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March 21, 2014
09:59 EDTODP, SYMC, CAG, HLF, LEN, CYH, CRZO, SID, EQY, BAOn The Fly: Analyst Downgrade Summary
Boeing (BA) downgraded to Neutral from Buy at Goldman... Community Health (CYH) downgraded to Fair Value from Buy at CRT Capital... ConAgra (CAG) downgraded to Neutral from Buy at Goldman... Equity One (EQY) downgraded to Hold from Buy at MLV & Co... Lennar (LEN) downgraded to Neutral from Positive at Susquehanna... Symantec (SYMC) downgraded to Hold from Buy at Jefferies... CSN (SID) downgraded to Sell from Neutral at Goldman... Herbalife (HLF) downgraded to Hold from Buy at Argus... Office Depot (ODP) downgraded to Neutral from Overweight at JPMorgan... Carrizo Oil & Gas (CRZO) downgraded to Hold from Accumulate at KLR Group.
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November 19, 2015
06:19 EDTODPFTC looking over Staples, Office Depot transaction, NY Post reports
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November 18, 2015
16:45 EDTCAGOn The Fly: Top stock stories for Wednesday
Stocks on Wall Street were higher from the opening bell onward despite housing starts data that was weaker than expected. Investors waited for the release of the FOMC minutes and saw what they had suspected; that the Fed was reinforcing its message that the December meeting is an option for the central bank to begin raising interest rates. The visibility on rates gave investors confidence, leading to a late-day rally that saw the averages close at their highs. ECONOMIC EVENTS: In the U.S., the minutes from the Fed's last FOMC meeting showed that most participants expect that rate hike conditions will be met by their December meeting. The Fed repeated its constant refrain, though, that the actual decision would depend on the implications for the medium-term outlook from recent economic data. Housing starts fell 11.0% to a 1.06M pace in October, weaker than the expected rate of 1.16M. Building permits, however, rose 4.1% to a 1.15M rate, versus an expected rise of 3.8%. COMPANY NEWS: Shares of Target (TGT) fell 4.3% to $69.78 after the retailer reported in-line quarterly sales and profits and narrowed the range of its fiscal year earnings view. Target, which guided for same-store sales in the new quarter to be up 1%-2%, added that it sees "indications of heavy inventory levels" at some competitors into the holiday season... Shares of Apple (AAPL) climbed 3.17% to $117.29 after Goldman Sachs added the stock to its Conviction Buy List, predicting that investors should begin to focus on the company's monetization and recurring revenue opportunities over the next year, which would be a boon to its valuation... Raymond James analyst Pavel Molchanov downgraded Exxon Mobil to Underperform, the firm's equivalent to a "Sell" rating, saying he expects a modest oil recovery in 2016 but that Exxon's limited leverage to oil prices will act as a hindrance during a recovery. Despite Molchanov predicting Exxon shares to be a source of funds for investors turning more constructive on oil in 2016, the stock rose about 1% to $80.74 today amid a rally in oil prices. MAJOR MOVERS: Among the notable gainers was Fairchild (FCS), which jumped $1.52, or 8.5%, to $19.40 after agreeing to be acquired for $20 per share by ON Semiconductor (ON), whose stock fell 7.9% to $9.89 after the news. Also higher were Canadian Pacific (CP) and Norfolk Southern (NSC), with the two railway operators advancing a respective 5.8% and 6.35% after Canadian submitted a bid to acquire Norfolk, though the latter immediately criticized the offer as "low-premium." Additionally, ConAgra (CAG) gained 4% to $40.93 after announcing plans to separate into two independent public companies. Among the noteworthy losers was Qualcomm (QCOM), which dropped $4.98, or 9.4%, to $48.00 after disclosing that Korea's Fair Trade Commission alleged the company does not "properly negotiate" aspects of its licenses and may be violating Korean competition law. Also lower was Sprint (S), which fell 9.3%, to $3.99 after announcing a 50% discount for new customers switching from competing wireless carriers. GoPro (GPRO) declined 5.1% to $19.81 after research firm Piper Jaffray noted that the company has been offering discounts on its cameras, including featuring them on "flash sale" sites, and cut its price target on the stock to $15 per share. INDEXES: The Dow rose 247.66, or 1.42%, to 17,737.16, the Nasdaq gained 89.19, or 1.79%, to 5,075.20, and the S&P 500 advanced 33.14, or 1.62%, to 2,083.58.
09:10 EDTCAGConAgra CEO sees ConAgra Brands retaining investment grade rating
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06:47 EDTCAGConAgra volatility elevated into plans to separate into two public companies
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06:40 EDTCAGConAgra to host conference call
Conference call to discuss plans to separate into two independent public companies will be held on November 18 at 8:30 am. Webcast Link
06:32 EDTCAGConAgra announces plans to separate into two independent public companies
ConAgra announced plans to pursue the separation of the company into two independent public companies: one comprising its robust consumer portfolio of brands and the other comprising its foodservice portfolio of frozen potato products. The consumer brands business will be renamed Conagra Brands and the frozen potato business will operate under the Lamb Weston name. Immediately following the transaction, which is expected to be completed in the fall of 2016, ConAgra Foods shareholders will own shares of both independent companies. The transaction is expected to be structured as a spin-off of the Lamb Weston business, tax-free to the Company and its shareholders. The two businesses operate in distinct markets and possess unique and compelling growth prospects and investment requirements. In addition, ConAgra Foods believes that the separation will result in other material benefits to the standalone companies, including: Greater management focus on the distinct businesses of consumer brands and foodservice frozen potato products; Increased flexibility, agility and resources to capitalize on their respective long-term opportunities and growth strategies; Tailored capital structures and financial policies and targets appropriate for each company's unique business profile; and The ability for investors to value the two companies based on their particular operational and financial characteristics and invest accordingly. Conagra Brands will be comprised primarily of the operations currently reported as the Company's Consumer Foods segment, which generated approximately $7.2Bin fiscal 2015 revenues, as reported. Following the separation, Lamb Weston's portfolio will consist of frozen potato, sweet potato, appetizer and other vegetable products, as well as a continued presence in retail frozen products under licensed brands and private brands. For fiscal 2015, Lamb Weston generated revenues of approximately $2.9B, as reported, and accounted for the significant majority of the Commercial Foods segment's fiscal 2015 operating profit of approximately $570M. The separation is expected to be tax-free to ConAgra Foods shareholders for federal income tax purposes. The transaction is currently targeted to be completed in the fall of 2016, subject to final approval by the Company's Board of Directors, other customary approvals and receipt of an opinion from tax counsel on the tax-free nature of the spin-off to the Company and its shareholders. Throughout the separation process, ConAgra Foods management will remain highly focused on driving strong business performance, and delivering on its previously announced $300M efficiency plan. ConAgra Foods today also reiterated its plans to utilize the net proceeds from the pending sale of its Private Brands business primarily for debt reduction.
06:31 EDTCAGConAgra announces plans to separate into two independent public companies
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November 17, 2015
16:42 EDTHLFJustice Department announces criminal charges against supplement maker USPlabs
The U.S. Department of Justice, along with partners at the Food and Drug Administration, Federal Trade Commission, Postal Inspection Service, and Internal Revenue Service, announced a "nationwide sweep" targeting more than 100 makers and marketers of dietary supplements. The agencies noted, "The actions discussed today resulted from a year-long effort, beginning in November 2014, to focus enforcement resources in an area of the dietary supplement market that is causing increasing concern among health officials nationwide. In each case, the department or one of its federal partners allege the sale of supplements that contain ingredients other than those listed on the product label or the sale of products that make health or disease treatment claims that are unsupported by adequate scientific evidence." Among the cases announced Tuesday is a criminal case charging USPlabs and several of its corporate officers with various counts associated with the unlawful sale of dietary supplements, obstruction of an FDA proceeding, and conspiracy to commit money laundering. The Department also filed in the past week five civil cases seeking injunctive relief against a number of businesses and individuals that allegedly sold supplements as disease cures or that were otherwise in violation of the law. The cases involve various entities, including Vibrant Life, Viruxo, Optimum Health, Bethel Nutritional, VivaCeuticals, and Regeneca, said the agency. Note that shares of GNC (GNC), Herbalife (HLF), Vitamin Shoppe (VSI), and Natural Health (NHTC) all slipped Tuesday following early reports of criminal charges in the dietary supplement space. Reference Link
15:10 EDTHLFDOJ files indictment against USPLabs over Supplements, FDA Law Blog says
Shares of GNC Holdings (GNC), Vitamin Shoppe (VSI), and Herbalife (HLF) were all weak this afternoon on concerns that they would be the target of the FDA's action. Reference Link
13:09 EDTHLFHerbalife says not aware of being named in DOJ supplement action, Bloomberg says
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12:35 EDTHLFHerbalife puts active on headlines of DOJ briefing on supplement actions
Herbalife November 47 and 50 puts are active on total put volume of 9,800 contracts (2,400 calls) following Bloomberg headlines of DOJ briefing on supplement actions. November put option implied volatility is at 113, December is at 55; compared to its 52-week range of 34 to 126. Active put volume suggests traders taking positions for wide price movement.
12:28 EDTHLFGNC, Vitamin Shoppe, Herbalife at lows following DOJ supplement advisory
The Department of Justice said in a media advisory that it plans to announce at 3:30 pm today its actions related to dietary supplements sales and unlawful ads. Following the press advisory, shares of GNC Holdings (GNC), Vitamin Shoppe (VSI) and Herbalife (HLF) are at session lows, though none of the companies were named in the advisory.
11:35 EDTSYMCFinancing backing Carlyle's purchase of Symantec's Veritas pulled, Reuters says
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07:44 EDTBAInterest rate increases usually a bullish signal for Boeing, says Canaccord
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November 16, 2015
19:40 EDTBALockheed Martin-Boeing JV won't bid for next U.S. satellite launch, Reuters says
Lockheed Martin (LMT) and Boeing's (BA) joint venture won't bid for the next U.S. GPS satellite launch due to the structure of the competition and because the venture didn't have engines for its Atlas 5 rocket. Reference Link
17:10 EDTHLF, LENSoros took stake in Paypal, liquidated Herbalife stake
Soros Fund Management gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Paypal (PYPL), CIT Group (CIT), Schlumberger (SLB), Kraft Heinz (KHC), and Amazon (AMZN). INCREASED STAKES: Allergan (AGN), Lions Gate (LGF), Energen (EGN), Southwest Airlines (LUV), and Qunar Cayman Islands (QUNR). DECREASED STAKES: LyondellBasell (LYB), YPF (YPF), Time Warner Cable (TWC), Dow Chemical (DOW), and Monsanto (MON). LIQUIDATED STAKES: Herbalife (HLF), Lennar (LEN), DR Horton (DHI), United Continental (UAL), and Nice Systems (NICE).
15:53 EDTCAGJANA Partners reduces stakes in Rackspace, Qualcomm
JANA Partners gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Mattel (MAT), Zoetis (ZTS), and Aramark (ARMK). INCREASED STAKES: ConAgra Foods (CAG). DECREASED STAKES: Rackspace (RAX), Qualcomm (QCOM), Time Warner (TWX), Starz (STRZA), and Lions Gate (LGF). LIQUIDATED STAKES: Johnson Controls (JCI), Precision Castparts (PCP), AerCap Holdings (AER), United Rentals (URI), and HD Supply Holdings (HDS).
13:17 EDTBABoeing forecasts $350B market for new airplanes in Latin America
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12:02 EDTBABoeing Business Jets announces four new BBJ MAX 8 orders
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05:30 EDTODPStocks with implied volatility above IV index mean; ODP CRM
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