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April 9, 2014
10:06 EDTNDAQ, JMP, CS, ANR, PKI, JW.A, GM, ACI, ARO, BAMXY, WLT, HSY, FNFG, APA, TMOn The Fly: Analyst Downgrade Summary
Aeropostale (ARO) downgraded to Underweight from Neutral at Piper Jaffray... Alpha Natural (ANR) downgraded to Sell from Neutral at UBS... Apache (APA) downgraded to Hold from Buy at Deutsche Bank... Arch Coal (ACI) downgraded to Sell from Neutral at UBS... Credit Suisse (CS) downgraded to Underweight from Neutral at JPMorgan... First Niagara (FNFG) downgraded to Underweight from Overweight at Barclays... General Motors (GM) downgraded to Underweight from Equal Weight at Morgan Stanley... Hershey (HSY) downgraded to Sell from Neutral at Goldman... JMP Group (JMP) downgraded to Market Perform from Outperform at Keefe Bruyette... John Wiley (JW.A) downgraded to Hold from Buy at Stifel... NASDAQ (NDAQ) downgraded to Neutral from Buy at BofA/Merrill... Walter Energy (WLT) downgraded to Sell from Neutral at UBS... PerkinElmer (PKI) downgraded to Neutral from Buy at ISI Group... Toyota (TM) downgraded to Neutral from Buy at BofA/Merrill... BMW Group (BAMXY) downgraded to Market Perform from Outperform at Bernstein.
News For A;NDAQ;WLT;PKI;TM;BAMXY From The Last 14 Days
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October 4, 2015
19:47 EDTTM, BAMXYAutomakers ask for easier European emissions tests, NY Times says
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October 2, 2015
15:57 EDTALabCorp to offer PD-L1 companion diagnostic
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15:43 EDTAQuest Diagnostics introduces Dako's PD-L1 companion diagnostic for KEYTRUDA
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15:25 EDTAAgilent's Dako confirms FDA approval of NSCLC diagnostic
Dako, an Agilent Technologies (A) company and a worldwide provider of cancer diagnostics, announced the FDA approval of a new companion diagnostic assay that can reveal whether a patient with advanced non-small cell lung cancer, or NSCLC, is likely to respond to a new form of treatment. The approval of PD-L1 IHC 22C3 pharmDx strengthens Dako's portfolio of companion diagnostics and the company's leadership position in developing and commercializing companion diagnostic products. Dako developed PD-L1 IHC 22C3 pharmDx in partnership with Merck (MRK), maker of the anti-PD-1 therapy Keytruda. The FDA approved PD-L1 IHC 22C3 pharmDx for use in the United States. Dako hopes to gain regulatory approval for the new diagnostic in Canada, Europe and other jurisdictions next year.
07:34 EDTTMToyota recalling 423,456 2009-2012 RAV4 vehicles
Toyota Motor Engineering & Manufacturing is recalling 423,456 model year 2009-2012 RAV4 vehicles manufactured October 27, 2008, to December 19, 2012 and 2012-2014 RAV4 EV vehicles manufactured July 24, 2012, to August 29, 2014. In the affected vehicles, water may drip onto the joint the connects the wiper linkage to the wiper motor. Over time, the dripping water may cause corrosion and wear at the joint, potentially resulting in the separation of the wiper linkage. Once this occurs, the wipers would not function, reducing driver visibility and increasing the risk of a crash.
October 1, 2015
13:31 EDTBAMXYBMW Group reports September U.S. sales up 4.1% to 31,022 vehicles
11:14 EDTTMToyota reports September U.S. sales up 16.2% to 194,370 units
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11:09 EDTTMToyota reports September U.S. sales up 16.2%, Bloomberg says
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08:00 EDTNDAQSecurity Traders Association to hold a conference
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05:56 EDTTMTrueCar boosts 2015 U.S. sales forecast to 17.4M from 17.2M
TrueCar (TRUE) raised its 2015 annual forecast by 200,000 units to 17.4 million as sales growth in the remaining months of 2015 is poised to remain vigorous. New auto sales in September, aided by a later-than-usual Labor Day, should expand by 12.6 percent from a year ago, while the Seasonally Adjusted Annual Rate should reach 17.7 million units. That strength underpins TrueCar's revised full-year industry forecast of 17.4 million units, the highest volume since 2000. Retail share of the total industry likely expanded a full point in September versus last year, indicating busier-than-average showrooms. Confident consumers are expected to push new vehicle revenue to a record $45 billion for the month, up 13.2 percent versus the same period last year. Publicly traded companies in the space include Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM), Daimler (DDAIF) and Volkswagen (VLKAY). TrueCar EVP Larry Dominique commented, "Volkswagen's stop sell of diesel vehicles in the U.S. causes a noticeable hit to its September revenue, with a 7.7 percent decline. We expect sales to dip by at least by 5 percent and incentives to increase by $235 per unit, which will be essential to push non-impacted models off the lots."
September 30, 2015
19:27 EDTBAMXYEuropean carmakers use stripped-down vehicles for certification, WSJ says
European car certification tests rely on "golden vehicles," stripped down models with oftentimes sparse resemblance to their real-world counterparts, reports the Wall Street Journal. One anonymous auto executive disclosed that automakers in the region never use random vehicles drawn from assembly lines, remarking, "It's like preparing for a major race. We tune them and pamper them like stud horses." Companies in the space include Volkswagen (VLKAY), BMW (BAMXY), Daimler (DDAIF), Peugeot (PUGOY), and Fiat Chrysler (FCAU). Reference Link
18:36 EDTNDAQBATS to pay companies to list exchange-traded funds, WSJ says
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09:09 EDTBAMXYChina enacts special license lottery for new energy vehicles, Xinhua reports
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September 24, 2015
17:04 EDTAMerck, Pfizer to collaborate with Agilent's Dako on Avelumab diagnostic
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14:57 EDTBAMXYAutobild says has no indication of BMW exhaust manipulation
German-language magazine Autobild clarified its earlier report on BMW and the company's X3 xDrive 20d sport utility vehicle, stating that it has "no indication of exhaust manipulation" by the company, according to both Bloomberg and CNBC.
09:22 EDTBAMXYFord exec says company does not use emissions 'defeat devices,' CNBC reports
Ford President of the Americas Joe Hinrichs said, while appearing on CNBC's Squawk Box, that Ford does not use "defeat devices and we clearly understand what it means from an integrity standpoint to make sure our vehicles perform on the road like they do in the lab." Hinrichs' comments come after Volkswagen (VLKAY) was accused by the EPA of installing a device in its diesel vehicles to mask their true emissions and after a German report said that a discrepancy with on-road emissions performance was found with an SUV made by BMW (BAMXY). Reference Link
07:41 EDTBAMXYBMW X3 said to exceed EU emission limit, Bloomberg reports
According to German-language magazine Autobild, BMW's (BAMXY) X3 xDrive 20d sport utility vehicle was found to emit as much as 11 times the European limit for emissions in a road test, reported Bloomberg. "There is no function to recognize emissions testing cycles at BMW. All emissions systems remain active outside the testing cycles," BMW said in a statement in response to the report. Shares of BMW trading in Germany fell over 9% following the report, while peers Daimler (DDAIF) and Volkswagen (VLKAY) declined as well, as investors fear that VW's emissions scandal in the U.S. may spread to Europe. Reference Link
September 23, 2015
19:07 EDTTMStudy shows U.S. cars less safe than EU vehicles, Independent says
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14:14 EDTBAMXYVolkswagen shares jump as CEO Winterkorn departs
Shares of Volkswagen (VLKAY) trading in New York have jumped following the resignation of Chief Executive Officer Martin Winterkorn, with the company's supervisory board subsequently praising the decision and saying it will consider his replacement at a meeting Friday. Prior to the news, several analysts made their own arguments regarding the stock, appearing quite bearish but saying long-term value still remains for Volkswagen even as it grapples with what could be years of fallout from its recent emissions failure. ANALYST OPINION: Several research firms weighed in on Volkswagen's ongoing emissions scandal this morning prior to Winterkorn announcing his resignation as CEO. Credit Suisse analyst Dan Galves commented more broadly that the events surrounding the emissions violations "will likely impact all OEM's that sell vehicles in Europe," explaining that European air pollution tests are "very misleading" and feature notable loopholes. The Volkswagen scandal could accelerate stricter testing standards, resulting in higher compliance costs for automakers as well as weakened appeal for diesel engines, according to Galves. Autoparts suppliers with exposure to diesel vehicles like BorgWarner (BWA) and Delphi (DLPH) may see a "modest drag" if consumer sentiment shifts, though Magna (MGA) could benefit from increased compliance spending, added the analyst. Meanwhile, JPMorgan's Jose Asumendi downgraded Volkswagen to Neutral from Overweight. The analyst noted that the North American engine recall is not his primary worry, but rather the company's European exposure, especially given the potential for additional investigations and the lack of clarity on the company's total liability. Separately, Deutsche Bank analyst Tim Rokossa downgraded the stock to Hold and cut his price target to EUR130 from EUR260. Though the stock's recent slip may look like a buying opportunity, the complete impact of the scandal will likely take "much longer" to unfold, stressed Rokossa. Beyond "very painful" legal fees, the scandal's impact on Volkswagen operations is the more key concern as damage to the Volkswagen and Audi brands pressures pricing, argued Rokossa. Volkswagen was also downgraded to Neutral from Buy at Nataxis this morning. In addition to the downgrades, Fitch Ratings placed Volkswagen's ratings, including its 'A' Long-term Issuer Default Rating, on Rating Watch Negative, reflecting "the reputational damage" on the group's brands the emission test scandal and the expected multi-billion euros financial impact from potential fines, recall costs, lawsuits and legal claims. CEO EXIT: Martin Winterkorn stepped down as CEO of Volkswagen on Wednesday as the company's emissions scandal continued to unfold. The former Chief Executive stated, "I am stunned that misconduct on such a scale was possible in the Volkswagen Group. As CEO I accept responsibility for the irregularities that have been found in diesel engines and have therefore requested the supervisory board to agree on terminating my function as CEO... I am doing this in the interests of the company even though I am not aware of any wrong doing on my part...The process of clarification and transparency must continue. This is the only way to win back trust." Winterkorn's announcement was quickly followed by a statement from the supervisory board itself, saying its executive committee "recognizes not only the economic damage caused, but also the loss of trust among many customers worldwide." The executive committee explained that recommendations for new personnel will be presented at an upcoming board meeting this Friday, but cautioned that it is expecting "further personnel consequences in the next days" as its internal investigations continue "at a high tempo." Importantly, the board also stated that it will voluntarily submit a complaint to the State Prosecutors' office in Brunswick, remarking that "criminal proceedings may be relevant." Possible replacements for Winterkorn include Matthias Mueller, head of the Porsche brand who has the support of the family that controls a majority stake of VW, and Herbert Diess, who recently joined from BMW (BAMXY), said Bloomberg, citing a person familiar with the matter. PRICE ACTION: Shares of Volkswagen trading in New York have advanced 8.3% to $27.55 in afternoon trading following Winterkorn's departure, though the company's American Depository Receipts have crashed nearly 28% since the emissions failure became public. Fellow German automakers BMW and Daimler (DDAIF) have also suffered double digit percentage declines in their New York listed shares since news of the scandal.
10:44 EDTNDAQChinese Internet stock pullback a buying opportunity, CLSA says
Shares of multiple Chinese Internet companies are down again in morning trading amid more weak economic data from the Asian nation. However, research firm CLSA released a note making favorable comments and evaluations of several of the country's largest Internet players amid the economic slowdown. LITTLE IMPACT FROM SLOWDOWN: After 25 Chinese Internet and telecom companies attended CLSA's Investors' Forum, analyst Elinor Leung stated that Internet companies in China reported that they have been little affected by growing weakness in the nation's economy. Leung said that such companies have attributed their successful performance to a high savings rate, which increases consumer spending power, as well as gains in offline market share. Additionally, companies already listed may benefit from a weak A-share market in China, since smaller companies do not have access to financing and the slow market speeds up consolidation, Leung noted. RATINGS CHANGES: CLSA upgraded online travel service provider Ctrip (CTRP) to Buy from Outperform and maintained an $85 price target on its shares, while also raising its rating on Baidu (BIDU) two notches, to Buy from Underperform. Leung, who lowered Baidu's price target to $180 from $225, said the firm's top sector picks in the country are (JD), Alibaba (BABA), Tencent (TCEHY), and Ctrip. The analyst added that Tencent and Ctrip shares are the "most defensive" stocks, while JD and Alibaba could rebound even more after sentiment improves. WHAT'S NOTABLE: Last Thursday, TechInAsia reported that Baidu chief executive officer Robin Li said that the company was weighing the idea of delisting from the Nasdaq (NDAQ) and re-listing on the A-shares market in China. TechInAsia later added that a spokesperson from the Chinese internet giant "downplayed" the potential move, saying that Li's comments referred to an "unlikely hypothetical situation" in which U.S. investors don't recognize the importance of the online-to-offline market. PRICE ACTION: In morning trading, Baidu shares fell 1.4% to $134.21, Ctrip shares were flat near $66.64, shares slid 2% to $25.04 and Alibaba shares declined 2% to $60.69.
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