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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 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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April 9, 2014
13:49 EDTBABoeing, Air Canada sign agreement for Boeing Maintenance Performance Toolbox
Boeing (BA) announced that Air Canada (AIDIF) has signed an agreement to implement the Boeing Maintenance Performance Toolbox to support maintenance operations for its 767, 777, 787 and 737 MAX airplane fleets. The Maintenance Performance Toolbox suite delivers access to information that technicians need to resolve airplane maintenance issues. As part of the Toolbox deployment project, Boeing will also provide services for transition and migration of customized data from maintenance management applications currently used by Air Canada, and will enable integration with existing maintenance resource planning systems.
April 8, 2014
07:56 EDTKKRKKR latest PE firm to increase focus on fast-growing tech, FT says
KKR (KKR), following in the recent steps of private equity peers Blackstone (BX), CVC Capital Partners and TPG, is bolstering its technology team and is considering a specialist fund to invest in fast-growing tech companies, reported Financial Times. Reference Link
April 7, 2014
12:21 EDTBABoeing now sees completing C-17 production in mid-2015
Boeing adjusted slightly the timing for ending C-17 Globemaster III production and closing its Long Beach, Calif., C-17 final assembly facility after a successful two-decade production run of the world's premier airlifter.Based on current market trends and the timing of expected orders, Boeing anticipates completing C-17 production in mid-2015, an adjustment of approximately three months from an initial estimate of late 2015. The company announced plans to end C-17 production in September 2013. Boeing expects inventory–related charges of approximately $50M, which will be recorded in Q1, as a result of this announcement.
April 6, 2014
18:00 EDTBAU.S. says ending Boeing fighter jet line won't damage suppliers, Reuters says
The Defense Department decided that halting orders for Boeing's F/A-18 fighter jets and EA-18G electronic attack planes would not jeopardize suppliers for other big weapons programs, says Reuters. Reference Link
April 4, 2014
17:16 EDTBABoeing gets license to sell spare parts to Iran, Reuters says
Boeing has been granted a license from the U.S. Treasury Department allowing it to sell spare parts for commercial aircraft to Iran, reports Reuters. Reference Link
12:43 EDTBABoeing delivers first 787 Dreamliner to Kenya Airways
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09:13 EDTBAOn The Fly: Pre-market Movers
HIGHER: Mylan (MYL), up 6.8% after report of desire to buy Swedish rival Meda, which confirmed it had been in talks with Mylan but rejected the company's takeover offer. Shares of Mylan were also upgraded to Buy this morning at Citigroup... Mercury Systems (MRCY), up 8.8% after Reuters said Boeing (BA) is considering a takeover bid of the supplier..Micron (MU), up 3% after reporting earnings and revenue that topped expectations... Align (ALGN), up 6% after winning patent case against ClearCorrect... GameStop (GME), up 2.8% following upgrade at BofA Merrill Lynch... Potbelly (PBPB), up 4.6% after upgrade at William Blair.... SYNNEX (SNX), up 18.5% after earnings report. LOWER: CarMax (KMX), down 3.3% after reporting earnings and revenue that fell below expectations... Halozyme (HALO), down 33% after announcing temporary halt of Phase 2 trial enrollment for PEGPH20... Ocean Power (OPTT), down 15% after 3.8M share Spot Secondary priced at $3.10.
06:43 EDTBADelta looking for offers from Boeing, Airbus for new jets, WSJ reports
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06:40 EDTBASpaceX to compete with Boeing-Lockheed JV for satellite launch, WSJ says
Elon Musk's SpaceX is expected to compete with a joint venture between Boeing (BA) and Lockheed Martin (LMT) for a contest to launch a military satellite next year, reports the Wall Street Journal. The Defense Department has also put a study into developing a new rocket engine that could reduce reliance on the Russian engine used on a rocket employed by Boeing-Lockheed JV. Reference Link
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