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March 21, 2013
10:06 EDTCHA, CP, WSM, CTP, CSCO, CHTR, BKW, LIFE, BFAM, JNPR, WETF, ORCL, ATUOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Actuant (ATU) downgraded to Neutral from Outperform at RW Baird... Burger King (BKW) downgraded to Underperform from Neutral at BofA/Merrill... CTPartners (CTP) downgraded to Market Perform from Outperform at William Blair... Life Technologies (LIFE) downgraded to Neutral from Buy at Cowen... Oracle (ORCL) downgraded to Equal Weight from Overweight at Evercore... Williams-Sonoma (WSM) downgraded to Hold from Buy at Deutsche Bank... Wisdom Tree (WETF) downgraded to Buy from Conviction Buy at Goldman... Sanderson Farms (SAFM) downgraded to Neutral from Buy at Sidoti... Charter (CHTR) downgraded to Neutral from Buy at Guggenheim... Canadian Pacific (CP) downgraded to Buy from Conviction Buy at Goldman... Juniper (JNPR) downgraded to Underperform from Market Perform at FBR Capital... Cisco (CSCO) downgraded to Underperform from Market Perform at FBR Capital... Life Technologies (LIFE) downgraded to Neutral from Buy at Cowen... China Telecom (CHA) downgraded to Neutral from Overweight at JPMorgan... Bright Horizons (BFAM) downgraded to Hold from Buy at Stifel.
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November 18, 2015
09:01 EDTWSMPottery Barn Kids announces collaboration with Monique Lhuillier
Pottery Barn Kids, a member of the Williams-Sonoma, Inc. portfolio of brands, announced plans for a new product collaboration with renowned bridal, ready-to-wear and accessory designer, Monique Lhuillier. Composed of over seventy pieces for nursery, bedroom, and playroom, the 'Monique Lhuillier for Pottery Barn Kids' collection captures Lhuillier's sophisticated and glamorous design aesthetic. The capsule collection, which is Lhuillier's first entry into children's home furnishings, will debut in March 2016.
07:59 EDTCSCOUBS to hold a conference
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07:24 EDTCPCP offer for Norfolk Southern a starting point, says Citi
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07:04 EDTCPCanadian Pacific discloses details of offer letter to Norfolk Southern
Canadian Pacific (CP) disclosed the contents of the offer letter it sent to Norfolk Southern (NSC) on November 17, 2015 to clarify the details of a proposal that would result in the creation of a pro-competitive, pro-customer, coast-to-coast transportation solution. CP also announced it wishes to correct any misconceptions about the sizable premium offered to NS shareholders. In the letter, Canadian Pacific commented, "We propose a 50% cash 50% stock transaction based on Friday's closing stock price for both CP and NSC in which NSC shareholders would receive $46.72 in cash and 0.348 shares of stock in a new company which would own CP and NSC. The new company would be listed on both the New York and Toronto Stock Exchanges, and maintain a strong investment grade credit rating. Our proposal represents a substantial initial 23.0% premium to NSC's 45-day VWAP of $79.14.1 In addition to providing NSC shareholders with a significant cash payment, the proposed transaction will provide NSC shareholders with an opportunity for meaningful upside appreciation in the future as synergies are realized as NSC shareholders will own 41% of the new company. Our advisors at J.P. Morgan have assisted us in valuing the newly merged company by taking into account future operating performance, synergies, expected earnings power and anticipated trading multiples. In light of the substantial synergies created by the combination, we believe that the fair value of the new company would be approximately $270.68 per share at the time of transaction closure-which is assumed to occur on December 31, 2017. As a result, NSC shareholders will receive at that time $46.72 in cash plus $94.16 in market value of the stock of the combined company which on a present value basis at the time of the anticipated announcement is expected to represent total value of $126.18 per share-which is a 59.4% premium to NSC's 45-day VWAP of $79.14. In addition, NSC shareholders would continue to receive a dividend of $0.59 per quarter during the pendency of the regulatory review of the transaction."
November 17, 2015
18:31 EDTCPNorfolk Southern confirms 'low-premium' merger offer from Canadian Pacific
Norfolk Southern (NSC) confirmed it has received an "unsolicited, low-premium, non-binding and highly conditional indication of interest" from Canadian Pacific (CP) to acquire the company for $46.72 in cash and a fixed exchange ratio of 0.348 Canadian Pacific shares per Norfolk Southern share, "representing a premium of less than 10% based on closing prices today." The company noted its board of directors "will carefully evaluate and consider this indication of interest in the context of Norfolk Southern's strategic plans, and its ongoing review of opportunities to enhance stockholder value... Notably, any consolidation among Class I railroads in North America would face significant regulatory hurdles."
17:32 EDTCPNorfolk Southern spikes after Canadian Pacific proposes merger
Shares of railroad operator Norfolk Southern (NSC) are spiking in the after-hours after rival Canadian Pacific (CP) announced that it has sent an offer letter to Norfolk Southern proposing a business combination. WHAT'S NEW: After the close of trading on Tuesday, Canadian Pacific proposed a business combination with Norfolk Southern "that would create a transcontinental railroad with the scale and reach to deliver improved levels of service to customers and communities while enhancing competition and creating significant shareholder value." Canadian Pacific noted that the proposal reflects a "sizable premium in cash and stock offered to NS shareholders." The combined company would have a potential for faster earnings growth than either of the companies independently, CP noted, while offering unparalleled customer service and competitive rates to shippers." The combined company would innovate a new approach to terminal access that would allow another carrier to operate from a point of connection in the event the combined company failed to provide adequate service or competitive rates. The combination of NS and CP would provide a solution to "bottleneck pricing" and alleviate congestion in Chicago by channeling rail traffic away from Chicago. WHAT'S NOTABLE: According to a Globe and Mail report from earlier Tuesday, Keith Creel the COO of Canadian Pacific, who was speaking at a transportation conference, said rail mergers are inevitable but the executive "refused" to confirm past reports that the railroad operator was in talks to acquire rival Norfolk Southern. ANALYST VIEW: ON November 12, research firm BB&T said it believes there are many scenarios in which a merger between Canadian Pacific and Norfolk Southern would benefit both companies. The firm said that Norfolk Southern shareholders would get a 20%-30% premium above the stock's current level, while Canadian Pacific's potential revenue growth issues would be solved and its 2018 EPS would be boosted by 20% plus. PRICE ACTION: Shares of Norfolk Southern are up 6.9% to $93.00, while Canadian Pacific shares are unchanged. OTHERS: Publicly traded companies in the space include CSX (CSX), Canadian National (CNI), Genesee & Wyoming (GWR), Kansas City Southern (KSU) and Union Pacific (UNP).
16:22 EDTCPNorfolk Southern jumps 6% in after-hours trading following merger proposal
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16:21 EDTCPCanadian Pacific proposes Norfolk Southern merger with 'sizable' premium
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16:17 EDTCPCanadian Pacific proposes business combination with Norfolk Southern
16:01 EDTCSCOOptions Update; November 17, 2015
iPath S&P 500 VIX Short-Term Futures up 1.32 to 21.07. Option volume leaders: GE BAC AAPL FB NFLX SYF WMT CSCO MU SUNE VRX BABA AMZN HD FCX
13:55 EDTCPCanadian Pacific COO won't confirm Norfolk Southern talks, Globe and Mail says
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08:18 EDTCPScotiabank to hold a conference
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November 16, 2015
10:00 EDTORCLOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Alliant Energy (LNT) upgraded to Outperform from Market Perform at Wells Fargo... AmerisourceBergen (ABC) upgraded to Equal Weight from Underweight at Morgan Stanley... Amphenol (APH) upgraded to Buy from Neutral at Goldman... CA Technologies (CA) upgraded to Neutral from Sell at Citi... Cempra (CEMP) upgraded to Overweight from Equal Weight at Morgan Stanley... Edgewell Personal Care (EPC) upgraded to Neutral from Sell at Goldman... Eli Lilly (LLY) upgraded on improved growth outlook at BMO Capital... MiMedx (MDXG) upgraded to Strong Buy from Buy at Needham... NVIDIA (NVDA) upgraded to Buy from Hold at Canaccord... New York REIT (NYRT) upgraded to Buy from Hold at Evercore ISI... Oracle (ORCL) upgraded to Conviction Buy from Buy at Goldman... Perrigo (PRGO) upgraded to Buy from Neutral at UBS... Semtech (SMTC) upgraded to Buy from Neutral at B. Riley... Tullow Oil (TUWOY) upgraded to Buy from Neutral at UBS... Wabtec (WAB) upgraded to Outperform on valuatoin at Raymond James.
09:53 EDTORCLOracle rallies, levels to watch
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09:37 EDTORCLActive equity options trading on open
Active equity options trading on open: AAPL FB ORCL BAC SUNE FDX FCX EXPE NFLX MU AMZN INTC TSLA
08:36 EDTWSMWilliams-Sonoma price target lowered to $83 from $100 at Baird
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07:36 EDTCHTRBerkshire Hathaway discloses new AT&T stake in quarterly update
Berkshire Hathaway gave a quarterly update on its stakes in a filing this morning. NEW STAKES: AT&T (T), Kraft Heinz (KHC), Liberty Lilac Group (LILA). INCREASED STAKES: Phillips 66 (PSX), Charter (CHTR), Liberty Media (LMCK), Suncor (SU), General Motors (GM). DECREASED STAKES: Goldman Sachs (GS), Wal-Mart (WMT), Deere (DE), Chicago Bridge & Iron (CBI), WABCO (WBC). LIQUIDATED STAKES: Viacom (VIAB).
07:23 EDTORCLOracle upgraded to Conviction Buy from Buy at Goldman
Goldman added Oracle to the Conviction Buy List and increased its price target to $47 from $45 on shares following checks that indicate cloud revenue growth will accelerate in second half 2016. Analyst Heather Bellini said investors continue to have concerns about management's cloud guidance but field work provides increasing confidence Oracle will be successful in achieving 2016 bookings targets and expects management to guide towards accelerating revenue growth and gross margin expansion in 2017. Bellini sees 2016 as a bottom in non-GAAP operating margins and expects the Street's focus to shift towards cloud execution, leading to multiple expansion.
05:26 EDTCSCOEricsson CEO says no talks with Cisco about merger or acquisition
Ericsson (ERIC) has noted the recent speculation in the press and financial markets regarding an interest by Cisco (CSCO) to acquire Ericsson. On November 9, the two companies announced a global business and technology partnership to create the networks of the future. The partnership announcement was supported by multiple agreements that include commitments to network transformation through reference architectures and joint development, systems-based management and control, a broad reseller agreement, and collaboration in key emerging market segments. President, CEO and member of the board, Hans Vestberg says: "We note that there are rumors in the market regarding an acquisition of Ericsson by Cisco possibly spurred by the recent announcement of a partnership between our two companies. The talks leading up to the partnership announcement have been ongoing for a year and there have not been any discussions whatsoever on a merger or an acquisition."
November 15, 2015
12:42 EDTCPGenesee & Wyoming shares could gain 20% or more in a year, Barron's says
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