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News Breaks
June 30, 2014
Today's noteworthy upgrades include: Amedisys (AMED) upgraded to Hold from Sell at Deutsche Bank... Canadian National (CNI) upgraded to Overweight from Equal Weight at Barclays... Charter (CHTR) upgraded at Evercore... CoStar Group (CSGP) upgraded to Outperform from Market Perform at JMP Securities... DreamWorks Animation (DWA) upgraded to Neutral from Underweight at Piper Jaffray... KLA-Tencor (KLAC) upgraded at B. Riley... Miller Energy (MILL) upgraded to Buy from Neutral at SunTrust... Norfolk Southern (NSC) upgraded to Overweight from Equal Weight at Barclays... Oasis Petroleum (OAS) upgraded to Strong Buy from Outperform at Raymond James... Quantum (QTM) upgraded to Buy from Hold at Lake Street... Ryanair (RYAAY) upgraded to Neutral from Underperform at BofA/Merrill... Solvay (SVYZY) upgraded to Outperform from Neutral at Exane BNP Paribas... TransCanada (TRP) upgraded to Buy from Neutral at Citigroup... Ultratech (UTEK) upgraded at Noble Financial... Wet Seal (WTSL) upgraded to Neutral from Sell at B. Riley... Yahoo (YHOO) upgraded to Overweight from Neutral at Piper Jaffray.
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September 25, 2015
08:24 EDTKLAC, KLACKLA-Tencor upgraded to Outperform from Underperform at CLSA
CLSA upgraded KLA-Tencor to Outperform with a $55 price target. Analyst Mark Heller said the Semicap Equipment sector is trading at the biggest discount to the S&P 500 since mid-2012. Heller expects KLA-Tencor to benefit from the ramp of 10nm at the foundries and also from the launch of its new Gen 5 inspection tool in 2016 and views downside as limited.
06:35 EDTRYAAYLufthansa, Ryanair heads clash over carriers' futures, WSJ reports
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September 24, 2015
12:37 EDTYHOOYahoo reports total government data requests 15,583 from January 1-June 30
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09:23 EDTAMEDAmedisys management to meet with Oppenheimer
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08:13 EDTCSGPCoStar Group management to meet with JPMorgan
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06:05 EDTRYAAYRyanair to distribute EUR398M Aer Lingus proceeds to shareholders
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September 23, 2015
17:54 EDTTRPSaskatchewan government says Keystone XL 'likely' to fail, Canadian Press says
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13:34 EDTCHTRLiberty Broadband shareholders approve proposals related to Charter merger
Liberty Broadband (LBRDA, LBRDK) announced that at its special meeting of stockholders, the holders of Liberty's common stock entitled to vote thereat approved both proposals presented at the meeting relating to Liberty's issuance of shares of its Series C common stock to third party investors, the proceeds of which will fund all or a portion of Liberty's purchase of $4.3B of stock of a new publicly traded Charter Communications (CHTR) following its proposed merger with Time Warner Cable (TWC), all as previously announced.
September 22, 2015
18:44 EDTTRPHillary Clinton opposes TransCanada's Keystone XL pipeline
During a campaign stop in Des Moines, Iowa, democratic presidential candidate Hillary Clinton, who had previously declined to take a stance on the issue, came out against TransCanada's Keystone XL pipeline project. Clinton said, "I think it is imperative that we look at the Keystone pipeline as what I believe it is -- a distraction from important work we have to do on climate change."
17:06 EDTNSCNorfolk Southern names Michael Wheeler COO effective February 1
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16:53 EDTNSCNorfolk Southern COO Mark Manion announces intention to retire
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10:00 EDTKLACOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Antero Midstream (AM) upgraded to Outperform from Neutral at Credit Suisse... China Southern Airlines (ZNH) upgraded to Neutral from Underperform at Macquarie... DuPont (DD) upgraded to Buy from Neutral at Citi... Entergy (ETR) upgraded to Overweight from Equal Weight at Barclays... HSBC (HSBC) upgraded to Conviction Buy from Buy at Goldman... KLA-Tencor (KLAC) upgraded to Buy from Neutral at Nomura... Total (TOT) upgraded to Buy from Hold at Societe Generale.
07:45 EDTOASGlobal Hunter Securities to hold a bus tour
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07:18 EDTKLACKLA-Tencor upgraded to Buy, consensus too low, says Nomura
As previously reported, Nomura upgraded KLA-Tencor (KLAC) to Buy from Neutral with a $60 price target. Analyst Romit Shah believes consensus estimates underestimate improving cyclical trends that could drive an inflection in earnings. Shah said capital spending is shifting towards logic and KLA-Tencor recently commented that September orders would be at the upper end of its guided range due to 10nm logic. The analyst expects Intel's (INTC) spending to normalize to $75M-$100M per quarter starting in December from less than $10M in the first half of 2015. Shah sees further earnings leverage from recent headcount cuts and raised December earnings estimates to 82c from 68c and 2016 to $4.25 from $3.68.
06:08 EDTKLACKLA-Tencor upgraded to Buy from Neutral at Nomura
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September 21, 2015
16:51 EDTCHTRTime Warner Cable confirms shareholder approval of merger with Charter
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15:58 EDTCHTRCharter stockholders approve Time Warner Cable, Bright House transactions
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11:12 EDTCHTRTime Warner Cable stakeholders approve Charter takeover, Reuters reports
Time Warner Cable (TWC) shareholders have approved its $56B takeover by Charter Communications (CHTR), Reuters reports, citing preliminary votes at a special shareholder meeting. Reference Link
10:42 EDTYHOOAnalyst says IRS statement removes some risk for Yahoo
An IRS official said that the agency's recent direction on the tax treatment of transactions like Yahoo's (YHOO) planned spinoff of its stake in Alibaba (BABA) "is not a description of future guidance," reported FBR Capital analyst William Bird, who views the comments as incrementally positive for the U.S. tech company. BACKGROUND: On September 8, Yahoo reported that the IRS refused to take a position on whether Yahoo could carry out a tax-free spinoff of its huge stake in Chinese e-commerce giant Alibaba. On September 15, the agency, without mentioning Yahoo or Alibaba by name, stated that "certain distributions" about which the agency had received inquiries may not meet requirements for tax-advantaged treatment. WHAT'S NEW: IRS Associate Chief Counsel Robert Wellen said on Friday that the agency's statement "is not a description of future guidance," FBR's Bird wrote in a note to investors today. The IRS hasn't made any decision about the guidance it could issue regarding spinoffs, Bird quoted Wellen as saying. The agency does not want to make a judgment on Yahoo's proposed spinoff while it is still studying the rules, Wellen explained, according to Bird. Wellen's statement appears to be positive for Yahoo, as it at least removes the possibility that Yahoo's transaction will be subject to potentially more restrictive upcoming rules, according to Bird. However, the analyst believes that the outlook for the tax treatment of Yahoo's spinoff remains uncertain. He kept an Outperform rating on the stock. WHAT'S NOTABLE: A lockup on about 1.58B shares of Alibaba's stock expired on Saturday, meaning that the holders of the shares are able to sell them for the first time today. However, Alibaba founder and chairman Jack Ma and vice chairman Joseph Tsai hold 269M of the shares whose lockup expired, and Tsai has said that they have no intention of selling significant amounts of their shares following the lockup expiration. Yahoo has another 384M of the Alibaba shares whose lockup expired. PRICE ACTION: In early trading, Yahoo rose 2.6% to $31.54 and Alibaba slipped 1.6% to $64.66.
08:19 EDTYHOOFriday's IRS comments remove one Yahoo risk, says FBR Capital
FBR Capital analyst William Bird views comments from the Internal Revenue Service on Friday at the ABA meeting as incrementally positive for Yahoo (YHOO). Robert Wellen, IRS Associate Chief Counsel, said Friday that his agency's recent notice "is not a description of future guidance" and that "nothing in this notice affects an immediate retroactive date." The analyst believes the comments take one Yahoo risk off the table, namely the retroactive treatment of potential new rules. However, anything shy of a definitive tax ruling on Yahoo's planned spinoff of its Alibaba (BABA) holdings falls short of fully resolving tax uncertainties, Bird tells investors in a research note. No timeline was given for how long the IRS plans to study the spinoff questions under tax code Section 355, analyst points out. He keeps an Outperform rating on Yahoo. The stock is up 23c to $30.97 in pre-market trading. Alibaba, which has 63% percent of its outstanding shares come off lockup today, is up 77c to $65.19 in trading before the opening bell.
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