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News Breaks
March 14, 2014
10:14 EDTBANC, PPC, TKC, TEVA, SIGI, NSH, NS, LOW, INDB, TESOOn The Fly: Analyst Upgrade Summary
Banc of California (BANC) upgraded to Buy from Neutral at Sterne Agee... Independent Bank (INDB) upgraded to Outperform from Market Perform at Keefe Bruyette... Lowe's (LOW) upgraded to Outperform from Perform at Oppenheimer... NuStar Energy (NS) upgraded to Buy from Neutral at Goldman... NuStar GP Holdings (NSH) upgraded to Neutral from Sell at Goldman... Selective Insurance (SIGI) upgraded to Outperform from Market Perform at Keefe Bruyette... Teva (TEVA) upgraded to Neutral from Underweight at JPMorgan... Turkcell (TKC) upgraded to Buy from Neutral at UBS... Pilgrim's Pride (PPC) upgraded to Overweight from Equal Weight at Stephens... Tesco (TESO) upgraded to Overweight from Equalweight at Capital One.
News For BANC;INDB;LOW;NS;NSH;SIGI;TEVA;TKC;PPC;TESO From The Last 14 Days
Check below for free stories on BANC;INDB;LOW;NS;NSH;SIGI;TEVA;TKC;PPC;TESO the last two weeks.
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July 22, 2014
16:08 EDTTEVATeva initiated with a Buy at Deutsche Bank
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July 21, 2014
08:11 EDTTEVAArena Pharma' subsidiary enters into agreement for Belviq with Teva subsidiary
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08:01 EDTTEVATeva completes acquisition of Labrys
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July 17, 2014
16:23 EDTINDBIndependent Bank reports Q2 EPS 61c, consensus 63c
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July 16, 2014
08:48 EDTTEVATeva says ISS supports company's nominees, shareholders' meeting proposals
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July 15, 2014
11:13 EDTTEVAPerrigo retreats after analyst sees limited potential buyers
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07:15 EDTLOWIIR Holdings to hold a conference
14th Annual Shopper Insights in Action Conference to be held in Chicago on July 14-16.
06:28 EDTTEVAActivist shareholder says Teva to appoint new chairman, Reuters says
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July 14, 2014
08:04 EDTTEVATeva announces FDA acceptance of NDA filing for albuterol MDPI
Teva Pharmaceuticals Industries announced that the U.S. Food and Drug Administration has accepted for review the company’s new drug application for albuterol multi-dose dry-powder inhaler, an investigational breath-actuated dry-powder inhaler for the treatment or prevention of bronchospasm in patients 12 years of age and older with reversible obstructive airway disease; and for the prevention of exercise-induced bronchospasm in patients 12 years of age and older. The NDA filing includes data from eight clinical studies that evaluated the safety and efficacy of albuterol MDPI in adults and adolescents with asthma and exercise-induced bronchospasm. The NDA for albuterol MDPI has been accepted by the FDA for standard review, with a FDA Regulatory Action expected in March 2015.
July 11, 2014
16:14 EDTTESOTesco says first tranche of repurchases to be made between July 5-August 1
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July 10, 2014
16:25 EDTLOWOn The Fly: Closing Wrap
Stocks on Wall Street began the session deep in negative territory, as fears about the health of one of Portugal’s largest banks, coupled with weak economic data out of Italy, prompted a sell-off in Europe, which spilled over to the U.S. The major averages moved generally higher after the open, though the early losses proved too much to overcome. The reignited fears about Europe's periphery come just as the U.S. corporate earnings season is set to pick up in earnest next week. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped 11K to 304K in the week ended July 5. Wholesale inventories rose 0.5% in May, while sales edged up 0.7%, which were both a little below expectations. In Europe, concerns about the periphery rose again as the parent company of Portugal's Espirito Santo bank missed a debt payment, leading the country's interest rates higher and equities in the Eurozone lower. Also, Italy's industrial output saw its steepest monthly fall since late 2012, having dropped 1.2% in May. In China, trade performance improved in June but still missed market forecasts. Exports rose 7.2% in June from a year earlier, missing the consensus forecast for a rise of 10.6%, while imports grew 5.5% in the month, versus the 5.8% growth expectation. COMPANY NEWS: Shares of Verizon (VZ) advanced 74c, or 1.51%, to $49.64 to lead the handful of gainers on the Dow Jones Industrial Average. The rise came after Verizon CEO Lowell McAdam said in an interview on CNBC that his company added over 1.4M postpaid subscribers in Q2, with "record" tablet growth and "very strong" smartphone growth. Afterward, Wells Fargo said in a note to investors that the net adds were higher than the firm's recently increased estimate and above Street consensus... Conversely, Home Depot (HD) was the Dow's worst performer, falling $1.33, or 1.65%, to $79.40. After hardwood floors retailer Lumber Liquidators (LL) and farm products retailer Tractor Supply (TSCO) pre-announced weaker than expected Q2 results, Deutsche Bank analyst Mike Baker reduced his estimates for Home Depot and peer Lowe's (LOW), explaining that the comparative sales of those two large home improvement retailers have historically had a positive correlation with those of Tractor Supply and Lumber Liquidators. MAJOR MOVERS: Among the notable gainers was AmREIT (AMRE), which rose $3.25, or 16.93%, to $22.45 after Regency Centers (REG) offered to acquire the company for $22 per share, payable in cash and/or stock. Also higher was Cray (CRAY), which rallied $4.27, or 15.69%, to $31.49 after the company announced it has been awarded a $174M supercomputer deal from the National Nuclear Security Administration. Among the noteworthy losers was sandwich maker Potbelly (PBPB), which plunged $3.68, or 25.12%, to $10.97 after the company's second quarter and fiscal 2014 outlook fell significantly short of analysts' consensus estimates. Also lower was Sarepta Therapeutics (SRPT), which sunk $3.35, or 12.94%, to $22.54 after the company announced data through week 144 from its eteplirsen study in patients with Duchenne muscular dystrophy. INDEXES: The Dow dropped 70.54, or 0.42%, to 16,915.07, the Nasdaq fell 22.83, or 0.52%, to 4,396.20, and the S&P 500 declined 8.15, or 0.41%, to 1,964.68.
10:18 EDTLOWHome Depot, Lowe's estimates cut after warnings from floor, farm retailers
Weak results from Tractor Supply (TSCO) and Lumber Liquidators (LL) do not bode well for Home Depot (HD) and Lowe's (LOW) near-term outlook, Deutsche Bank warned in a note to investors earlier today. WHAT'S NEW: After hardwood floors retailer Lumber Liquidators and farm products retailer Tractor Supply pre-announced weaker than expected Q2 results, Deutsche Bank analyst Mike Baker reduced his estimates for Home Depot and Lowe's. The comparative sales of Home Depot and Lowe's have historically had a positive correlation with those of Tractor Supply and Lumber Liquidators, explained Baker. Lumber Liquidators, like Home Depot and Lowe's, is exposed to housing markets, the analyst stated. Meanwhile, like Tractor Supply, Home Depot and Lowe's are exposed to the outdoor/weather sensitive sector, according to Baker. However, there are differences in the companies' business models, and comparative sales at Home Depot and Lowe's are probably trending better than at Tractor Supply and Lumber Liquidators, Baker believes. He lowered his second quarter comparative sales growth forecast for Lowe's to 4% from 4.5%, and for Home Depot to 4.5% from 5%. Baker's Q2 EPS estimates for both home improvement companies are now 1c below consensus levels. He kept a Buy rating on Lowe's and Hold ratings on Home Depot and Tractor Supply. PRICE ACTION: In early trading, Home Depot fell 2% to $79.07, Lowe's declined 1.8% to $47.02, Tractor Supply tumbled 5% to $58.23, and Lumber Liquidators plunged 22% to $54.70. Shares of Tile Shop (TTS), which is also exposed to housing markets, fell 11% to $11.55 in early trading.
06:48 EDTLOWHome Depot, Lowe's estimates lowered at Deutsche Bank
Deutsche Bank lowered its estimates for both Home Depot (HD) and Lowe's (LOW) after Tractor Supply (TSCO) and Lumber Liquidators (LL) preannounced Q2 comp misses. The firm says that while the business models are different, Tractor Supply and Lumber Liquidators have historically correlated positively with Home Depot and Lowe's on comps. Deutsche calls its negative earnings revisions "relatively minor," as it thinks comps are probably holding up better at Home Depot and Lowe's. It keeps a Buy rating on Home Depot and a Hold rating on Lowe's.
July 9, 2014
18:50 EDTLOWOn The Fly: After Hours Movers
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18:09 EDTLOWLumber Liquidators plummets after cutting full-year outlook
Shares of hardwood flooring and accessories retailer Lumber Liquidators (LL) are sinking in after-hours trading after the company cut its fiscal 2014 outlook. It also forecast second quarter results far below analysts' consensus estimates. WHAT'S NEW: After the bell, Lumber Liquidators forecast Q2 earnings per share of 59c-61c, far short of the consensus estimate of 90c. Q2 sales came in at $263.1M, also well below estimates of $303.21M. Comparable store sales decreased 7.1% for the quarter, and the company expects gross margin in Q2 to contract year over year. WHAT'S NOTABLE: Due to the weak Q2 performance, the company cut its FY14 EPS view to $2.65-$3.00 from $3.25-$3.60, versus consensus of $3.34. It also lowered its FY14 revenue outlook to $1.05B-$1.1B from $1.15B-$1.2B, versus consensus of $1.16B. It forecast comparable store net sales in the low single digits, either positive or negative, compared to its previous view of an increase ranging from mid to high single digits. It sees opening a total of 33 to 37 new store locations in the expanded showroom format, down from the previous view of 35 to 40. CEO Lynch said, "A number of the factors weighing on our second quarter results are likely to continue in the second half of 2014. While we believe the third quarter may be weaker than we originally anticipated, we have a strong sense of urgency and we expect to regain traction to deliver operating margin expansion in the second half and in coming years." PRICE ACTION: In evening trading, Lumber Liquidators fell $13.52, or 19.2%, to $56.90 on heavy trading volume. OTHERS TO WATCH: Other companies in the flooring space include Tile Shop (TTS), down 5%, Home Depot (HD), down 1%, and Lowe's (LOW), down 1.8%.
09:09 EDTNSHOppenheimer Funds reports 10.37% passive stake in NuStar GP Holdings
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07:15 EDTTEVATeva, others fined $583.4M by EU regulators, Reuters says
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06:49 EDTTEVAGeneric drug prices have risen significantly, NY Times says
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July 8, 2014
07:03 EDTTEVAEagle Pharmaceuticals receives orphan drug designation for bendamustine HCl
Eagle Pharmaceuticals (EGRX) announced that the FDA has granted orphan drug designation to bendamustine hydrochloride, a ready-to-dilute concentrate solution for injection that will be administered by infusion over 10 minutes after dilution in 50mL of sodium chloride or a saline / dextrose mixture, for the treatment of chronic lymphocytic leukemia and indolent B-cell non-Hodgkin’s lymphoma. Pursuant to the orphan drug designation, Eagle is eligible to receive tax incentives and Prescription Drug User Fee Act fee savings, and believes it may receive seven years of marketing exclusivity. The currently marketed bendamustine HCI product, Treanda, which is manufactured by Cephalon, Inc., a wholly-owned subsidiary of Teva Pharmaceutical Industries (TEVA), is a lyophilized powder requiring reconstitution and dilution in 500mL of saline or a sodium chloride / dextrose mixture before administration over 30 minutes for CLL and 60 minutes for NHL.

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