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April 23, 2014
ANSYS (ANSS) initiated with an Outperform at William Blair... AuRico Gold (AUQ) reinstated with an Outperform at Credit Suisse... Ball Corp. (BLL) initiated with a Neutral at JPMorgan... Central Valley Community Bancorp (CVCY) initiated with an Outperform at Fig Partners... Crown Holdings (CCK) initiated with an Overweight at JPMorgan... EQT Midstream Partners (EQM) initiated with a Strong Buy at ISI Group... First Cash Financial (FCFS) initiated with an Overweight at HSBC... Galmed (GLMD) initiated with a Buy at Maxim... Harman (HAR) initiated with an Outperform at RBC Capital... Interval Leisure (IILG) initiated with an Outperform at Imperial Capital... Kroger (KR) initiated with a Market Perform at Wells Fargo... Manulife Financial (MFC) initiated with a Buy at UBS... ONEOK Partners (OKS) initiated with a Neutral at ISI Group... Occidental Petroleum (OXY) initiated with a Neutral at Global Hunter... Owens-Illinois (OI) initiated with a Neutral at JPMorgan... Sprouts Farmers Markets (SFM) initiated with an Outperform at Wells Fargo... Sun Life Financial (SLF) initiated with a Buy at UBS... Sysorex Global (SYRX) initiated with a Buy at Dougherty... TPG Specialty Lending (TSLX) initiated with a Neutral at Citigroup... UGI Corporation (UGI) initiated with an Equalweight at Barclays... WhiteWave Foods (WWAV) initiated with a Buy at Deutsche Bank... Williams Partners (WPZ) initiated with a Buy at ISI Group.
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February 19, 2015
08:01 EDTBLLBall Corp. to hold a conference call
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05:49 EDTBLLBall's proposed acquisition of Rexam valued at $8.4B
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05:47 EDTBLLBall Corp. confirms deal to acquire Rexam
The boards of Ball Corp. (BLL) and Rexam (REXMY) announced that they have reached agreement on the terms of a recommended offer for the entire issued and to be issued ordinary share capital of Rexam by Ball UK Acquisition Limited, a wholly-owned subsidiary of Ball. The Offer is to be effected by means of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act. Under the terms of the Offer, Rexam Ordinary Shareholders will be entitled to receive for each Rexam Ordinary Share held 407 pence in cash and 0.04568 of a New Ball share. Ball will provide a Mix and Match Facility, which will allow Rexam Ordinary Shareholders to elect to vary, subject to the availability of offsetting elections, the proportions in which they receive New Ball Shares and cash. In addition, Rexam Ordinary Shareholders will be entitled to the 2014 Final Dividend of 11.9 pence announced by Rexam today, subject to shareholder approval, and to any other dividends declared or paid by Rexam in respect of any completed six-month period ended 30 June or 31 December between the date of this announcement and the date of the day before the Effective Date consistent with Rexam's past practice, provided that such dividends do not exceed the corresponding interim or final dividend paid or declared in respect of 2014. The combination is expected to be accretive to earnings per share within the first full year of completion and is in line with Ball's strategy to increase Economic Value Added dollars or returns greater than its weighted average cost of capital on its larger average invested capital base. The combination is expected to foster meaningful EVA dollar growth over the medium term. The Ball Board has approved the Offer and intends to recommend unanimously that Ball Shareholders vote in favour of the Offer. The receipt of competition authority clearances in the E.U. and U.S. is a Pre-Condition to the Offer. In addition, Ball and Rexam have agreed that the absence of a requirement to make material divestitures in the E.U. and the U.S. on a combined basis is a Condition of the Offer. It is expected that the Scheme Document will be posted to Rexam Shareholders shortly after the satisfaction or waiver of the Pre-Condition. The Offer is expected to complete in the first half of 2016.
February 18, 2015
13:04 EDTCCK, OI, BLLBall Corp. near deal to acquire Rexam, WSJ reports
Ball Corp. (BLL) is close to acquiring Rexam (REXMY) in a deal that could be announced this week, Wall Street Journal reports, citing people familiar with the matter. The companies confirmed earlier this month that they were in merger talks. A combination would create the largest beverage-can maker in the world. Peers of Ball include Crown Holdings (CCK), Owens-Illinois (OI) and Silgan Holdings (SLGN). Reference Link
12:45 EDTCCKCrown Holdings to build new beverage can plant in Mexico to meet growing demand
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12:44 EDTBLLBall Corp. near deal to acquire Rexam, Dow reports
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February 17, 2015
17:09 EDTUGIUGI Corporation announces 35 mile pipeline to supply 1000 MW power plant
UGI Corporation announced that a subsidiary of its wholly-owned subsidiary UGI Energy Services, LLC, plans to construct an approximately 35-mile pipeline to bring low-cost natural gas produced in the Marcellus Shale region to a planned 1,000-megawatt natural gas-fueled power generation facility near Shamokin Dam in Snyder County, Pennsylvania. Panda Power Funds and Sunbury Generation LP plan to construct the new “Hummel Station” power plant on the site of Sunbury Generation LP’s existing coal-fired plant that has been retired from operation. The new Hummel plant is expected to be operational in the second half of 2017. In addition to serving the generation plant, the new pipeline will supply natural gas and system reinforcement to distribution systems operated by UGI Penn Natural Gas, Inc. and UGI Central Penn Gas. Later this year, UGI Sunbury, LLC, a wholly-owned subsidiary of UGI Energy Services, LLC, will file for approval to construct and operate the pipeline from the Federal Energy Regulatory Commission, or FERC, the agency that regulates transportation of natural gas through interstate markets. The 20-inch diameter, steel pipeline will be designed to transport 200,000 Dth per day of natural gas. It is expected to cost approximately $160M and to be in service in early 2017.
07:15 EDTWWAVConsumer Analyst Group of New York (CAGNY) to hold a conference
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February 13, 2015
16:17 EDTCVCYCentral Valley Community reports Q4 EPS (22c), consensus (37c)
The company's net interest margin increased 12 basis points to 4.04% for the quarter ended December 31, 2014, compared to 3.92% and 4.06% for the quarters ended December 31, 2013 and September 30, 2014, respectively. Net interest income, before provision for credit losses, increased $813,000, or 8.84%, to $10,005,000 for the fourth quarter of 2014, compared to $9,192,000 for the same period in 2013.
10:00 EDTSLFOn The Fly: Analyst Downgrade Summary
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06:32 EDTSLFSun Life Financial downgraded to Market Perform from Outperform at BMO Capital
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February 12, 2015
17:52 EDTWWAVConAgra, Campbell drop after lowering yearly view on FX headwinds
Shares of food product companies ConAgra Food (CAG) and Campbell Soup Company (CPB) are trading lower in extended trading after both companies issued profit warnings as a result of currency headwinds. WHAT'S NEW: After the closing bell, ConAgra said it sees third quarter earnings per share 10c below the 62c it earned in the same quarter last year. Consensus estimates for ConAgra's Q3 EPS are currently 61c. The company also lowered its EPS view for 2015 to $2.13-$2.18 against consensus estimates of $2.26. The company said, "A strengthening dollar has negatively impacted the EPS outlook, as has a higher-than-planned mark-to-market loss from certain commodity index hedges as discussed in the company’s fiscal second-quarter earnings release. Two operating issues account for the majority of the change in EPS expectations: Profitability for the Private Brands segment is weaker than planned due to a highly competitive bidding environment, as well as execution shortfalls, which together have negatively impacted recent results and near-term expectations for volumes, pricing, and margins.The ongoing longshoremen labor dispute on the U.S. West Coast has continued longer than the company expected, which has negatively impacted exports of Lamb Weston potato products to international markets." Another food company, Campbell Soup Company, lowered its second quarter and full year 2015 guidance after the closing bell. Campbell's gave second quarter EPS guidance of 65c-66c, which was below consensus estimates, and added that net sales for Q2 will decline by approximately 2%, reflecting the negative impact of currency translation. The company estimates that Q2 adjusted EBIT will decline by approximately 17%, due primarily to lower gross margin performance and the negative impact of currency translation. Campbell lowered its FY15 EPS view to $2.32-$2.38 against a consensus estimate of $2.45. PRICE ACTION: Campbell Soup Company is trading lower by 4.2% to $45.70 in extended trading while ConAgra shares are 2.75% lower to $35.42. OTHERS TO WATCH: Other food product companies include General Mills (GIS), Kraft Foods Group (KRFT), Mondelez International (MDLZ), Tyson Foods (TSN), Dean Foods (DF), The WhiteWave Foods Company (WWAV), and J M Smucker (SJM).
16:38 EDTSFMOrbiMed Advisors reports 6.1% stake in Sprouts Farmers Markets
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10:28 EDTSFMWhole Foods lifts natural foods peers after profits beat expectations
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09:41 EDTSLFSun Life Financial downgraded to Neutral from Outperform at Macquarie
Macquarie downgraded Sun Life Financial to Neutral with a C$44 price target following the company's Q4 results.
08:17 EDTSFMWhole Foods Q1 results encouraging, says Wedbush
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07:42 EDTWWAVWhiteWave Foods sees FY15 adjusted EPS excluding China JV $1.08-$1.12
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07:41 EDTWWAVWhiteWave Foods sees Q1 adjusted EPS 17c-19c, may not compare to consensus 24c
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07:38 EDTWWAVWhiteWave Foods reports Q4 adjusted EPS 27c, consensus 27c
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05:53 EDTMFCManulife Financial reports Q4 core EPS C$0.36 vs. C$0.35 last year
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