resumed with a Hold at Deutsche Bank
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November 15, 2015
16:17 EDTBCSLaw firm says Barclays reaches $120M settlement in LIBOR litigation
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November 13, 2015
11:57 EDTGOOGGoogle rolls out Chrome beta for iOS, 9to5Mac reports
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11:45 EDTCMGEl Pollo LoCo sinks to 52-week low after cutting FY15 same store sales guidance
Shares of quick-service restaurant operator El Pollo LoCo (LOCO) are plunging after the company cut its fiscal 2015 same-store sales outlook and narrowed its fiscal 2015 profit view. WHAT'S NEW: Thursday night after the close, El Pollo LoCo reported third quarter adjusted earnings per share of 18c, beating analysts' consensus estimates of 15c, and revenue of $88.9M, missing the consensus of $90.4M. For the quarter, system wide SSS increased 0.6%, company owned SSS were flat, franchise SSS rose 1.1%, and adjusted EBITDA increased 9.9% to $16.6M. Chief Executive Officer Steve Sather noted that Q3 results represented the company's 17th consecutive quarter of system-wide comparable restaurant sales growth as well as pro forma net income growth of over 40%. He added that the company's new restaurant pipeline was, "strong and growing stronger." GUIDANCE: Looking ahead, El Pollo LoCo cut its FY15 system-wide comparable restaurant sales growth view to approximately 1.7% from 3%. It also lowered its outlook for openings of new company-owned restaurants to 13-15 from 16, and openings of new franchised restaurants to 5 from 8. FY15 adjusted EBTIDA guidance was cut to $64M-$66M from $65M-$67M. Due to the revised assumptions, the company narrowed its FY15 pro forma diluted EPS view to 67c-69c from 67c-71c, compared to the consensus of 68c. ANALYST REACTION: Research firm Baird downgraded El Pollo Loco to Neutral from Outperform to reflect reduced visibility, uncertain comps outlook and possible downward bias to earnings if top-line trends do not improve. Baird lowered its price target to $12 from $18 on El Pollo Loco shares. PRICE ACTION: In late morning trading, El Pollo Loco fell $1.30, or about 11.25%, to $10.22 on nearly four times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $9.58. Over the past 12 months, the stock is down approximately 70%. OTHERS TO WATCH: Other quick-service restaurants include Fiesta Restaurant (FRGI), down 2.5%, Chipotle Mexican Grill (CMG), down 2.7%, Del Taco (TACO), down 2.15%, Popeyes Louisiana Kitchen (PLKI), down 1.3%, and Bojangles (BOJA), down fractionally.
11:33 EDTCMGStocks with call strike movement; CBS CMG
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10:49 EDTCMGChipotle breaks back below $600 on lower consumer brand perception
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06:36 EDTCMGChipotle hits lowest consumer perception since 2007, CNBC reports
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November 12, 2015
19:03 EDTNOCNorthrop Grumman awarded DoD computer network defence contract
Northrop Grumman M5 Network Security, an Australian subsidiary of Northrop Grumman, has been awarded the Department of Defence's contract for JP2068 Phase 2B.2. JP2068 is a multi-phased project to progressively enhance the Defence Network Operation Centre capability. This will enable Defence to more effectively manage, monitor and secure its major communications networks and information systems.
18:58 EDTGOOGT-Mobile in preliminary talks to include YouTube in 'Binge On' service, WSJ says
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18:48 EDTCMGMcDonald's CEO: Pace of change had slowed within company, NYT reports
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18:40 EDTBCSLINN Energy to explore options for restructuring debt, Reuters says
Linn Energy (LINE) is exploring options for restructuring its debt with Barclays (BCS) as low oil and natural gas prices test its ability to service $10B of debt after next year, Reuters reports, citing people with knowledge of the matter. Reference Link
17:31 EDTNOCNorthrop Grumman awarded $151.31M government contract modification
Northrop Grumman is being awarded a $151.31M modification to a previously awarded fixed-price-incentive contract for the procurement of one Japan configuration E-2D Advanced Hawkeye aircraft for the government of Japan under the Foreign Military Sales program. Work is expected to be completed in March 2018. Foreign military sales funds in the amount of $151.31M are being obligated on this award, none of which will expire at the end of the current fiscal year. The Naval Air Systems Command, Patuxent River, Maryland, is the contracting activity.
13:24 EDTGOOGEarnings Watch: Cisco seeks to break out of trading rut with Q1 report
Cisco Systems (CSCO) is scheduled to report results of its fiscal first quarter after the market close on Thursday, November 12 with a conference call scheduled for 4:30 pm ET. Cisco, a member of the Dow Jones Industrial Average, sells Internet protocol-based networking and other products related to the communications and IT industry and provides related services. EXPECTATIONS: Analysts are looking for earnings per share of 56c on revenue of $12.65B, according to First Call. The consensus range for EPS is 55c-59c on revenue of $12.55B-$12.81B. Along with its quarterly report, Cisco guided to Q1 EPS of 55c-57c and said it expects its revenue to increase 2%-4% year over year. LAST QUARTER: On August 12, Cisco reported fourth quarter EPS of 59c on revenue of $12.8B, beating consensus estimates of 56c and $12.65B for EPS and revenue, respectively. NEWS: On its Q4 earnings conference call, Cisco said that it was looking at acquisitions at the right price, particularly in areas like software and security. On August 31, Apple (AAPL) and Cisco announced a partnership to build a "fast lane" for iOS business users by optimizing Cisco networks for iOS devices and apps, integrating iPhone with Cisco enterprise environments and providing unique collaboration on iPhone and iPad. The next day, Cisco was among multiple other companies, including Amazon (AMZN), Google (GOOG), Intel (INTC), Microsoft (MSFT), Mozilla, and Netflix (NFLX), announcing the formation of the Alliance for Open Media to build next-generation media formats, codecs, and technologies in the public interest. On September 3, Business Insider reported that people at Cisco still though that chairman John Chambers was running the show as chief executive officer after appointing Chuck Robbins to that role last May. On September 15, Mandiant, a FireEye (FEYE) subsidiary, said in a blog post that researchers discovered previously unknown attacks on certain routers and that such attacks replace the operating system used in Cisco equipment. About a week later, the Wall Street Journal reported that Cisco was aiming to strengthen its business in China by joining forces with Inspur group, a move which was confirmed on September 24. On October 29, Cisco announced its intention to acquire 1 Mainstream. CNBC later reported that the company paid $100M-$150M to acquire 1 Mainstream. On November 9, Ericsson (ERIC) and Cisco announced a global business and technology partnership to "create the networks of the future." The companies said that the strategic partnership will be a key driver of growth and value for the next decade, with each company benefiting from incremental revenue in calendar year 2016 and expected to ramp to $1B or more for each by 2018. STREET RESEARCH: On August 17, Morgan Stanley downgraded Cisco to Equal Weight from Overweight and maintained a $30 price target on the stock, saying it did not believe improved growth is "secular" and anticipates growth will revert to GDP like levels as the upgrade cycle concludes. Wells Fargo said on August 28 that a 10% selloff in communication tech stocks, including Cisco, had created an attractive buying opportunity. Bernstein said a week later that Cisco, Juniper (JNPR), and F5 Networks (FFIV) should be bought on wider macro economic weakness. On October 6, Citi initiated coverage of Cisco with a Buy rating and $30 price target. A week later, Barclays initiated coverage of Cisco with an Overweight rating and a $32 price target. On November 9, RBC Capital maintained an Outperform rating and $33 price target on Cisco, saying it expects the company to report slightly better than expected results. The next day, SunTrust maintained a Buy rating on Cisco, saying its partnership with Ericsson was a positive and should strengthen Cisco's service provider business. PRICE ACTION: In afternoon trading ahead of tonight's report, Cisco shares were up 0.5% to $27.97. In the last three months, Cisco shares are fractionally higher and virtually unchanged when discounting this afternoon's slight rise.
12:38 EDTGOOGYouTube launches Music app
YouTube has launched the YouTube Music app for iOS and Android. In a blog post, the company commented, YouTube is offering a free 14-day trial of premium mode. "No matter where you start in the app, the music will never stop. Every song you play or artist you choose will take you on an endless journey through YouTube's music catalog. A simple tap and you're on your way, enjoying your favorite music and discovering new artists effortlessly. The home tab will recommend tracks just for you and create personalized stations based on your tastes." Reference Link
12:02 EDTNOCNorthrop's U.S. bomber work halted after rivals protest, Reuters says
Work on a long-range strike bomber contract to Northrop Grumman (NOC) has been put on hold after Boeing (BA) and Lockheed Martin (LMT) contested the selection process, Reuters reports, citing a U.S. Air Force spokesman. The spokesman added that the order to halt work was issued after a formal protest was filed November 6, the report says. Reference Link
09:19 EDTGOOGPayPal sinks with Apple eyeing peer-to-peer payments
Shares of PayPal (PYPL) are weak again this morning following a report yesterday afternoon alleging that Apple (AAPL) is set to launch a competitor to one of the payment technology company's offerings. Analysts that were already split about PayPal's prospects are also divided on the potential impact of Apple's entry, with a bull at Citi downplaying the risk and a bear at Piper Jaffray voicing greater concern. APPLE COMPETITION: Apple is in talks with U.S. banks to create a mobile person-to-person payment service, reported The Wall Street Journal yesterday afternoon, citing people familiar with the matter. Apple's service, which would likely be linked to the company's Apple Pay system and could get off the ground next year, would compete with PayPal's Venmo peer-to-peer, or P2P, payment platform, the Journal said. BULLISH TAKE: Citi analyst Ashwin Shirvaikar says his Buy thesis on PayPal is unchanged after the Journal's report regarding Apple's efforts. Apple is a "viable competitor in a crowded field," but its product is unlikely to change the near-term growth trajectory of PayPal's Venmo, Shirvaikar told investors in a research note. He keeps a Buy rating on PayPal with a $44 price target. BEARISH TAKE: Piper Jaffray analyst Gene Munster believes Apple's reported plans for a P2P payment offering sometime in 2016 will have limited to no impact on his model for the iPhone maker, but cautions that more mobile wallets offering P2P will add to the challenges facing PayPal's Venmo. The analyst believes the "real estate for all logos at the point-of-sale will be scarce and cluttered," noting that in addition to new entrants like Apple Pay, Samsung Pay, Google's (GOOG) Android Pay, JPMorgan's (JPM) Chase Pay, MCX/CurrentC and PayPal there are still legacy players such as Visa (V) Checkout, MasterCard (MA) Masterpass, and American Express' (AXP) Express Checkout. Munster thinks Venmo is a strong offering that will keep gaining share, but in addition to competition, he sees low interest rates hindering float income and thinks the value proposition for consumers and merchants remains "uncertain." The analyst keeps an Underweight on PayPal, which is the firm's equivalent of a "sell" rating, with a $30 target for its shares. PRICE ACTION: Shares of PayPal slipped 1.8% to close at $36.33 yesterday following the Journal's report. In pre-market trading, the stock fell another 1% to $36 per share.
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