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Stock Market & Financial Investment News

News Breaks
April 3, 2014
10:00 EDTDB, CSX, BBT, TU, USB, SJR, OESX, MCS, C, CF, FRC, LVLT, LQDT, NSC, GK, LNG, BRCM, EXR, USG, VVUS, NNNOn The Fly: Analyst Downgrade Summary
BB&T (BBT) downgraded to Outperform from Strong Buy at Raymond James... Broadcom (BRCM) downgraded to Neutral from Overweight at Piper Jaffray... CF Industries (CF) downgraded to Neutral from Buy at Citigroup... CSX (CSX) downgraded to Equalweight from Overweight at Barclays... Cheniere Energy (LNG) downgraded to Neutral from Outperform at Credit Suisse... Citigroup (C) downgraded to Neutral from Buy at Sterne Agee... Deutsche Bank (DB) downgraded to Neutral from Overweight at JPMorgan... G&K Services (GK) downgraded to Neutral from Outperform at RW Baird... Marcus (MCS) downgraded to Neutral from Buy at B. Riley... National Retail Properties (NNN) downgraded to Sell from Neutral at UBS... Norfolk Southern (NSC) downgraded to Neutral from Overweight at Atlantic Equities... Orion Energy (OESX) downgraded to Hold from Buy at Ascendiant... VIVUS (VVUS) downgraded to Underweight from Neutral at Piper Jaffray... Liquidity Services (LQDT) downgraded to Neutral from Outperform at RW Baird... Shaw Communications (SJR) downgraded to Sector Performer from Outperformer at CIBC... USG (USG) downgraded to Neutral from Outperform at Macquarie... Level 3 (LVLT) downgraded to Hold from Buy at Gabelli... U.S. Bancorp (USB) downgraded to Neutral from Conviction Buy at Goldman... Extra Space Storage (EXR) downgraded to Buy from Conviction Buy at Goldman... First Republic Bank (FRC) downgraded to Buy from Conviction Buy at Goldman... TELUS (TU) downgraded to Neutral from Outperform at Macquarie.
News For BBT;BRCM;CF;CSX;LNG;C;DB;GK;MCS;NNN;NSC;OESX;VVUS;LQDT;SJR;USG;LVLT;USB;EXR;FRC;TU From The Last 14 Days
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July 23, 2015
06:09 EDTEXRExtra Space Storage initiated with an Outperform at Baird
Target $83.
July 22, 2015
16:26 EDTCCiti releases results of 2015 Dodd-Frank Stress Test
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15:26 EDTUSGNotable companies reporting before tomorrow's open
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14:51 EDTBRCMEarnings Watch: Qualcomm reports after speculations of potential breakup
Qualcomm (QCOM) is expected to report third quarter earnings after the close on July 22, with a conference call scheduled for 4:45 pm ET. Qualcomm is a maker of semiconductors and telecommunications equipment. EXPECTATIONS: Analysts are looking for earnings per share of 95c on revenue of $5.85B. EPS consensus ranges 90c-$1.05 on a revenue range of $5.59B-$6.08B, according to First Call. LAST QUARTER: On April 22, Qualcomm reported Q2 EPS of $1.40 against expectations for $1.33, and revenue of $6.89B versus estimates of $6.83B. The company also cut its FY15 EPS guidance to $4.60-$5.00 from $4.85-$5.05 and lowered projected revenue to $25B-$27B from $26.3B-$28B, saying it expects pressure in its semiconductor business due to customer shifts in the premium segment and a decline in Qualcomm's share at an unnamed large customer. NEWS: On May 8, Reuters reported that EU antitrust regulators asked Qualcomm's competitors how the company's licensing and business practices affect them, and on July 16, the European Commission confirmed two formal antitrust investigations of the company. On May 25, Qualcomm and Daimler (DDAIF) announced a strategic collaboration to develop connected car technology. Coming on the heels of Avago's (AVGO) May 28 agreement to acquire Broadcom (BRCM), Bloomberg quoted a source later that day as saying Qualcomm, Intel (INTC), Altera (ALTR), Analog Devices (ADI), Maxim Integrated (MXIM), Texas Instruments (TXN), and Microchip Technology (MCHP) are all considering their own M&A opportunities. Note that on June 1, Intel announced an agreement to acquire Altera. On June 23, Semiconductor Manufacturing International (SMI), Qualcomm, Huawei, and Imec announced the formation of a joint venture to focus on a type of 14 nanometer technology. More recently, the Wall Street Journal reported on July 20 that Qualcomm is "expected" to begin a comprehensive strategic review which may include the possibility of a breakup following pressure from "activist" shareholder Jana Partners, according to sources, adding that the move could be announced concurrent with Wednesday's earnings release. STREET RESEARCH: Following last quarter's earnings report, Exane BNP Paribas downgraded Qualcomm to Neutral from Outperform, while both Canaccord and Brean Capital lowered price targets for the stock after "disappointing" guidance. Meanwhile, Citi said it expects the company's chip business to recover in 2016 despite this "very bad year." On May 28, CLSA said it sees continued pressure on Qualcomm chipsets, potentially spurring the company to consider making an acquisition, and on June 2, Craig-Hallum noted that Skyworks (SWKS) would be a great fit for Qualcomm. On June 24, Summit Research called Applied Micro Circuits (AMCC) an "affordable" target for Qualcomm, with AMD (AMD) and Cavium (CAVM) also looking like potential takeover candidates. On June 29, Drexel Hamilton downgraded Qualcomm to Sell from Hold, citing expected price cuts. Lastly, following media reports on July 20 that Qualcomm could be weighing a breakup, Bernstein said that such a "dis-synergistic" split would likely destroy value rather than create it. PRICE ACTION: Shares of Qualcomm are down more than 1% to $64.37 in afternoon trading ahead of Wednesday's earnings report.
12:58 EDTCCiti says to wind down banking operations at Banamex USA
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12:53 EDTCFDIC announces $140M civil penalty against Citi's Banamex USA unit
The FDIC announced the assessment of a civil money penalty of $140M against Banamex USA, Century City, California, for violations of the Bank Secrecy Act and anti-money laundering laws and regulations. In a concurrent action, the California Department of Business Oversight assessed a civil money penalty of $40M. The FDIC's penalty of $140M will be satisfied in part by the CDBO's penalty. The FDIC's penalty will be paid to the United States Department of the Treasury. In taking this action, the FDIC determined that the bank failed to implement an effective BSA/AML Compliance Program over an extended period of time. The institution failed to retain a qualified and knowledgeable BSA officer and sufficient staff, maintain adequate internal controls reasonably designed to detect and report illicit financial transactions and other suspicious activities, provide sufficient BSA training, and conduct effective independent testing.
10:01 EDTLNGOn The Fly: Analyst Initiation Summary
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10:01 EDTCFOn The Fly: Analyst Downgrade Summary
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09:46 EDTLNGCheniere Energy initiated with an Accumulate at Global Hunter
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06:36 EDTCFCF Industries downgraded to Neutral from Positive at Susquehanna
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July 21, 2015
19:00 EDTBRCMOn The Fly: After Hours Movers
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16:14 EDTLQDTLiquidity Services receives three months extension for contract with DLA
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10:58 EDTCCiti fined $70M, ordered by CFPB to provide $700M in relief
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July 20, 2015
16:01 EDTCOptions Update; July 20, 2015
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13:18 EDTLVLTOptions with increasing call volume
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13:03 EDTCFed proposes final rule on capital surcharges for largest U.S. banks
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06:58 EDTCFCF Industries will likely have to pay up for OCI, says Piper Jaffray
Piper Jaffray has a favorable initial view of CF Industries' potential acquisition of OCI, but feels the company will have to pay up for the assets. Piper only expects modest savings from a potential inversion given the heavily U.S. based business for CF. It still believes the deal would be accretive, however. It keeps an Overweight rating on CF with a $71 price target. Piper points out that there is a "lot of uncertainty" if a deal will happen.
06:31 EDTBBTBB&T reinstated with a Hold at Deutsche Bank
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05:23 EDTCFCF Industries confirms talks with OCI N.V.
CF Industries confirmed that it is in preliminary discussions with OCI N.V. regarding a potential combination involving certain of OCI's businesses. There can be no assurances that these discussions will result in any transaction. CF Industries does not intend to comment further at this stage and any further statements will be made if and when appropriate.
July 19, 2015
19:12 EDTC, USBFederal Reserve proposes changes to 'stress test' regulations
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