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Stock Market & Financial Investment News

News Breaks
June 27, 2014
09:50 EDTANAD, SSL, QLTI, MTW, LHO, HFC, OGZPY, COV, APD, VRSNOn The Fly: Analyst Downgrade Summary
Today noteworthy downgrades include: ANADIGICS (ANAD) downgraded to Hold from Buy at Needham... Air Products (APD) downgraded to Equal Weight from Overweight at Barclays... Covidien (COV) downgraded to Neutral from Buy at BTIG... Gazprom (OGZPY) downgraded to Equal Weight from Overweight at Barclays... HollyFrontier (HFC) downgraded to Neutral from Outperform at Credit Suisse... LaSalle Hotel (LHO) downgraded to Hold from Buy at MLV & Co.... Manitowoc (MTW) downgraded to Market Perform from Outperform at BMO Capital... QLT Inc. (QLTI) downgraded to Sector Perform at RBC Capital... Sasol (SSL) downgraded to Equal Weight from Overweight at Barclays... VeriSign (VRSN) downgraded to Market Perform from Outperform at Wells Fargo.
News For ANAD;APD;COV;OGZPY;HFC;LHO;MTW;QLTI;SSL;VRSN From The Last 14 Days
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September 16, 2014
07:30 EDTSSLFoster Wheeler unit awarded EPCm contract by Sasol
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September 15, 2014
12:31 EDTMTWTerex hits 52-week low after cutting fiscal 2014 profit outlook
Shares of Terex (TEX), a diversified global equipment manufacturer of machinery products, are falling after the company cut its fiscal year 2014 earnings per share outlook. The company's third quarter EPS view of 55c-65c also came in far below analysts' consensus estimates of 79c. WHAT'S NEW: This morning, Terex lowered its FY14 EPS view to $2.35-$2.50 from $2.50-$2.80, below analysts' consensus of $2.56. The company said the primary driver of the lowered guidance is weakness in the Cranes segment. Despite a positive trend in book-to-bill ratios over the first half of 2014, the Cranes order rate dropped significantly in July and August. Additionally, Cranes customers in developing markets are struggling to secure financing for orders scheduled for delivery in the second half of 2014. Ron DeFeo, Terex Chairman and CEO said, “We do not take lightly the need to adjust market expectations. Admittedly, the global Cranes marketplace has been challenging to forecast. During 2014, we have certainly seen more muted end markets in Cranes than we originally contemplated back in February. While we do see positive trends in certain aspects of our other segments, this has been more than offset by the recent weakness in Cranes end markets. The balance of our guidance remains intact, including our guidance for Free Cash Flow of between $200M-$250M in 2014. We also remain positive on the longer term prospects for EPS growth in our business, driven in no small part by the internal improvement initiatives underway throughout our company." ANALYST REACTION: This morning, UBS placed a Neutral rating and 12-month price target of $41 on shares of Terex. UBS believes that Terex could be gearing up to announce order cancellations. UBS said the deterioration in the Cranes segment, in addition to new questions over first half 2014 bookings, will be disappointing to investors. Despite that, UBS expects progression of projects in the Gulf Coast to drive a delayed Crane cycle, one that will result in improved order patterns in 2015 and 2016. UBS expects Terex' guidance to weigh on Manitowoc Company (MTW) and H&E Equipment Services (HEES), both of which are exposes to Crane markets. PRICE ACTION: In early afternoon trading, Terex fell $2.32, or about 6.7%, to $32.38 on more than twice its average daily trading volume. Earlier in the session, the stock hit a 52-week low of $32.00. OTHERS TO WATCH: Terex' peers also fell, with Manitowoc Company (MTW) down over 3.3%, and H&E Equipment Services (HEES) down about 1.2%.
11:06 EDTAPDOptions with increasing implied volatility
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10:01 EDTAPDAir Products announces North American price increase for liquid, gas products
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09:32 EDTSSLSasol upgraded to Outperform from Neutral at Macquarie
09:16 EDTMTWOn The Fly: Pre-market Movers
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08:50 EDTMTWManitowoc down 3% after peer Terex cuts FY14 earnings guidance
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07:04 EDTCOVCovidien announces start of enrollment in two neurovascular trials
Covidien announced the start of enrollment in two clinical trials designed to further underscore the safety and effectiveness of the company’s advanced neurovascular solutions. Baptist Medical Center in Jacksonville, Florida, treated the first patient enrolled in the PREMIER Prospective study, an international Investigational Device Exemption clinical study to evaluate the Pipeline embolization device in smaller unruptured intracranial aneurysms. Separately, Baptist Health Lexington in Kentucky, enrolled the first patient in the STRATIS Registry for Endovascular Stroke Devices, which will evaluate the use of all Covidien market-released stroke devices. The PREMIER study will enroll up to 141 patients in 20 global sites and is designed to assess the safety and effectiveness of the Pipeline device in the treatment of unruptured, small and medium wide-necked intracranial aneurysms. The STRATIS Registry, a prospective, multi-center, non-randomized, observational registry designed to evaluate the use of Covidien endovascular stroke devices in patients diagnosed with an acute ischemic stroke. Covidien’s current endovascular stroke device in the U.S. is the Solitaire™ 2 revascularization device. As many as 60 U.S. sites are expected to participate in the STRATIS Registry, which will enroll up to 1,000 patients to collect clinical outcomes for interventional stroke patients in a real world setting.
September 14, 2014
13:51 EDTQLTIAuxilium looks like 'overpriced tax shelter', Barron's says
Auxilium's (AUXL) acquisition of QLT (QLTI) for tax inversion purposes followed a collapse in Testim sales and the company "seems like an overpriced tax shelter," Barron's argues in a follow up article. Reference Link
September 12, 2014
07:03 EDTQLTIQLT announces positive final results from Phase 1b retreatment with QLT091001
QLT Inc. announced positive final results from its international, multi-center, Phase 1b clinical trial of repeated treatments of oral QLT091001 in subjects with Leber Congenital Amaurosis or Retinitis Pigmentosa due to inherited genetic mutations in retinal pigment epithelium or lecithin:retinol acyltransferase. The results, which confirm the top line efficacy and safety outcomes reported from the study in February, will be presented tomorrow, September 13, 2014, at the 47th Annual Scientific Meeting of The Retina Society in Philadelphia, PA, by Dr. Hendrik Scholl, the Dr. Frieda Derdeyn Bambas Professor of Ophthalmology and Director of the Visual Neurophysiology Service at the Wilmer Eye Institute at the Johns Hopkins Hospital, and an investigator in the trial. The presentation slides will be made available on QLT's web site following the Retina Society Meeting. Results of the final analysis confirmed the response rates previously reported in February 2014, with 19 of 27 subjects having a visual field response, and 19 of 27 subjects having a visual acuity response.
September 11, 2014
11:29 EDTAPDOptions with increasing implied volatility
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September 10, 2014
17:11 EDTHFCVenezuela's PDVSA seeks Citgo bids in potential $10B deal, Reuters says
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16:20 EDTHFCHollyFrontier announces $500M share buyback program
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11:06 EDTAPDHigh option volume stocks
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09:02 EDTLHOLaSalle Hotel announces contract to sell Hotel Viking for $77M
LaSalle Hotel Properties announced that it has entered into a definitive contract to sell Hotel Viking in Newport, Rhode Island for $77M. The cmpany expects the transaction to close this week. The company acquired the hotel in June, 1999 for $27M. Proceeds from the transaction will be used to reduce borrowings on the company’s Senior Unsecured Credit Facility. In conjunction with the sale of Hotel Viking, the company is executing a reverse 1031 exchange with Hotel Vitale, which it purchased during April.
07:21 EDTQLTIAuxilium sees merger with QLT closing in Q4
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06:41 EDTHFCPDVSA aims for preliminary offers for Citgo by September-end, Reuters says
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September 9, 2014
06:42 EDTCOVLew expects to make decision on combating inversion deals soon, NY Times reports
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September 8, 2014
11:05 EDTCOVOptions with increasing implied volatility
Options with increasing implied volatility: NPSP GILD VNET AVNR GTAT YHOO RHT VRTX SDRL COV MYL
September 5, 2014
11:47 EDTCOVOptions with increasing implied volatility
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