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December 17, 2013
12:25 EDTRMTI, KFN, BA, TRGT, IRBT, KKR, MMMOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday despite two Dow components significantly hiking their dividends and a housing market report that beat expectations. ECONOMIC EVENTS: In the U.S., the Consumer Price Index was flat in November, versus expectations for it to have risen 0.1% from the prior month. "Core" CPI, excluding food and energy, was up 0.2% from October, versus expectations for it to be up 0.1%. The National Association of Home Builders' sentiment index jumped to 58 in December from 54 in November, beating expectations for it to edge up to 55. The Federal Reserve began its last two-day FOMC meeting of the year, amidst renewed concern that the central bank may announce tomorrow that it will begin to lower its asset purchases. In Europe, Germany's ZEW sentiment survey showed economic expectations hit their highest level since April 2006. The economic expectations indicator rose to 62.0 points in December, handily beating expectations for an increase to 55.0 points. COMPANY NEWS: Boeing (BA) shares rose a bit more than 1% after the company announced last night that its board of directors authorized an additional $10B for the company's share repurchase plan and increased the company's quarterly dividend about 50% to 73c per share. This morning another Dow component followed suit with its own dividend hike, as 3M (MMM) increased its dividend 35% to 85.5c per share. Shares of 3M, which also issued guidance for its coming fiscal year, led all Dow advancers with a gain of more than 2%. MAJOR MOVERS: Among the notable gainers was KKR Financial (KFN), which surged 28% after its parent company, KKR & Co. (KKR), agreed to acquire KFN through a stock-for-stock merger that values KFN at $2.6B, or an implied value of $12.79 per common share. Also higher were shares of robot maker iRobot (IRBT), which climbed more than 17% after research firm Raymond James upgraded the stock in a note to investors earlier today. Among the noteworthy losers was Targacept (TRGT), which plunged more than 30% after the company said it will cease development of a potential schizophrenia treatment after a trial of the drug did not meet its primary outcome measure and Deutsche Bank lowered its price target for Targacept shares to $4 from $12. Also lower were shares of Rockwell Medical (RMTI), which fell 24% after Brean Capital initiated the stock with a Sell rating and $4 price target. INDEXES: Near noon, the Dow was down 23.38, or 0.15%, to 15,861.19; the Nasdaq was down 10.80, or 0.27%, to 4,018.72; and the S&P 500 was down 6.85, or 0.38%, to 1,779.69.
News For BA;MMM;IRBT;KFN;KKR;TRGT;RMTI From The Last 14 Days
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April 22, 2014
15:32 EDTBANotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Procter & Gamble (PG), consensus $1.02; Boeing (BA), consensus $1.56; Biogen Idec (BIIB), consensus $2.56; Dow Chemical (DOW), consensus 71c; EMC Corporation (EMC), consensus 35c; Thermo Fisher (TMO), consensus $1.40; Praxair (PX), consensus $1.51; General Dynamics (GD), consensus $1.64; Johnson Controls (JCI), consensus 65c; Norfolk Southern (NSC), consensus $1.15; Reynolds American (RAI), consensus 74c; Delta Air Lines (DAL), consensus 29c; Northrop Grumman (NOC), consensus $2.15; Air Products & Chemicals (APD), consensus $1.35; TD Ameritrade (AMTD), consensus 34c; Ingersoll-Rand (IR), consensus 26c; Dr Pepper Snapple (DPS), consensus 59c; Polaris Industries (PII), consensus $1.16; Ryder System (R), consensus 87c.
13:07 EDTBAEarnings Preview: Boeing sentiment positive ahead of Q1 earnings report
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08:16 EDTKKRKKR to team with Italian banks to package bad loans, FT says
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07:26 EDTKKRInformation Management Network to hold a conference
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07:09 EDTBABoeing April weekly volatility elevated at 42 into Q1
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April 21, 2014
11:24 EDTBABoeing inks 50 jet deal with Shandong, Xinhua reports
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10:29 EDTKKR, KFNCtW expected to oppose KKR buyout of KKR Financial, NY Times reports
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April 17, 2014
11:19 EDTBABoeing reports 5 new orders since last update, cuts 737 net orders by 5
Boeing reported 5 new orders for 737s from an unidentified customer or customers in an update on its orders through April 15 posted to its corporate website. In the changes category, Boeing reduced 737 net orders by 5.
April 16, 2014
08:17 EDTMMM3M against proposal for shareholder actions without vote first, Reuters says
3M Company said its board opposed a proposal by shareholder James McRitchie to allow investors with a certain amount of shares to take a specific action through written consent without voting first, according to Reuters, citing a company letter to stockholders. Reference Link
April 15, 2014
10:25 EDTBASpirit AeroSystems new pact with Boeing removes a risk, says Wells Fargo
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06:29 EDTBAFuji Heavy Industries o open factory plant for next-gen Boeing jets, Nikkei says
Fuji Heavy Industries (FUJHY) plans to open a new factory next year to produce parts for Boeing's (BA) next-generation 666X passenger jets, reports Nikkei. Fuji Heavy Industries is expected to spend $97.6M for the new plant and will likely build enough parts to equip 100 of the new aircraft next year. Reference Link
April 14, 2014
16:49 EDTBASpirit AeroSystems, Boeing amend supply agreement
Spirit AeroSystems (SPR) disclosed in a regulatory filing that on April the company entered an agreement with Boeing (BA) amending Spirit’s long-term supply agreement with Boeing covering products for Boeing’s B737, B747, B767 and B777 commercial aircraft programs. The amended agreement establishes pricing terms for recurring products for the period commencing on April 1 and ending on December 31, 2015. Prices will continue to be adjusted each year based on a quantity-based price adjustment formula described in the agreement, whereby average per-unit prices are higher at lower volumes. Prices continue to be subject to other adjustments provided for under the agreement. The new pricing terms will not be applied to the period prior to April 1. Spirit does not expect the amended agreement to have a material impact on previously announced EPS guidance.
14:23 EDTIRBTiRobot May volatility elevated at 61
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08:31 EDTKKRBlackstone and Goldman Sachs to acquire Ipreo from KKR
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07:20 EDTKKRKKR to sell Ipreo to Blackstone, Goldman Sachs for $975M, Financial Times says
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07:06 EDTBAU.S. Geospatial Intelligence Foundation to hold a symposium
GEOINT 2013 Symposium, originally scheduled for October 2013, is being held in Tampa, Florida on April 14-17.
April 11, 2014
09:44 EDTIRBTiRobot revokes poison pill in 8K, says Raymond James
Raymond James said iRobot's board revoked their poison pill, which could fuel takeover speculation.
08:22 EDTBAAerCap completes 29 aircraft transactions in Q1
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April 10, 2014
17:02 EDTIRBTiRobot amends, terminates shareholder rights agreement with Computershare
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06:41 EDTKKRGo Daddy hires Morgan Stanley, JPMorgan for IPO, NY Times says
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