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Stock Market & Financial Investment News

News Breaks
August 4, 2014
10:04 EDTAXAHY, OXY, OIS, SLRC, STLD, SYRG, TMUS, TRGP, X, MLNX, HIMX, AL, ALU, AWI, AJG, BYI, BBW, CCO, DPZ, WYOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AXA (AXAHY) upgraded to Buy from Neutral at BofA/Merrill... Air Lease (AL) upgraded at RBC Capital... Alcatel-Lucent (ALU) upgraded to Overweight from Equal Weight at Morgan Stanley... Armstrong World (AWI) upgraded to Neutral from Underweight at JPMorgan... Arthur J. Gallagher (AJG) upgraded to Buy from Hold at Deutsche Bank... Bally Technologies (BYI) upgraded to Neutral from Sell at Goldman... Build-A-Bear (BBW) upgraded to Outperform from Market Perform at BMO Capital... Clear Channel Outdoor (CCO) upgraded to Equal-Weight from Underweight at Evercore... Domino's Pizza (DPZ) upgraded to Buy from Hold at Miller Tabak... Himax (HIMX) upgraded to Buy from Hold at Lake Street... Mellanox (MLNX) upgraded to Equal Weight from Underweight at Barclays... Occidental Petroleum (OXY) upgraded to Overweight from Equal Weight at Morgan Stanley... Oil States (OIS) upgraded at Credit Suisse... Solar Capital (SLRC) upgraded to Overweight from Neutral at JPMorgan... Steel Dynamics (STLD) upgraded to Buy from Hold at KeyBanc... Synergy Resources (SYRG) upgraded at Stifel... T-Mobile (TMUS) upgraded to Overweight from Equal-Weight at Evercore... Targa Resources (TRGP) upgraded to Outperform at Baird... U.S. Steel (X) upgraded to Buy from Hold at Deutsche Bank... Weyerhaeuser (WY) upgraded to Buy from Neutral at DA Davidson.
News For AXAHY;AL;ALU;AWI;AJG;BYI;BBW;CCO;DPZ;HIMX;MLNX;OXY;OIS;SLRC;STLD;SYRG;TMUS;TRGP;X;WY From The Last 14 Days
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October 13, 2014
09:19 EDTTMUST-Mobile upgraded at Macquarie
As previously reported, Macquarie upgraded T-Mobile to Outperform from Neutral. The firm upgraded shares based on strong fundamentals and the recent sell off in shares. Price target is $34.
08:38 EDTTRGPTarga Resources Partners to increase dividend by 4c post-closing
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08:32 EDTTRGPAtlas Energy to host conference call
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08:17 EDTTRGPTarga Resources Partners and Targa Resources to host conference call
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07:57 EDTTRGPTarga Resources CEO says acquisition is 'compelling strategic opportunity'
Joe Bob Perkins, CEO of the Targa Resources and of the general partner of the Partnership, stated, "Both the Targa and Atlas management teams and our boards view this integrated transaction as a highly compelling strategic opportunity to combine two outstanding midstream businesses and create value for all shareholders and unitholders. We believe the combination provides our customers an enhanced midstream service offering, and presents our investors with an enterprise that has increased scale, diversity and growth. The acquisitions will significantly and immediately increase our scale and geographic diversity, accelerating the growth of our premier North American midstream platform. APL's footprint solidifies the Partnership's position as a leader in the Permian Basin, while adding top-tier assets in the Midcontinent and South Texas regions. Importantly, the combination of APL's NGL production with Targa Resources Partners' leading NGL downstream assets will allow the pro forma partnership to generate additional revenue along the NGL value chain, create additional attractive growth capital expenditure projects and accelerate current growth capital expenditure projects." The boards of the partnership (NGLS), the company (TGRP), ATLS (ATLS) and APL (APL) have each approved the respective merger agreements. Subject to the completion of the spin-off and customary approvals and conditions, including the expiration or termination of all waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act, the acquisitions are expected to close in 1Q15. The respective boards of APL, ATLS and the Company have voted to recommend the transaction to their unitholders and shareholders.
07:50 EDTTRGPAtlas Energy to spin-off non-midstream assets prior to acquisition by Targa
Prior to Targa Resources' (TRGP) acquisition of Atlas Energy (ATLS), ATLS will spin-off its non-midstream assets. After giving effect to the spin-off, ATLS's assets will solely comprise its general partner and incentive distribution rights interests in APL and 5.8M APL common units. Immediately following the spin-off and subject to the concurrent closing of the Partnership's acquisition of APL, Targa Resources will acquire Atlas Energy for total consideration of $1.87B, including 10.35M TRC shares valued at $1.26B based on the closing price of TRC's common stock on October 10 and $610M in cash. Targa Resources has arranged committed financing of $1.1B to replace its existing revolving credit facility and to fund the cash components of the transaction, including cash merger consideration and $149M related to change of control payments. Based on shares of TRC and units of ATLS outstanding as of September 30, current Targa Resources shareholders will own approximately 80% of the pro forma shares outstanding and current ATLS unitholders will own approximately 20%.
07:48 EDTTRGPTarga Resources sees 11%-13% distribution growth in 2015 following acquisition
For the Partnership, management expects to recommend a distribution increase 4c per limited partner unit at the first Bboard distribution declaration meeting after the transaction closes; which is expected to be in the first quarter of 2015. Assuming a first quarter close, the Partnership estimates full year 2015 pro forma distribution growth over full year 2014 of 11% – 13%, and expects distribution coverage to be at or above the Partnership's stated target range of 1.1x – 1.2x. In conjunction with the Partnership recommendation, management expects to recommend a dividend increase of 10c per share for Targa Resources following the closings of the transactions. Assuming a first quarter close and 11%-13% distribution growth at the Partnership, the company estimates full year 2015 pro forma dividend growth over full year 2014 of approximately 35%. The Company's estimated 2015 effective cash tax rate pro forma for the transaction is expected to be 10%-15% compared to 33% on a standalone basis. Targa Resources Corp. expects $1.00 - $2.00 per share dividend accretion over the long term
07:46 EDTTRGPTarga Resources to acquire Atlas Pipeline Partners, Atlas Energy
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07:44 EDTTRGPTarga Resources to acquire Atlas Pipeline Partners, Atlas Energy
06:49 EDTTMUST-Mobile upgraded to Outperform from Neutral at Macquarie
October 10, 2014
10:01 EDTTMUSOn The Fly: Analyst Upgrade Summary
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08:31 EDTTRGPGoldman remains bullish on MLPs
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07:27 EDTTMUST-Mobile upgraded to Buy from Hold at Jefferies
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05:45 EDTTMUST-Mobile upgraded to Buy from Hold at Jefferies
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October 9, 2014
17:03 EDTWYBlueLinx announces distribution agreement with Weyerhaeuser
BlueLinx (BXC) announced a new distribution agreement with Weyerhaeuser (WY) to become a distributor of their engineered wood products, including Trus Joist® TJI, TimberStrand LSL, Microllam LVL, Parallam PSL, and TJ Rim board, in their Delta Gulf market effective October 1. The agreement applies to the Delta Gulf market only and does not impact BlueLinx' strategy or approach in other markets. BlueLinx currently operates three facilities in the Delta Gulf market defined as the southern halves of Louisiana, Mississippi, and Alabama along with the panhandle of Florida.
10:55 EDTALUAlcatel-Lucent upgraded to Buy from Hold at Craig-Hallum
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07:08 EDTXCanadian court approves U.S. Steel division DIP financing, Reuters says
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October 8, 2014
10:00 EDTMLNXOn The Fly: Analyst Initiation Summary
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08:12 EDTTMUST-Mobile checks positive, says Pacific Crest
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07:42 EDTMLNXMellanox initiated with a Buy at Ladenburg
Target $51.
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