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January 24, 2013
10:11 EDTLINE, SPLK, EZCH, PG, EQY, ORIG, CLX, ATW, PBF, KMB, CL, PACD, EXPE, CHD, RPTOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Atwood Oceanics (ATW) initiated with an Overweight at Barclays... Church & Dwight (CHD) initiated with an Outperform at Credit Suisse... Clorox (CLX) initiated with an Outperform at Credit Suisse... Colgate-Palmolive (CL) initiated with an Outperform at Credit Suisse... Expedia (EXPE) initiated with a Buy at Ascendiant Capital... Kimberly Clark (KMB) initiated with an Underperform at Credit Suisse... Ocean Rig UDW (ORIG) initiated with an Overweight at Barclays... PBF Energy (PBF) initiated with an Overweight at Morgan Stanley... Pacific Drilling (PACD) initiated with an Overweight at Barclays... Procter & Gamble (PG) initiated with a Neutral at Credit Suisse... Splunk (SPLK) initiated with an Outperform at BMO Capital... Ramco-Gershenson (RPT) initiated with an Overweight at Evercore... Equity One (EQY) initiated with an Equal Weight at Evercore... EZchip (EZCH) initiated with a Buy at Maxim... LINN Energy (LINE) initiated with an Outperform at Howard Weil.
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February 12, 2015
16:57 EDTEXPEOn The Fly: Closing Wrap
Stocks on Wall Street began the session in positive territory, thanks in part to the ceasefire brokered between Russia and Ukraine as well as the ongoing debt discussions between Greece and Eurozone leaders. Another contributor may have been oil prices, which continues to rally from their low point of a couple of weeks ago. The move in stocks was broad based, though the tech-heavy Nasdaq led the way with a gain of about 1%. ECONOMIC EVENTS: In the U.S., retail sales decreased 0.8% in January, versus expectations for a 0.4% decline. When autos and gas components are removed, the core reading was up 0.2%, versus expectations for an increase of 0.4%. Initial jobless claims rose 25K to 304K in the week ended January 7, versus expectations for 287K first-time claims. Business inventories edged up 0.1% in December, versus expectations for them to grow 0.2%. In Europe, Russian, Ukrainian, German and French leaders came to terms on a cease-fire to begin Sunday. In Greece, yesterday's Eurogroup meeting failed to reach a final bailout deal, but reports afterward seemed to have an optimistic tone about the continuation of talks. Sweden’s Riksbank became the latest central bank to cut interest rates and said it would undertake a program of sovereign bond buying. COMPANY NEWS: Shares of American Express (AXP) dropped $5.53, or 6.43%, to $80.48 after the company announced that its U.S. co-brand and merchant acceptance agreements with Costco (COST) are set to end in March of next year. Costco has been one of the few big U.S. merchants that to-date had accepted AmEx cards exclusively. American Express CEO Ken Chenault said in a call about the news that the company now expects that overall earnings growth in 2015 will likely be "flat to down modestly" year-over-year... Expedia (EXPE) rose $11.35, or 14.51%, to $89.57 after it agreed to acquire rival Orbitz Worldwide (OWW) for $12 per share. Orbitz shares surged $2.10, or 21.83%, to $11.72 after the deal was announced, while Priceline (PCLN), which be the last big global online travel agency left standing next to Expedia if the deal is approved, advanced $31.89, or 3.01%, to $1,091.95. MAJOR MOVERS: Among the notable gainers was TripAdvisor (TRIP), which rose $15.13, or 22.49%, to $82.40 amid the big deal in its industry and after its own fourth quarter revenue beat analysts' expectations. Also higher after its quarterly report was networking products giant Cisco Systems (CSCO), which rallied $2.53, or 9.39%, to $29.46. Among the noteworthy losers following their earnings reports were NetApp (NTAP), which fell $2.90, or 7.28%, to $36.90, and Kellogg (K), which dropped $3.00, or 4.52%, to $63.30. Also lower were shares of Tesla Motors (TSLA), which declined $9.92, or 4.66%, to $202.88 after the electric car maker unexpectedly reported losses for its fourth quarter, delivered fewer vehicles than expected and guided toward a significant increase in spending for the coming year. INDEXES: The Dow rose 110.24, or 0.62%, to 17,972.38, the Nasdaq gained 56.43, or 1.18%, to 4,857.61, and the S&P 500 advanced 19.95, or 0.96%, to 2,088.48.
15:17 EDTEXPEExpedia price target raised to $105 from $98 at Ascendiant
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14:48 EDTEXPEExpedia deal positive if approval secured, says Cantor
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12:43 EDTEXPEOn The Fly: Midday Wrap
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11:13 EDTEXPEExpedia paid 'resonable' price for Orbitz, says Piper Jaffray
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10:54 EDTEXPEOnline travel stocks rise after Expedia buys Orbtiz, TripAdvisor revenue beat
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09:58 EDTEXPEExpedia gaps up on Orbitz acquisition, levels to watch
The stock was last at $87.04, up over 11% from yesterday's close. The move up puts the shares back over the top of its 50-day moving average at $86.22, now support. The run higher has also closed the bearish gap down from earnings of last week. At current price next resistance is at $88.53, the session high, and then at $89.56.
09:35 EDTEXPEOrbitz says no longer giving FY15 guidance, citing Expedia transaction
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09:33 EDTEXPEOrbitz reports Q4 EPS 6c, consensus 7c
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09:22 EDTEXPEOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Tripadvisor (TRIP), up 13.5%... Cisco Systems (CSCO), up 7.2%... FireEye (FEYE), up 7.7%... GNC (GNC), up 4.8%... NVIDIA (NVDA), up 5.5%... Whole Foods (WFM), up 2.5%. ALSO HIGHER: Orbitz Worldwide (OWW), up 21.6% after agreeing to be acquired by Expedia (EXPE). Expedia is up 11%... Ballard Power (BLDP), up 8.1% after being upgraded to Buy from Hold at Lake Street... Verastem (VSTM), up 4.7% after receiving orphan drug designation from FDA VS-5584 in mesothelioma. DOWN AFTER EARNINGS: Zulily (ZU), down 25.4%... Cabelas (CAB), down 9%... Cheesecake Factory (CAKE), down 5.9%.... Baidu (BIDU), down 4.8%... NetApp (NTAP), down 6.5%... Avon Products (AVP), down 3.6%... Tesla (TSLA), down 8.9%... Kellogg (K), down 5.1%... Amber Road (AMBR), down 16%. ALSO LOWER: Achillion Pharmaceuticals (ACHN), down 4.5% after 12M share Secondary priced at $10.25.
09:13 EDTEXPEExpedia says 'needs some time' after Orbitz deal for added M&A
Expedia says company must remain "measured" and continue to be "pretty conservative" with its balance sheet.
08:48 EDTEXPEExpedia says early $75M synergies view a 'combination of a bunch of things'
Says synergies view a blend of revenue and some cost synergies.
08:44 EDTEXPEExpedia says 'very optimistic' about regulatory approval for Orbitz deal
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08:40 EDTEXPEExpedia says will consider 'opportunistic' use of debt markets
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08:18 EDTEXPEOrbitz Worldwide volatility elevated into Expedia buying for $1.3B
Orbitz Worldwide (OWW) overall option implied volatility of 65 compares to its 26-week average of 55 according to Track Data, suggesting large price movement into Expedia (EXPE) purchasing for $12.00 per share in cash.
08:09 EDTEXPEOrbitz jumps 24.6% to $12 after agreeing to be acquired by Expedia
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08:07 EDTEXPEExpedia to acquire Orbitz for $12 per share in cash
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08:06 EDTEXPEExpedia to acquire Orbitz for $12 per share in cash
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06:36 EDTPBFPBF Energy reports Q4 throughput averaged 415,300 barrels per day
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06:35 EDTPBFPBF Energy reports Q4 adjusted EPS $1.13, consensus 89c
Reports Q4 revenue $4.52B, consensus $3.45B
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