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Stock Market & Financial Investment News

News Breaks
May 5, 2014
10:34 EDTC, GE, UTX, BEAV, HONAnalysts weigh in after BE Aerospace begins exploring sale
Shares of BE Aerospace (BEAV) are climbing after the company announced that it was exploring strategic alternatives, including a possible sales of the company. Analysts at Jefferies and Deutsche Bank had very different outlooks on the company following the news. WHAT'S NEW: BE Aerospace yesterday said that it would explore strategic alternatives meant to increase shareholder value. The company stated that it could elect to sell itself, or spin-off or sell a number of its businesses. Other strategic transactions may also be pursued, added the company, which noted that it had hired Citigroup (C) as its financial advisor and Shearman & Sterling as its legal advisor in connection with this process. ANALYST REACTION: BE Aerospace could be sold for about $107 per share, wrote Jefferies analyst Howard Rubel in a note to investors earlier today. The company could appeal to a strategic partner because of recent innovations that have enabled it to increase its market share, according to Rubel. Moreover, BE Aerospace has strong relationships with its customers and is benefiting from the growing importance that airlines attach to the interior of their planes, added the analyst, who increased his price target on the shares to $107 from $85 and kept a Buy rating on the stock. Another firm, FBR Capital, said it views BE Aerospace as a "very attractive asset" since it is the market leader in both the commercial aerospace OEM supply-chain and aftermarket end-markets. The firm thinks both strategic buyers and private equity could be interested and said it can "easily see" a multi-bidder situation developing now that the company is exploring alternatives. FBR has an Outperform rating on the stock. Conversely, Deutsche Bank analyst Myles Walton wrote that an acquisition of BE Aerospace would be quite expensive and that potential acquirers may find it difficult to make such a purchase profitable. Additionally many companies that could potentially buy BE Aerospace - including GE (GE), Honeywell (HON), and United Technologies (UTX) - would not be interested in doing so, the analyst believes. Walton kept a Hold rating on BE Aerospace. PRICE ACTION: In early trading, BE Aerospace shares jumped 11.2% to $98.92.
News For BEAV;GE;HON;UTX;C From The Last 14 Days
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February 25, 2015
05:22 EDTGEGE Healthcare selected as strategic partner by Kenyan Ministry of Health
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February 24, 2015
18:02 EDTGEGeneral Electric director purchases $20M of company stock
According to regulatory filings, GE director William G. Beattie purchased 800,000 shares of GE for $20,096,000 on February 18 and 19.
16:06 EDTCOptions Update; February 24, 2015
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07:21 EDTCSecurities Industry & Financial Markets Association to hold a conference
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February 23, 2015
16:00 EDTCOptions Update; February 23, 2015
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12:07 EDTGEEU opens probe in GE's proposed acquisition of Alstom's energy business
The European Commission has opened an in-depth investigation to assess whether General Electric's (GE) proposed acquisition of the Thermal Power, Renewable Power & Grid businesses of Alstom (ALSMY) is in line with the EU Merger Regulation. The Commissionís preliminary investigation indicates potential competition concerns in the market for heavy-duty gas turbines which are mainly used in gas-fired power plants. The transaction would bring together the activities of GE, the world's largest manufacturer of heavy-duty gas turbines, with those of Alstom, eliminating one of the three main global competitors to GE in this market. The opening of an in-depth inquiry does not prejudge the final result of the investigation. The Commission now has 90 working days, until 8 July, to take a final decision. Reference Link
09:39 EDTCActive equity options trading on open
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06:51 EDTBEAV, UTXAerospace sector downgraded to Neutral from Attractive at Goldman
Goldman downgraded the Aerospace sector to Neutral based on group outperformance and increased downside risks. The firm believes Boeing (BA) and Airbus are now oversupplying the market after a decade of undersupply and replacement demand required to sustain production may prove difficult to achieve. Goldman said accelerated new aircraft replacements was partially due to fuel economics and lower fuel prices and global growth volatility could substantially change Aerospace dynamics. As part of the sector view change, Goldman downgraded Boeing to Sell from Neutral and Precision Castparts (PCP) to Natural from Buy.
February 20, 2015
16:20 EDTCOn The Fly: Closing Wrap
Stocks on Wall Street opened in negative territory with time running out for Greece to reach an extension of its bailout agreement. The morning was filled with headlines from both Greek and eurozone finance leaders, many of which indicated that prospects for a deal looked grim. When reports surfaced that an agreement on an extension had been reached the Dow took off and hit its first new high of 2015. The S&P 500 followed to its own new high and the Nasdaq continued to close in on the 5,000 level. ECONOMIC EVENTS: In the U.S., Markit's flash PMI rose to 54.3 in February, versus the consensus forecast for a preliminary reading of 53.6 for the month. In Europe, the Eurogroup and Greece reached a tentative deal for an extension of the current EFSF Master Financial Assistance Facility Agreement for up to four months. The deal is predicated on Greek authorities presenting a first list of reform measures, based on the current arrangement, by the end of Monday. Also, the Eurozone flash composite PMI came in at 53.5, versus expectations for a reading of 53. The services PMI was better than expected, while the manufacturing PMI was lower than expected. COMPANY NEWS: Deere reported Q1 earnings per share of $1.12 and revenue of $6.38B, which beat consensus forecasts of 84c and $5.59B, respectively. However, Deere said company equipment sales are projected to decrease about 17% for fiscal 2015 and now sees net income to be about $1.8B, which is down from the company's prior net income outlook of $1.9B. Analysts at Wells Fargo calculate that the implied EPS guidance from Deere dropped to $5.25 from $5.50. Consensus for FY15 EPS prior to Deere's report was $5.51. Shares of the farm, construction and forestry equipment maker rose 72c, or 0.79%, to $92.43 following this morning's report. MAJOR MOVERS: Among the notable gainers was National Bank of Greece (NBG), whose shares trading in New York jumped 35c, or 21.74%, to $1.96 after the Greek aid extension deal was negotiated. Also higher was Springleaf (LEAF), which gained $4.40, or 12.88%, to $38.57 after Reuters reported that the company has beaten out rival bidders and is in advanced talks to buy consumer finance unit OneMain Financial from Citigroup (C) for more than $4B. Two stock that dropped after their earnings reports prompted multiple analyst downgrades were Noodles & Company (NDLS), which plunged $8.84, or 31.87%, to $18.90, and Rocket Fuel (FUEL), which fell $3.95, or 26.74%, to $10.82. INDEXES: The Dow rose 154.67, or 0.86%, to 18,140.44, the Nasdaq gained 31.27, or 0.63%, to 4,955.97, and the S&P 500 advanced 12.85, or 0.61%, to 2,110.30.
15:05 EDTCSpringleaf in lead to buy OneMain for over $4B, Reuters says
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14:18 EDTCSpringleaf in advanced talks to buy OneMain from Citi for over $4B, Reuter says
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10:47 EDTCNY AG says Santander Bank to adopt new policies regarding use of ChexSystems
New York Attorney General Eric T. Schneiderman announced that Santander Bank, N.A. (SAN) has agreed to adopt new policies governing its use of ChexSystems, a consumer-reporting agency that screens people seeking to open checking or savings accounts. Santanderís new policies are expected to allow thousands of additional New Yorkers and consumers nationwide to open bank accounts by September 30. The change comes amid concerns that screenings by ChexSystems and other consumer-reporting agencies, which are used by most of the nationís banks, adversely affect lower-income applicants and force them to turn to high-cost alternative financial services like check-cashing outlets. With this agreement, Santander now joins Capital One (COF) and Citibank (C) as the third bank to commit to overhaul its use of ChexSystems. The three banks operate a combined 613 branches across New York State and 2,822 branches nationwide.
08:54 EDTCCiti confirms retirement of global consumer banking head Manuel Medina-Mora
In a filing, Citigroup said that on February 18, Manuel Medina-Mora, Citiís Co-President and CEO, Global Consumer Banking, submitted a notice of retirement to Citi. The effective date of the retirement is June 1.
08:43 EDTCCiti's head of consumer banking set to retire in June, WSJ reports
Citigroup co-president and head of consumer banking, Manuel Medina-Mora, is planning to retire in June, The Wall Street Journal reports, citing memos sent by Medina-Mora and Citigroup CEO Michael Corbat. Medina-Mora is expected to stay with the bank as the non-executive chairman of Banamex. Citigroup plans to name a new head of the consumer bank "in the near future." Reference Link
08:26 EDTGEArc Logistics to acquire all membership interests Joliet Bulk for $216M
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06:27 EDTUTXUnited Tech's Sikorsky may look to make military helicopters in India, WSJ says
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February 19, 2015
08:30 EDTHONHoneywell repeats target for double digit earnings growth over 2013-2018 period
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08:28 EDTHONHoneywell CFO says would consider adding leverage for right M&A deal
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08:22 EDTHONHoneywell reaffirms FY15 sales, EPS forecast
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06:47 EDTCReport shows subprime consumer loans at pre-2007 levels, WSJ says
Equifax (EFX) has released a report stating nearly 40%, or 50M, of auto loans, credit cards, and personal loans during the first 11 months of 2014 were made to subprime customers, the highest levels since the 2007 financial crisis, reports the Wall Street Journal. LendingTree (TREE) Chief Marketing Officer Gabriel Dalporto attributes the growth to nonbank lenders under less regulatory scrutiny than large banks. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
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