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Stock Market & Financial Investment News

News Breaks
October 22, 2012
10:01 EDTWAL, CP, TLM, SNDK, SLG, PEG, MTW, KSU, EQR, EPB, EW, XRAY, DDR, CLF, BXS, BBT, APDOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Air Products (APD) downgraded to Neutral from Buy at BofA/Merrill... BB&T (BBT) downgraded to Neutral from Buy at Sterne Agee... BancorpSouth (BXS) downgraded to Neutral from Buy at SunTrust... Cliffs Natural (CLF) downgraded to Hold from Buy at Deutsche Bank... DDR Corp. (DDR) downgraded to Neutral from Buy at UBS... Dentsply (XRAY) downgraded to Sell from Neutral at UBS... Edwards Lifesciences (EW) downgraded to Neutral from Buy at Citigroup... El Paso Pipeline (EPB) downgraded to Market Perform from Outperform at Wells Fargo... Equity Residential (EQR) downgraded to Sell from Neutral at Goldman... Kansas City Southern (KSU) downgraded to Hold from Buy at BB&T... Manitowoc (MTW) downgraded to Neutral from Buy at Goldman... PSEG (PEG) downgraded to Underperform from Neutral at Credit Suisse... SL Green Realty (SLG) downgraded to Hold from Buy at ISI Group... SanDisk (SNDK) downgraded to Sector Perform from Outperform at RBC Capital... Talisman Energy (TLM) downgraded to Hold from Buy at Canaccord... Canadian Pacific (CP) downgraded to Market Perform from Outperform at BMO Capital... Western Alliance (WAL) downgraded to Neutral from Outperform at Macquarie.
News For APD;BBT;BXS;CLF;DDR;XRAY;EW;EPB;EQR;KSU;MTW;PEG;SLG;SNDK;TLM;CP;WAL From The Last 14 Days
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October 10, 2014
10:29 EDTSNDKMicrochip CEO warning on industry correction sinks semiconductors
Shares of a number of semiconductor makers are falling sharply after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector had entered a correction. In a note to investors today, research firm FBR Capital said Microchip's comments "could be worrisome, " and the firm responded by taking a more defensive stance on the space. WHAT'S NEW: Microchip, which develops microcontroller and analog semiconductors, estimated that its second quarter revenue would come in at $546.2M, versus its previous guidance of $560.0M-$575.9M and analysts' consensus estimate of $568M. The company said that it had experienced a number of negative trends during the quarter, including a weaker than usual September, weakness in China, and significant inventory builds at its distributor customers. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it reports sales from distribution on a sell-through basis and built a significant amount of inventory in the distribution channel in the September quarter and that it does business with over 80,000 customers. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future.” ANALYST REACTION: In a note to investors today, FBR Capital analyst Christopher Rolland said that Microchip's statements come in the wake of other negative signs for the sector. In August and September, lead times for the sector fell versus the month before, the analyst stated. Additionally, revenue trends at Taiwanese chip makers weakened in August, Rolland stated. The analyst said that Microchip's statements pushed him over the fence, causing him to take a more defensive stance on the sector. He removed ON Semiconductor (ONNN) from FBR's Top Picks list but kept an Outperform rating on the stock, as he believes that its valuation is "very reasonable." Rolland maintained Market Perform ratings on Atmel (ATML), Texas Instruments (TXN), Fairchild (FCS), AMD (AMD), and Applied Micro Circuits (AMCC). Sterne Agee also attributed weakness in the sector to Microchip's warnings, but the firm recommended buying NXP Semiconductors (NXPI), Avago (AVGO), and Skyworks (SWKS) due to their strong product cycles with EMV and upcoming iPhone-iPad launches from Apple (AAPL). In addition, the firm said it would buy Micron (MU) and SanDisk (SNDK) given tight supply, below normal inventory levels, and tailwinds from China. PRICE ACTION: In early trading, Microchip dropped nearly 14% to $39.29, Intel (INTC) fell almost 6% to $31.67, On Semiconductor slid 10% to $7.53, Atmel tumbled 11.5% to $6.61, Texas Instruments slipped 8% to $42.16, Fairchild slumped 10.6% to $12.95, AMD dropped 6% to $2.77, Applied Micro declined 10% to $6.19, and NXP Semiconductors was 14% lower to $55.27.
10:20 EDTSNDKSemiconductors defended at Sterne Agee
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10:01 EDTMTWOn The Fly: Analyst Downgrade Summary
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09:00 EDTMTWOn The Fly: Pre-market Movers
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08:36 EDTMTWManitowoc downgraded at BMO Capital
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06:29 EDTMTWManitowoc downgraded to Underperform from Market Perform at BMO Capital
October 9, 2014
19:11 EDTMTWManitowoc sees FY14 Crane segment revenues declining
For FY14, Manitowoc now anticipates Crane segment revenues to decline by mid-to-high single-digit percentages compared to FY13 revenues, while it expects Crane operating margins for FY14 to be in the 7% range. In addition, Manitowoc now expects FY14 Foodservice segment revenues to be up by low-to-mid single-digit percentages as compared to revenues for the prior-year period. The company expects this segment’s operating margins for FY14 to be in the 15% range. In addition, the company is adjusting its guidance for end-of-year debt-to-EBITDA to approximately 3.5 times, versus below 3 times previously expected, and is reducing its interest expense guidance to a low-to-mid $90M range. The company is reaffirming the remainder of its full-year outlook: capital expenditures of approximately $90M, depreciation & amortization of approximately $120M, amortization of deferred financing fees of less than $5M, and effective tax rate in the mid-teens percentage range driven by expected Q3 discrete items.
19:06 EDTMTWManitowoc sees Q3 revenue 'just under' $1B, consensus $1.02B
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09:19 EDTSNDKSanDisk results should beat expectations, says RBC Capital
RBC Capital expects SanDisk to report stronger than expected results for its September quarter. The firm's estimates for SanDisk remain above those of the Street for the next few years because the firm is upbeat on the company's ability to move to higher margin markets. The firm keeps an $118 price target and Outperform rating on the shares.
08:57 EDTSNDKSanDisk's NAND ASPs trending below consensus, says ITG Research
ITG Research said SanDisk's NAND ASP's are trending below Q3 consensus of +.5% but sees bit consensus growth of +39% year-over-year as achievable.
08:40 EDTSNDKDiablo Technologies comments on Netlist injunction
Diablo Technologies commented on the announcement that Netlist (NLST) has filed a motion for preliminary injunction against the company and its technology partner SanDisk (SNDK), in an attempt to impede the manufacture and sale of the ULLtraDIMM product. Diablo stated, "Notably absent from Netlist's press release is the fact that their recent motion has abandoned much of their previous positioning. Netlist's recent amendments now limit their claims of lost sales to the NVvault. These changes can be attributed to Netlist's failure to substantiate claims in the so-called anonymous 'whistleblower' letter, on which they have based their case from the start. The request for a Preliminary Injunction will take months to resolve and Diablo will continue to deal with these baseless accusations in court. We view their latest move as a public relations stunt, which we will address in our existing claim against them." Diablo filed its defense and a counter claim against Netlist's unfair business practices on September 25.
October 8, 2014
16:01 EDTCLFOptions Update; October 8, 2014
iPath S&P 500 VIX Short-Term Futures down 2.73 to 29.51. Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX PBR AA CLF GILD according to Track Data.
14:53 EDTCLFCliffs Natural CEO says hasn't sold shares, no clock on non-core sales, WSJ says
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10:06 EDTKSUStephens transportation analysts hold an analyst/industry conference call
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10:00 EDTSNDKOn The Fly: Analyst Initiation Summary
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09:38 EDTCLFActive equity options trading on open
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09:36 EDTPEGPSEG management to meet with Deutsche Bank
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07:43 EDTSNDKSanDisk initiated with a Buy at Ladenburg
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06:28 EDTBBTM&T Bank, SunTrust may miss Q3 expectations, says Citigroup
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06:01 EDTCLFCliffs Natural implied volatility of 99 at upper end of index mean range
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