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January 29, 2013
10:02 EDTCAT, GSK, HOV, TSN, SPF, SWIR, PLXT, LEN, GPC, FITB, ERIC, CGV, BRE, ANFOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Abercrombie & Fitch (ANF) upgraded to Outperform from Market Perform at BMO Capital... BRE Properties (BRE) upgraded to Neutral from Sell at Goldman... CGG Veritas (CGV) upgraded to Overweight from Neutral at JPMorgan... Caterpillar (CAT) upgraded to Outperform from Market Perform at BMO Capital... Ericsson (ERIC) upgraded to Buy from Hold at Deutsche Bank... Fifth Third Bancorp (FITB) upgraded to Outperform from Market Perform at Wells Fargo... Genuine Parts (GPC) upgraded to Buy from Hold at BB&T... Lennar (LEN) upgraded to Buy from Neutral at Compass Point... PLX Technology (PLXT) upgraded to Buy from Hold at Wunderlich... Sierra Wireless (SWIR) upgraded to Outperform from Sector Perform at RBC Capital... Standard Pacific (SPF) upgraded to Buy from Neutral at Compass Point... Tyson Foods (TSN) upgraded to Buy from Underperform at BofA/Merrill... Hovnanian (HOV) upgraded to Neutral from Sell at Compass Point... GlaxoSmithKline (GSK) upgraded to Overweight from Equal Weight at Barclays... Caterpillar (CAT) upgraded to Buy from Outperform at CLSA.
News For ANF;BRE;CGV;ERIC;FITB;GPC;LEN;PLXT;SWIR;SPF;TSN;HOV;GSK;CAT From The Last 14 Days
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July 18, 2014
09:55 EDTERICEricsson rallies sharply after earnings, levels to watch
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09:24 EDTERICOn The Fly: Pre-market Movers
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05:14 EDTERICEricsson reports Q2 Non-IFRS EPS SEK 1.07 vs. SEK 0.88 last year
Reports Q2 revenue SEK 54.8B vs. SEK 55.3B last year.
July 17, 2014
09:52 EDTFITBFifth Third Bancorp says committed to achieving positive operating leverage
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09:20 EDTFITBFifth Third Bancorp sees modest net interest income growth for FY14
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07:18 EDTGSKMylan wins motion to enjoin GlaxoSmithKline from production of generic product
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06:37 EDTFITBFifth Third Bancorp reports Q2 EPS 49c, consensus 43c
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06:23 EDTGSKGlaxoSmithKline admits to bribing Chinese officials in 2001, FT reports
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July 16, 2014
17:23 EDTTSNTyson Foods commences tender offer for Hillshire Brands for $63 per share cash
Tyson Foods (TSN) announced that it has commenced a cash tender offer for all outstanding shares of common stock of Hillshire Brands (HSH) at a price of $63.00 per share. The tender offer is being made pursuant to the previously announced merger agreement dated July 1, among the two companies and HMB Holdings, a wholly owned subsidiary of Tyson Foods. The tender offer period will expire at 12:00 midnight at the end of the day on August 12, unless the offer is extended. Tyson Foods has filed a tender offer statement on Schedule TO with the United States SEC. HMB Holdings is the acquirer in the tender offer. The Offer to Purchase contained within the Schedule TO sets out the terms and conditions of the tender offer. Hillshire Brands has also filed a Solicitation/Recommendation Statement with the SEC, which includes the recommendation of the Hillshire board of directors that Hillshire Brands stockholders tender their shares in the tender offer. Following successful completion of the tender offer, any shares not acquired in the tender offer will be acquired in a second-step merger at the same $63 per share cash price.
11:29 EDTLENLennar management to meet with ISI Group
Meeting to be held in San Francisco on July 23 hosted by ISI Group.
11:25 EDTHOVHovnanian management to meet with Global Hunter
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07:14 EDTGSKIsis Pharmaceuticals earns $1M milestone payment from GlaxoSmithKline
Isis Pharmaceuticals (ISIS) has earned a $1M milestone payment from GlaxoSmithKline (GSK) related to the advancement of the Phase 2/3 study of ISIS-TTRRx in patients with familial amyloid polyneuropathy. ISIS-TTRRx is an antisense drug in development with GSK for the treatment of transthyretin amyloidosis, a severe and rare genetic disease characterized by progressive dysfunction of peripheral nerve and/or heart tissues. Including this milestone payment, Isis has generated $27M in upfront and milestone payments for advancing ISIS-TTRRx. If GSK elects to exercise its option to exclusively license the ISIS-TTRRx program, Isis is eligible to receive a license fee, regulatory and sales milestone payments and double-digit royalties on sales of ISIS-TTRRx.
05:38 EDTGSKGSK, Theravance initiate Phase III IMPACT study
GlaxoSmithKline (GSK) and Theravance (THRX) announced the start of a global phase III study, known as IMPACT, to evaluate the efficacy and safety of the 'closed' triple combination of FF/UMEC/VI in patients with chronic obstructive pulmonary disease, or COPD. IMPACT is the first pivotal phase III study in a programme to evaluate a once-daily closed triple combination treatment of an inhaled corticosteroid, or ICS; a long-acting muscarinic antagonist, or LAMA; and a long-acting beta2-adrenergic agonist, or LABA, in patients with COPD. The IMPACT study will enrol approximately 10,000 patients and assess whether the combination of FF, or fluticasone furoate, an ICS, UMEC, or umeclidinium, a LAMA, and VI, or vilanterol, a LABA, all delivered in GSK's Ellipta inhaler, can reduce the annual rate of moderate and severe exacerbations compared with two approved once daily COPD treatments, Relvar/Breo Ellipta, FF/VI, which is an ICS/LABA combination, and Anoro Ellipta, UMEC/VI, which is a LAMA/LABA combination.
July 15, 2014
12:21 EDTGSKOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday despite better than expected quarterly reports from two of the nation's largest financial institutions. Stock futures improved during the pre-market trading session, leading to a higher open for the broader market, following better than expected earnings reports from JP Morgan (JPM) and Goldman Sachs (GS). The earnings news also came alongside another huge M&A deal, as tobacco giants Reynolds American (RAI) and Lorillard (LO) confirmed plans to merge. However, the major averages weakened throughout the morning and fell into negative ground against the backdrop of Fed Chair Janet Yellen giving testimony on Capital Hill. In the Board of Governors' Monetary Policy Report, the central bank said valuation metrics in "some sectors" appear substantially stretched, "particularly those for smaller firms in the social media and biotechnology industries." ECONOMIC EVENTS: In the U.S., retail sales increased 0.2% in June compared to the month prior, making for the weakest reading since January and missing the consensus forecast for an increase of 0.6%. The Empire State manufacturing index climbed to a four-year high of 25.6 in July, beating expectations for a reading of 16.5. Import prices rose 0.1% in June, with export prices slipping 0.4%. Business inventories grew 0.5% in May, which was just below the 0.6% consensus growth expectation. In Europe, Germany's ZEW survey missed expectations, as both its Current Situation and Expectations reading were lower than forecast. COMPANY NEWS: Shares of JPMorgan advanced nearly 4% after the bank reported a profit of $1.46 a share, which included a legal expense of 13c a share, beating analysts' consensus forecast of $1.29. The earnings report comes after CEO Jamie Dimon recently disclosed that he has throat cancer. During the company's conference call, Dimon said he was "feeling great," that doctors had found no evidence of cancer anywhere except in the location where it had originally been detected, and that his prognosis for recovery is "excellent"... Also in the large-cap bank sector, Goldman Sachs' headline earnings and revenue similarly beat expectations. The firm, which said it ranks first in worldwide announced and completed mergers and acquisitions for the year-to-date, advanced about 1% following its report... Along with JPMorgan in the Dow Jones Industrial Average, Johnson & Johnson (JNJ) reported quarterly sales and profits that beat expectations and the healthcare conglomerate raised its fiscal year EPS view to $5.85-$5.92 from $5.75-$5.85. However, its increased outlook range still fell short of the $5.90 per share consensus forecast that analysts had prior to its report... Reynolds American confirmed news that has been speculated for many weeks, announcing that it will acquire peer Lorillard in a cash-and-stock transaction currently valued at $68.88 per Lorillard share, or a total of $27.4B, including the assumption of net debt. Shares of both fell afterward, with Lorillard down 8% to trade near $61.75 at midday and Reynolds slipping 5%. MAJOR MOVERS: Among the notable gainers was small-cap pharma biotechnology research company Codexis (CDXS), which surged nearly 50% after announcing a collaboration and license agreement with GlaxoSmithKline (GSK). Among the noteworthy losers was Aaron's (AAN), which is engaged in the lease ownership and retail sale of a variety of consumer products. Its stock fell over 6% after the company lowered its second quarter outlook, citing lower than expected performance of its core business as the reason for the revision. INDEXES: Near midday, the Dow was down 33.45, or 0.2%, to 17,021.97, the Nasdaq was down 40.48, or 0.91%, to 4,399.94, and the S&P 500 was down 9.24, or 0.47%, to 1,967.86.
09:21 EDTGSKOn The Fly: Pre-market Movers
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07:23 EDTERICFortune to hold a conference
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July 14, 2014
21:08 EDTGSKCodexis to host conference call
Conference call to discuss the strategic collaboration and license agreement with GSK will be held on July 15 at 8:30 am. Webcast Link
16:06 EDTGSKCodexis announces $25M collaboration, license agreement with GlaxoSmithKline
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07:43 EDTCATGE far ahead of Caterpillar in race for cleaner diesel train, WSJ says
Caterpillar (CAT) has fallen far behind in the race to offer a locomotive that meets stricter emission standards taking effect next year, with its Electro-Motive Diesel unit stating that its freight trains probably won't be available until 2017, while General Electric (GE) is already testing trains that comply with the new rules, reported The Wall Street Journal. Reference Link
06:17 EDTGSKXinhua: China indicts two GSK foreign investigators, The Guardian reports
Prosecutors in China have indicted two foreign investigators, British national Peter Humphrey and his wife, Yu Yingzeng, linked to GlaxoSmithKline, for illegally obtaining private information on Chinese citizens, reports The Guardian. Citing state media news agency Xinhua, the case is the first indictment by Chinese prosecutors against foreigners for illegal investigation. Reference Link
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