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Stock Market & Financial Investment News

News Breaks
November 6, 2012
12:10 EDTSREV, NYX, ODP, WTW, CVC, AOL, ESRX, ENOC, OMXOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as Americans headed to the polls. Stock futures improved during the premarket trading session, leading to a slightly higher open for the broader market. The averages slowly gained upside momentum and eventually punched through for their best gains in a couple of weeks. The domestic economic calendar was quiet and investors may be factoring an end to the presidential election process, along with hope that political leaders will get back to work on the country’s problems, as the catalyst for the buying... ECONOMIC EVENTS: In the U.S., the Job Openings and Labor Turnover survey, or JOLTs report, showed job openings fell 100K to 3.56M in September from 3.66M in August. In Europe, a report showed that the shared currency area's business activity shrank in October at its steepest rate in over three years. In Germany in particular, which is the region's biggest economy, the composite services and manufacturing purchasing managers index came in at 48.4, below the consensus forecast of 49.3, and factory orders for the month of September were weaker than expected as well... COMPANY NEWS: Among companies reporting earning last night and this morning, AOL (AOL), Office Depot (ODP) and OfficeMax (OMX) advanced, while Cablevision (CVC) and NYSE Euronext (NYX) declined... MAJOR MOVERS: Among the notable gainers were EnerNOC (ENOC), up 21% following price target raises at RW Baird and Needham after its Q3 results, and Weight Watchers (WTW), up over 16% after its quarterly earnings beat expectations. Among the noteworthy losers was ServiceSource (SREV), down 35% amid at least three downgrades after the company lowered its revenue growth view for the upcoming quarter and the fiscal year. Also lower were shares of Express Scripts (ESRX), down 13% after saying that it views current consensus estimates for 2013 as "overly aggressive" and disclosing that its Accredo Health unit received a subpoena from the Department of Justice... INDICES: Near noon, the Dow was up 171.63, or 1.31%, to 13,284.07; the Nasdaq was up 21.82, or 0.73%, to 3,021.48; and the S&P 500 was up 14.96, or 1.06%, to 1,432.22.
News For AOL;ODP;OMX;CVC;NYX;ENOC;WTW;SREV;ESRX From The Last 14 Days
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July 6, 2015
07:40 EDTWTWWeight Watchers has attracted hedge fund suitor, NY Post reports
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June 29, 2015
16:46 EDTAOLMicrosoft, AOL expand global enterprise-level partnership
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11:21 EDTESRXMorgan Stanley reports 5% passive stake in Express Scripts
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June 26, 2015
07:14 EDTWTWWeight Watchers price target lowered to $4 from $5 at Credit Suisse
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June 25, 2015
14:05 EDTODPStaples, Office Depot shares head lower as analyst highlights merger pitfalls
Shares of Staples (SPLS) and Office Depot (ODP) are in negative territory following a Citi research note identifying significant downside potential if their proposed merger is blocked. The note follows news on June 23 that a U.S. District Court has approved the preliminary injunction of the US Foods-Sysco (SYY) merger. WHAT'S NEW: In the wake of the FTC's preliminary injunction of the US Foods-Sysco deal, Citi's Kate McShane issued a note on the proposed merger of Staples and Office Depot. The FTC is expected to release a public version of its Sysco ruling this Friday, and McShane said details of the injunction could shed light on whether the Staples-Office Depot merger is likely to follow a similar path. The analyst sees a 40% and 49% downside scenario for Staples and Office Depot, respectively, were the merger to fail, versus a 20% upside for Office Depot shares if a successful outcome is reached. WHAT'S NOTABLE: The FTC stated on June 23 that the Sysco-US Foods merger "would lead to higher prices and diminished service," and U.S. District Judge Amit Mehta cited the probability of "substantially" reduced competition. Building on those pieces of information, Kate McShane notes that a merged Staples-Office Depot may only capture 15%-25% of the addressable market, in contrast to the 75% market share of a Sysco and US Foods combination. McShane cautioned that if she limits her analysis to just Fortune 100 companies, the 15%-25% figure would likely be higher, but refrains from stronger speculation on the probability of the deal closing. On June 24, the New York Post cited sources calling the merger "unlikely" after the Sysco injunction. As noted by Citi, if regulator sentiment swings against the office supply companies, shares could head sharply lower. PRICE ACTION: Staples is down 0.4% in afternoon trading, while Office Depot is down 0.3%.
10:00 EDTODPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AT&T (T) upgraded to Buy from Neutral at BofA/Merrill... Eli Lilly (LLY) upgraded to Buy, added to US 1 List at BofA/Merrill... Finish Line (FINL) upgraded to Buy from Neutral at B. Riley... Gran Tierra (GTE) upgraded to Buy from Hold at Canaccord... Greenhill & Co. (GHL) upgraded to Buy from Sell at Goldman... Magnum Hunter (MHR) upgraded to Equalweight from Underweight at Capital One... Marathon Oil (MRO) upgraded to Buy from Neutral at UBS... Newpark Resources (NR) upgraded to Strong Buy from Outperform at Raymond James... Office Depot (ODP) upgraded to Outperform from Market Perform at Telsey Advisory... Quanex (NX) upgraded to Outperform from In-Line at Imperial Capital... Vestas Wind (VWDRY) upgraded to Outperform from Neutral at Exane BNP Paribas... Web.com (WWWW) upgraded to Buy from Neutral at B. Riley... NRG Yield upgraded to Outperform from Market Perform at Avondale.
08:50 EDTODPStaples has 20% upside if Office Depot deal closes, says Citi
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06:47 EDTODPStaples volatility low into expected closure of its merger with Office Depot
Staples (SPLS) July weekly call option implied volatility is at 23, July is a 22, September is at 28; compared to its 52-week range of 20 to 53, suggesting decreasing price movement into the expected closure of its proposed $6.3B merger with Office Depot (ODP).
06:35 EDTODPOffice Depot upgraded to Outperform from Market Perform at Telsey Advisory
05:48 EDTESRXStocks with implied volatility movement; SDS ESRX
Stocks with implied volatility movement; UltraShort S&P500 ProShares (SDS) 28, Express Scripts (ESRX) 27 according to iVolatility.
June 24, 2015
14:13 EDTESRXExpress Scripts July weekly volatility elevated as shares near record high
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09:10 EDTODPOn The Fly: Pre-market Movers
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07:12 EDTODPStaples deal unlikely after Sysco-US Foods merger blocked, NY Post reports
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June 23, 2015
18:00 EDTAOLS&P announces changes to the S&P 400, 500, 600 indices
S&P Dow Jones Indices will make the following changes to the S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices: Columbia Pipeline Group (CPGX) will replace Allegheny Technologies (ATI) in the S&P 500, Allegheny Technologies will replace Unit Corp. (UNT) in the S&P MidCap 400, and Unit Corp. will replace PetroQuest Energy (PQ) in the S&P SmallCap 600 after the close of trading on Wednesday, July 1. S&P 500 constituent NiSource (NI) is spinning off Columbia Pipeline Group in a transaction expected to be completed on that date. NiSource will remain in the S&P 500 following the distribution. Allegheny Technologies, Unit and PetroQuest are all ranked near or at the bottom of their current indices. S&P SmallCap 600 constituent Casey’s General Stores (CASY) will replace AOL (AOL) in the S&P MidCap 400, and Nektar Therapeutics (NKTR) will replace Casey’s General Stores in the S&P SmallCap 600 after the close of trading on Thursday, June 25. S&P 100 & 500 constituent Verizon (VZ) acquired AOL in a transaction completed today. TopBuild (BLD) will replace Aéropostale (ARO) in the S&P SmallCap 600 after the close of trading on Tuesday, June 30. S&P 500 constituent Masco (MAS) is spinning off TopBuild in a transaction expected to be completed on that date. Masco will remain in the S&P 500 following the distribution. Aéropostale is ranked near the bottom of the S&P SmallCap 600. “New” Gannett Co. (GCI) will replace Quiksilver (ZQK) in the S&P SmallCap 600 after the close of trading on Friday, June 26. S&P 500 constituent Gannett Co. (GCI) is spinning off “new” Gannett Co. in a transaction expected to be completed on that date. Post spin, the parent company will change its name to TEGNA. and trade under the symbol “TGNA”. It will remain in the S&P 500 following the distribution. Quiksilver is ranked near the bottom of the S&P SmallCap 600. Cable ONE Inc. (CABO) will replace Peabody Energy (BTU) in the S&P MidCap 400 after the close of trading on Tuesday, June 30. S&P MidCap 400 constituent Graham Holdings Company (GHC) is spinning off CableOne in a transaction expected to be completed on that date. Graham Holdings will remain in the S&P MidCap 400 following the distribution. Peabody Energy is ranked near the bottom of the S&P MidCap 400. The Chemours Co. (CC) will replace Semtech Corp. (SMTC) in the S&P MidCap 400, and Semtech will replace Paragon Offshore (PGN) in the S&P SmallCap 600 after the close of trading on Tuesday June 30. S&P 100 & 500 constituent E. I. du Pont de Nemours and Co. (DD) is spinning off Chemours in a transaction expected to be completed on that date. Dupont will remain in the S&P 100 & 500 following the distribution. Semtech and Paragon Offshore are ranked near or at the bottom of their current indices. “New “ Energizer Holdings (ENR) will replace Harsco (HSC) in the S&P MidCap 400, and Harsco will replace FXCM (FXCM) in the SmallCap 600 after the close of trading on Tuesday, June 30. S&P MidCap 400 constituent Energizer (ENR) is spinning off “new” Energizer in a transaction expected to be completed on that date. Post spin, the parent company will change its name to Edgewell Personal Care Co. and trade under the symbol “EPC”. It will remain in the S&P MidCap 400 following the distribution. Harsco and FXCM are ranked near or at the bottom of their current indices.
17:21 EDTAOLCasey's General Stores to replace AOL in s&P 400 as of 6/25 close
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08:42 EDTAOLVerizon completes acquisition of AOL
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08:34 EDTSREVServiceSource shares may be worth $10 in 2017, says JMP Securities
After meeting with ServiceSource's management, JMP Securities envisions a scenario in which the stock could be worth roughly $10 per share in 2017. The firm thinks the company's EPS could reach 46c per share in 2017, and it keeps an Outperform rating on the shares.
June 22, 2015
10:06 EDTAOLHigh option volume stocks
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08:16 EDTESRXAnthem, Cigna deal would be negative for Catamaran, says Leerink
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07:03 EDTWTWWeight Watchers to prepay portion of initial Tranche B-1 term loans
Weight Watchers commenced an offer to prepay at a discount to par up to $229M of Initial Tranche B-1 Term Loans outstanding under, and as defined in, and pursuant to the terms of, the Credit Agreement among the company, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent and an issuing bank, The Bank of Nova Scotia, as revolving agent, swingline lender and an issuing bank, and the other parties thereto. On June 22, 2015, the company accepted offers with a discount equal to or greater than 9.00% in respect of the Initial Tranche B-1 Term Loans. To complete the prepayment of the accepted offers, on June 26, 2015, the company will expend an aggregate amount of cash proceeds totaling approximately $77.2M plus an amount sufficient to pay accrued and unpaid interest on the amount to be prepaid to prepay approximately $84.9M of the Initial Tranche B-1 Term Loans, resulting in approximately $7.6 million in savings on the payment.
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