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January 3, 2014
10:00 EDTSWIR, SON, WTM, MOG.A, IPCM, EXC, CNDO, AMCC, SNX, OI, S, MU, FE, ETR, ED, ARMH, JMBA, UFS, MWV, PRU, JOY, GE, ENH, CBOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: ARM Holdings (ARMH) downgraded to Market Perform from Outperform at BMO Capital... Applied Micro (AMCC) downgraded to Market Perform from Outperform at BMO Capital... Chubb (CB) downgraded to Neutral from Buy at Janney Capital... Consolidated Edison (ED) downgraded to Neutral from Buy at Citigroup... Coronado (CNDO) downgraded to Perform from Outperform at Oppenheimer... Endurance Specialty (ENH) downgraded to Neutral from Buy at Janney Capital... Entergy (ETR) downgraded to Sell from Neutral at Citigroup... Exelon (EXC) downgraded to Sell from Neutral at Citigroup... FirstEnergy (FE) downgraded to Sell from Neutral at Citigroup... General Electric (GE) downgraded to Perform from Outperform at Oppenheimer... IPC The Hospitalist Co. (IPCM) downgraded to Neutral from Outperform at Credit Suisse... Joy Global (JOY) downgraded to Sell from Neutral at Goldman... Micron (MU) downgraded to Sector Perform from Outperform at RBC Capital... Moog (MOG.A) downgraded to Sector Perform from Outperform at RBC Capital... NRG Yield (NYLD) downgraded to Neutral from Buy at Citigroup... Prudential (PRU) downgraded to Neutral from Buy at Janney Capital... Sprint (S) downgraded to Sell from Hold at Stifel... White Mountains (WTM) downgraded to Neutral from Buy at Janney Capital... MeadWestvaco (MWV) downgraded to Neutral from Buy at BofA/Merrill... Owens-Illinois (OI) downgraded to Neutral from Buy at BofA/Merrill... Sonoco Products (SON) downgraded to Neutral from Buy at BofA/Merrill... Domtar (UFS) downgraded to Underperform from Buy at BofA/Merrill... SYNNEX (SNX) downgraded to Hold from Buy at Cross Research... Coronado (CNDO) downgraded at Oppenheimer... Jamba (JMBA) downgraded at Wedbush... Sierra Wireless (SWIR) downgraded to Equal Weight from Overweight at Stephens.
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February 11, 2016
06:33 EDTSONSonoco Products board approves repurchasing up to $100M in common stock
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06:32 EDTSONSonoco Products sees Q1 EPS 57c-62c, consensus 59c
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06:32 EDTSONSonoco Products sees FY16 EPS $2.64-$2.74, consensus $2.69
Sees FY16 free cash flow $140M.
06:32 EDTSONSonoco Products reports Q4 EPS 64c, consensus 62c
Reports Q4 revenue $1.27B, consensus $1.28B.
February 10, 2016
19:33 EDTPRUOn The Fly: After Hours Movers
UP AFTER EARNINGS: HubSpot (HUBS), up 12%... CSRA (CSRA), up 12%... Expedia (EXPE), up 11.5%... Tesla (TSLA), up 9.6%... Hortonworks (HDP), up 8.6%... Skechers (SKX), up 8.8%... Cisco Systems (CSCO), up 7.3%... Centurylink (CTL), up 8.4%... O'Reilly Automotive (ORLY), up 5.2%... Kinross Gold (KGC), up 3.7%... Whole Foods Market (WFM), up 2.5%. ALSO HIGHER: Tripadvisor (TRIP) is up 7.1% and Priceline (PCLN) is up 4.5% after Expedia reported its quarterly results. DOWN AFTER EARNINGS: Pilgrim's Pride (PPC), down 10.9%... Cornerstone OnDemand (CSOD), down 3.6%... Mylan (MYL), down 9.4% after reporting quarterly results and announcing that it will acquire Meda Aktiebolag for $9.9B... Zynga (ZNGA), down 8.9%... iRobot (IRBT), down 6.4%... Prudential (PRU), down 1%... Twitter (TWTR), down 3%... Pioneer Natural (PXD), down 2.4%. ALSO LOWER: Franco-Nevada (FNV), down 4.9% after 11.5M share Spot Secondary priced at $47.85... Continental Resources (CLR), down 2.4% after reporting proved reserves of 1.23B Boe at Dec. 31, 2015.
16:40 EDTPRUPrudential reports Q4 adjusted EPS $1.94, consensus $2.30
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14:32 EDTPRUNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Cisco (CSCO), consensus 54c... Tesla (TSLA), consensus 8c... Twitter (TWTR), consensus 12c... Whole Foods (WFM), consensus 40c... Mylan (MYL), consensus $1.27... Expedia (EXPE), consensus $1.00... Prudential Financial (PRU), consensus $2.30... O'Reilly Automotive (ORLY), consensus $2.08... Pioneer Natural Resources (PXD), consensus (30c)... Skechers (SKX), consensus 20c... Zynga (ZNGA), consensus 0c.
February 8, 2016
16:35 EDTOIOwens-Illinois sees FY16 adjusted EPS $2.10-$2.25, consensus $2.27
Sees FY16 free cash flow $280M. "We expect that trends in the majority of our end markets will remain stable in 2016 and O-I will increasingly benefit from our growing exposure to U.S. beer imports and the Mexican domestic market. While we recognize continued external uncertainties, such as economic conditions in Brazil and price dynamics in Europe, we are pressing hard on key initiatives that will increase profitability in 2016, including maximizing the value of the acquired business, improving our end-to-end supply chain performance, and reducing costs through increasing organizational effectiveness and spending discipline," remarked the company.
16:34 EDTOIOwens-Illinois reports Q4 adjusted EPS 40c, consensus 40c
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February 5, 2016
09:19 EDTSWIROn The Fly: Pre-market Movers
UP AFTER EARNINGS: Tyson Foods (TSN), up 6.9%... Symantec (SYMC), up 9.1%... Ubiquiti (UBNT), up 20.2%... Lumentum (LITE), up 7.5%. DOWN AFTER EARNINGS: Tableau Software (DATA), down 42.8%... LinkedIn (LNKD), down 35.6%... Outerwall (OUTR), down 19.9%... Sierra Wireless (SWIR), down 24.4%... Deckers Outdoor (DECK), down 12.7%... Hanesbrands (HBI), down 13.3%. ALSO LOWER: LinnCo (LNCO), down 65% after announcing exploration of strategic alternatives... Linn Energy (LINE), down 59.2% after announcing exploration of strategic alternatives... Quotient (QTNT), down 17.9% after 4.44M share Secondary priced at $9.00... Hess (HES), down 10.2% after 25M share Spot Secondary priced at $39.00.
08:05 EDTWTMWhite Mountains reports adjusted book value per share of $699
White Mountains Insurance Group reported an adjusted book value per share of $699 at December 31, 2015, up 6.8% and 5.3% for the quarter and year ended December 31, 2015, including dividends. Adding the estimated gain of $84 per share for the previously announced Sirius Group sale, adjusted book value per share is approximately $783, up 18.0% for the year ended December 31, 2015, including dividends. Chairman and CEO Ray Barrette said, "It was a big year for White Mountains, driven by the agreements to sell the Sirius Group and Symetra. Adjusted book value per share was up 18% to $783, including the Sirius Group sale gain calculated on its year end book value. The sale is expected to close in the first quarter of 2016. The Symetra sale closed on February 1st and most of the gain was included in our 2015 results. Excluding these transactions, we had a decent year. Our total return on invested assets, excluding Symetra, was impacted by the strengthening dollar and weak equity markets...After the Sirius Group sale, we expect to have roughly $2.4B of undeployed capital at the parent. Going forward we are likely to buy back shares while we look for good opportunities to redeploy capital. In the current environment, patience is required."
07:33 EDTUFSDomtar expects 2016 paper shipments to be in-line with market demand
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07:33 EDTUFSDomtar reports preliminary Q4 paper shipments up 2.3%
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07:32 EDTUFSDomtar reports preliminary Q4 adjusted EPS $1.11, consensus 80c
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February 4, 2016
16:49 EDTSWIRSierra Wireless sees Q1 EPS to be 'slightly negative to slightly positive'
Sees Q1 revenue $135M-$145M, consensus $155.1M.
16:47 EDTSWIRSierra Wireless sees FY16 EPS 60c-90c, consensus 98c
Sees FY16 revenue$630M-$670M, consensus $673.69M
16:45 EDTSWIRSierra Wireless reports Q4 EPS 8c, consensus 10c
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15:59 EDTAOptions Update; February 4, 2016
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12:55 EDTAAgilent sues Twist, claiming trade secret theft, WSJ reports
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January 31, 2016
11:39 EDTSS&P falls 5% in January despite second straight winning week to close month
Stocks finished the month of January with two straight winning weeks, but investors are still glad to see the calendar flip as those winners only cut the S&P's loss to 5% for the month. With growth worries abounding amid troubling signs from China and as oil languishes below $35 per barrel, the manufacturing readings from China, Europe, and the U.S. due out on Monday will be essential to whether the new month continues the uptrend of the end of January or the dour tone that dominated the early half of the month. MACRO NEWS: The Federal Reserve kept interest rates unchanged following its policy meeting this week, as almost universally expected. In its accompanying statement, the central bank said its committee members expect that economic conditions will "evolve in a manner that will warrant only gradual increases in the federal funds rate." The group added that inflation is expected to "remain low in the near term, in part because of the further declines in energy prices, but to rise to 2% over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further"... In other domestic economic news, the Commerce Department's first read on fourth quarter gross domestic product came in at 0.7% annualized growth, below the already anemic 0.8% growth forecast. The S&P/Case-Shiller 20-city home price index rose 5.8% from the prior year in November, topping expectations for a 5.7% year-over-year increase. The separate FHFA house price index showed a monthly gain of 0.5% in November, matching the consensus forecast. Markit's services PMI for January came in at 53.7, missing the 54.0 forecast. The preliminary reading of the Conference Board's consumer confidence index for January came in at 98.1, topping the 96.5 reading that was expected. New home sales surged 10.8% to a 544,000 annualized pace in December, topping expectations and hitting their highest level in 10 months. Initial jobless claims fell to 278,000 last week, versus the expected 281,000 first-time claims. Durable goods orders dropped 5.1% in December, versus expectations for a decrease of 0.7%. The core reading, which removes transportation items, was down 1.2%, versus expectations for a decline of 0.1%. The University of Michigan consumer sentiment index slipped to 92.0 in the final January print, missing the 93.0 reading that was forecast... In a surprising move in Asia, the Bank of Japan introduced a rate of minus 0.1% on certain excess holdings of cash while maintaining the pace of its asset purchases. Japan also reported data pointing to a softening economy, as total CPI grew 0.2% year-over-year in December, core CPI rose at only a 0.1% pace and industrial production fell a preliminary 1.4% month-over-month in December. COMPANY NEWS: McDonald's (MCD) advanced Monday after the fast food giant reported better than expected earnings and comparable sales growth for the fourth quarter, powered by the launch of All Day Breakfast in the U.S.... Earnings season accelerated Tuesday as four members of the bluechip Dow Jones Industrial Average posted results before the opening bell. 3M (MMM) was the top advanced on the index with a gain of over 5%, while Johnson & Johnson (JNJ), Procter & Gamble (PG) and DuPont (DD) all notched gains that day following their reports as well... Apple (AAPL) declined more than 6.5% on Wednesday after the tech giant reported first quarter earnings that topped consensus estimates, but also issued revenue guidance for the new quarter that missed expectations. The company was noted by several analysts as taking a particularly downbeat tone in its earnings conference call, invoking the difficult macroeconomic environment and weakness it has recently seen in China. Apple was not the worst performer in the Dow that day, as Boeing (BA) shares plummeted nearly 9% after its profit outlook for the new fiscal year fell far short of the Street's consensus forecast... Facebook (FB) surged 15.5% on Thursday after the social media giant's fourth quarter earnings and revenue beat expectations. A number of Wall Street analysts increased their price targets for the stock following the report, including Piper Jaffray's Gene Munster, who hiked his target to a "Street-high" $170 per share. The same day, Caterpillar (CAT) reported better than expected quarterly earnings, excluding certain items, but its revenue came in below the consensus forecast and the heavy equipment maker warned that it does not anticipate an improvement in the world economy or commodity prices in 2016. The stock, which had declined almost 20% in the last three months prior to this morning's report, rebounded almost 5% after the company jumped over the lowered bar that had been set by bearish analysts... On Friday, shares of Amazon (AMZN) declined more than 7.5% after the company's fourth quarter results came in below expectations. Meanwhile, Microsoft (MSFT), which reported better than expected earnings, gained almost 6%. Chevron (CVX) reported a quarterly loss due to taking impairments and other charges of $1.1B. The company, which also reported that its average sales price per barrel of crude oil and natural gas liquids in the U.S. was $35 in fourth quarter, down from $66 a year ago, edged up 0.7% to $86.44... Among the many others reporting earnings this week, Visa (V), Mastercard (MA), Under Armour (UA), Sprint (S) and Biogen (BIIB) gained immediately following their reports, while Qualcomm (QCOM), eBay (EBAY), U.S. Steel (X), VMware (VMW) and Anthem (ANTM) all slid following their own... Xerox (XRX) announced plans to separate into two independent publicly-traded companies: one focused on Document Technology and another Business Process Outsourcing company. Xerox also announced an agreement related to the governance of the Business Process Outsourcing company under which six directors of the new company will be selected by Xerox and three will be selected by current Xerox shareholder Carl Icahn... Terex (TEX) surged more than 36% higher on Tuesday after receiving a $30 per share acquisition offer from China's Zoomlion. Terex peers Manitowoc (MTW), Joy Global (JOY) and Oshkosh (OSK) also gained after the offer was disclosed... Weight Watchers (WTW) shares soared nearly 20% Tuesday after noted shareholder and partner Oprah Winfrey tweeted a video detailing her progress using the company's program, indicating that she'd already lost 26 pounds thanks to its plan... AIG (AIG) provided its much-anticipated strategy update, committing to return at least $25B to shareholders over the next two years and announcing the sale of AIG Advisor Group to Lightyear Capital and PSP Investments. The company, under ongoing pressure from activist investors including Carl Icahn, also said it will publicly offer a portion of its United Guaranty unit, though it expressly rejected a full company breakup... SunEdison (SUNE) gained 18% during the week after agreeing to new corporate governance initiatives with David Einhorn's Greenlight Capital, including amending its bylaws to restrict equity issuances for two years without a supermajority board vote... Twitter (TWTR) slumped nearly 6% this week after CEO Jack Dorsey confirmed the departure of four company executives, leading research firm Stifel to downgrade the shares. INDEXES: The Dow gained about 2.2% to close at 16,466.30; the S&P 500 rose about 1.6% to close at 1,940.24; the Nasdaq advanced about 0.4% to close at 4,613.95.
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