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October 22, 2012
10:01 EDTWAL, SNDK, MTW, EPB, CP, SLG, KSU, EW, TLM, PEG, EQR, BXS, DDR, BBT, CLF, APD, XRAYOn 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.
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June 25, 2015
12:54 EDTSNDKEarnings Watch: Micron reports after multiple analysts recommend selling shares
Micron Technology (MU) is expected to report third quarter earnings after the close on Thursday, June 25, with a conference call scheduled for 4:30 pm EDT. Micron manufactures semiconductor devices, principally Dynamic Random Access Memory, or DRAM, NAND Flash and NOR Flash memory. EXPECTATIONS: Analysts are looking for earnings per share of 56c on revenue of $3.9B. The consensus range is 49c-65c for EPS on revenue of $3.73B-$4.03B, according to First Call. On its last earnings conference call, Micron guided for Q3 revenue of $3.85B-$4.05B. In terms of bit growth in Q3, the company said previously that it sees total DRAM up high single digits and Trade NAND down low single digits. In Q3 for ASP, the company forecast total DRAM down high single digits and Trade NAND up mid single digits. LAST QUARTER: On April 1, Micron reported Q2 adjusted EPS of 81c, against a consensus of 73c, on revenue of $4.17B, against a consensus of $4.15B. The company said then that it was allocating less production to its PC segment and shifting to faster growing areas, but also said it foresaw PC DRAM demand to improve in the second half of 2015. PEER: On April 15, SanDisk (SNDK) lowered it FY15 revenue view to $5.4B-$5.7B from $6.5B-$6.8B. At that time, SanDisk CEO Sanjay Mehrotra said the company was "disappointed" with its financial and operational performance and was taking "aggressive measures" to regain the type of execution it has delivered in the past, adding that its top priorities for 2015 are to strengthen its product roadmap and rebuild its momentum. NEWS: On May 5, Micron appointed Ernie Maddock as CFO and vice president, Finance, effective June 1. Maddock joined Micron after having served as EVP and CFO at Riverbed Technology (RVBD). STREET RESEARCH: On June 9, Piper Jaffray analyst Ruben Roy wrote that after conducting checks in Taiwan he expects the prices of PC DRAM to continue to decline. However, mobile and server DRAM pricing remains stable, as demand for those products is rising, the analyst stated. Roy lowered his estimates for Micron and trimmed his price target on the shares to $34 from $35 but kept an Overweight rating on the name. The same day, research firm Drexel Hamilton cut its rating on Micron to Sell from Hold, citing its belief that DRAM price declines are likely to continue. Samsung appears to be willing to accept lower memory prices and mobile DRAM prices are weakening, while PC DRAM prices have remained weak, the firm stated. As a result, Drexel lowered its margins and earnings estimates for Micron and slashed its price target on the stock to $20 from $30. Less than a week later, Morgan Stanley analyst Joseph Moore downgraded Micron to Underweight, the firm's equivalent of a "Sell" rating. Moore said that his checks in Taiwan indicate that the outlook for DRAM is "cautious versus expectations" for the third quarter. Previously, the analyst had expected DRAM to experience a seasonal boost in Q3, but he now expects this lift to be delayed until at least Q4. Moreover, DRAM prices will probably stay weak through Q3 as customers' inventories of DRAM are excessive, while sales of PC DRAM will probably remain weak in Q3 and could stay low in Q4, the analyst stated. Micron could have difficulty improving its earnings in 2016 from current levels, warned the analyst, who set a $21 price target on the shares. The same day, Moore downgraded peer SanDisk to Equal Weight from Overweight and lowered his price target on those shares to $75 from $80. On June 19, Topeka upgraded Micron to Buy from Hold and increased its price target to $34 from $30. The firm came away from an investor site visit incrementally more confident regarding PC demand and related DRAM pricing. Topeka added that it expects investor confidence in Micron's ability to sustain margins though cycles to increase over the next few quarters as Micron executes. Earlier this week, Goldman Sachs analyst Mark Delaney downgraded Micron to Sell from Neutral, saying rising DRAM supply will lower selling prices and contract margins. Delaney expects DRAM prices to drop up to 30% over the next three quarters and cut his price target for Micron shares to $19 from $27. PRICE ACTION: Over the last three months, shares of Micron have fallen over 9%. Ahead of its earnings report, Micron fell fractionally to trade near $24 per share at midday.
June 24, 2015
09:03 EDTPEGPSEG management to meet with Deutsche Bank
Meetings to be held in Boston/New York on June 24 hosted by Deutsche Bank.
09:02 EDTAPDAir Products LNG technology elected for Freeport LNG terminal facility
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June 23, 2015
11:20 EDTEWMedtronic competitive with Edwards after approval, says Wells Fargo
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07:36 EDTPEGPSEG management to meet with Deutsche Bank
Meeting to be held in Boston on June 23 hosted by Deutsche Bank.
07:25 EDTEWPiper Jaffray to hold a summit
2015 Piper Jaffray Heartland Summit is being held in Minneapolis on June 23-24.
07:17 EDTEWFeedback on Edwards Lifesciences Centera 'very positive,' says Wells Fargo
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June 22, 2015
10:14 EDTKSUKansas City Southern could yield synergies for Canadian National, says Cowen
Cowen said Canadian National (CNI) has been increasing its presence and service offerings in the U.S. Gulf coast and a merger with Kansas City Southern (KSU) could increase competitiveness and result in substantial revenue synergies. The firm said Kansas City Southern trades at a 25% premium to the rail group and any merger would involve a great amount of political risk and has no reason to believe the company is contemplating such a move.
10:00 EDTSNDKOn The Fly: Analyst Upgrade Summary
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05:34 EDTSNDKSanDisk upgraded to Buy from Hold at Summit Research
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June 18, 2015
16:56 EDTDDRDDR Corp. files to sell 50.58M shares for holders
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16:20 EDTDDRDDR Corp. files automatic mixed securities shelf
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10:01 EDTBBTOn The Fly: Analyst Initiation Summary
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07:05 EDTBBTBB&T initiated with an Overweight at Stephens
Target $45.
June 17, 2015
19:14 EDTEWEdwards Lifesciences confirms FDA approval for SAPIEN 3 valve
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15:29 EDTEWFDA approves SAPIEN 3 THV artificial heart valve
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11:08 EDTKSUOptions with increasing implied volatility
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08:33 EDTPEGPSEG acquires Maryland power plant from Ares Management
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June 16, 2015
18:14 EDTCPCanadian Pacific plans to purchase up to 853K shares through going private deals
Canadian Pacific announced that it intends to purchase for cancellation up to 853,000 of its common shares pursuant to private agreements to be entered into between CP and three arm's-length third-party sellers. Purchases will be made in accordance with three issuer bid exemption orders issued by the Ontario Securities Commission each dated June 16, and pursuant to the Orders, may be made in several transactions prior to March 17, 2016. The price CP will pay for its common shares purchased by way of private agreements will be at a discount to the prevailing market price of CP common shares on the Toronto Stock Exchange at the time of purchase. Purchases made by CP will be counted towards CP's normal course issuer bid announced on March 16, 2015 for up to 9.14M CP common shares and will not exceed, in aggregate, one third of the maximum number of common shares CP may purchase under the Bid, being 3.05M common shares.
07:41 EDTCP, KSURail sector risk/reward attractive, but patience required, says UBS
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