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November 12, 2012
04:55 EDTBEAV, BEAV, BEAV, GT, GT, GT, ETN, ETN, ETN, ALSN, ALSN, ALSN, IR, IR, IR, BA, BA, BA, MWA, MWA, MWA, DOV, DOV, DOV, LII, LII, LII, KSU, KSU, KSUGoldman to host a conference
Industrials Conference is being held in Boston on November 12-14.
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October 1, 2015
16:37 EDTGTGoodyear Tire ends global alliance with Sumitomo Rubber Industries
Goodyear has dissolved its global alliance with Sumitomo Rubber Industries. The terms and conditions of the transaction are consistent with those outlined by Goodyear when the agreement was announced on June 4. The alliance, which was formed in 1999, primarily consisted of four joint venture operating companies, one each in North America and Europe, and two in Japan. Under terms of the agreement, Goodyear retains exclusive rights to sell Dunlop-brand tires in the replacement market and to non-Japanese auto manufacturers in the U.S., Canada and Mexico. Goodyear also retains exclusive rights to sell Dunlop-brand tires in replacement and original equipment markets in European countries where the former joint venture exclusively served the market. Additionally, Goodyear regains exclusive rights to serve Japanese markets with Goodyear-brand tires. The completion of the transaction will resolve the pending arbitration filed in January. The transaction does not impact the company's existing financial targets or capital allocation plan. The company will include the impact of the transaction in its full-year outlook beginning in February 2016.
10:39 EDTBABAE Systems selected by Boeing to develop digital electronic warfare system
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10:04 EDTBABoeing selected as prime contractor for EPAWSS electronic warfare suite program
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10:01 EDTBAApple names James Bell to board of directors
Apple (AAPL) announced that James A. Bell, former CFO and corporate president of The Boeing Company (BA), has been elected to Apple's board of directors. During his 38-year career at Boeing, he also oversaw Boeing Capital Corporation and Boeing Shared Services, and was interim CEO of The Boeing Company in 2005.
09:30 EDTKSURails sector upgraded to Market Weight from Market Weight at Wolfe Research
Wolfe Research upgraded the Rails Sector to Market Overweight citing limited downside in earnings and valuations at current levels. The firm recommends investors aggressively buy rail stocks again given below market multiples and double-digit earnings growth next year. As part of the sector upgrade, the analyst raised Norfolk Southern to Outperform from Peer Perform.
September 30, 2015
17:45 EDTBABoeing awarded $127.08M government contract
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16:13 EDTBALoss of Ex-Im Bank jeopardizes $1.1B order for Boeing, Reuters says
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13:13 EDTBABoeing agrees to provide YTO Airlines with 737-800 BCFs
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12:26 EDTKSURails advance after Goldman says rate of volume declines improving
Shares of railroad operators are advancing after Goldman Sachs moved its Rails coverage view to Attractive from Neutral. WHAT'S NEW: In a note to investors, Goldman Sach's Tom Kim and team said while rail volumes continue to contract, the rate of change has begun to improve and the firm sees this as an early inflection indicator. The negatives in the rail sector appear to be well known as the sector has been under "significant" selling pressure since peaking in the fourth quarter of 2014, added Goldman Sachs. The firm sees structural improvement in the profitability of the rail sector as operating margins for 2015 are estimated to have expanded to 35% from 29% in 2010. Goldman thinks the negative earnings per share revisions cycle for rails is over and that investor expectations are achievable. The firm sees earnings as a catalyst for sector performance and believes carloads will grow again in 2016 with 4% year-over-year growth in intermodal. WHAT'S NOTABLE: Kim upgraded Canadian Pacific (CP) to Buy from Neutral and reiterated its Buy rating on Union Pacific (UNP). The firm sees upside potential for Canadian National Railway (CNI), CSX (CSX), Kansas City Southern (KSU), and Norfolk Southern Corporation (NSC), but it maintained its Neutral ratings on those names as the firm expects these stocks to trade in-line with its broader Transportation coverage universe. PRICE ACTION: In afternoon trading, shares of Canadian Pacific are up nearly 3%, while Union Pacific is higher by almost 1%. CSX is advancing 2.2%, while Canadian National Railway, Kansas City Southern, and Norfolk Southern Corporation are each up over 1%.
08:08 EDTKSURails sector upgraded to Attractive from Neutral at Goldman
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06:51 EDTBAUnited Launch Alliance wins $882M contract with U.S. Air Force, Reuters says
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September 29, 2015
19:55 EDTBABoeing considers converting 737s into freighters, Reuters says
Boeing is considering offering conversions of its 737-800 passenger jets into freight haulers, according to Reuters, citing a senior Boeing executive. The proposal follows competitor Airbus's plan to offer conversions of its A320 jets, Reuters added. Reference Link
18:14 EDTBABoeing, NASA extend International Space Station contract to 2020
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09:33 EDTBABoeing receives order from India for 22 Apache, 15 Chinook helicopters
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06:13 EDTBACargolux in talks to buy five more Boeing freighter jets, Reuters reports
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September 25, 2015
16:35 EDTBAStocks end week lower as biotechs sink, Volkswagen crashes
Stocks ended the week lower after concerns about drug prices were reignited, sinking biotech stocks, an emissions scandal engulfed Volkswagen (VLKAY), dragging down shares of automakers and their suppliers, and Caterpillar (CAT) announced that it may eliminate as many as 10,000 jobs in the next three years as commodity prices continue to slump. MACRO NEWS: Following the Federal Reserve's decision last week to wait before raising rates, the central bank made a concerted effort to give the market more clarity this week. Over last weekend, three Federal Reserve officials - San Francisco Fed President John Williams, St. Louis Fed President James Bullard and Richmond Fed President Jeffrey Lacker - all argued that an interest-rate increase is still warranted this year. Then, on Thursday night, Fed Chair Janet Yellen said during a speech at UMass Amherst that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago... In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. Durable goods orders for August declined 2.0%, versus expectations for a drop of 2.3%. When transportation items were removed, the core reading was breakeven, versus expectations for a rise of 0.1%. The third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... The Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. Markit's flash manufacturing PMI for China fell to 47.0 in September from 47.3 last month. Meanwhile, Japanese Prime Minister Shinzo Abe unveiled new economic targets, including a goal for a 20% increase in the target size of the Japanese economy to 600T yen, though he gave no timeframe for achieving this aspiration... In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Biotech stocks declined after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on its treatment for toxoplasmosis, reigniting a debate around drug prices that previously embroiled costly Hepatitis C drugs including AbbVie's (ABBV) Viekira Pak and Gilead's (GILD) Sovaldi and Harvoni. Presidential candidate Hillary Clinton sent the debate to center stage by criticizing the "outrageous" prices of specialty drugs and laying out a plan to tackle "price gouging" in the specialty drug market. The NASDAQ Biotechnology index fell roughly xxx% for the week amid the attention paid to Turing's drug and Clinton's response... Volkswagen (VLKAY) shares trading in New York fell sharply to begin the week and ended the week far from where they'd been last Friday before the EPA said it found manipulations that violate U.S. environmental standards while testing certain of the automaker's diesel cars. The EPA said Volkswagen may face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules, which could total as much as $18B, according to Reuters. In the wake of the scandal, Chief Executive Officer Martin Winterkorn resigned, with the company's supervisory board subsequently praising the decision and selecting Matthias Mueller, the former head of Porsche (POAHY), as Winterkorn's successor as the company's new CEO... Caterpillar (CAT) shares dropped after the heavy machinery maker announced plans for job cuts and lowered its revenue guidance for this year and next. Caterpillar said that it would lay off 4,000-5,000 of its employees between now and the end of 2016 and could lay off up to 10,000 employees by 2018. Caterpillar cut its fiscal year 2015 revenue forecast by $1B and said its sees its fiscal year 2016 revenue to be 5% below this year, adding that it expects revenue declines in all three large segments next year... Online and mobile deal provider Groupon (GRPN) said it plans to cut 1,100 jobs relating primarily to the company's international operations... Nike jumped after the athletic gear giant reported better than expected earnings and futures orders, prompting numerous price target hikes and at least one upgrade at Street research firms. Among other companies reporting earnings this week, BlackBerry (BBRY), ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell immediately following their quarterly reports... Apple (AAPL), which has previously been reported to be working on an electric car via its "Project Titan," is speeding up those efforts and setting 2019 as a target to ship its first vehicle, according to The Wall Street Journal... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in in the Asian nation, while Cisco (CSCO) announced a partnership with Chinese server maker Inspur Group... Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... GoPro (GPRO) finished the week about xxx% lower after Barron's contended in a feature article last weekend that the company's stock could plunge another 30% to $25 as Apple, Sony (SNE) and others pressure the company's "one-hit wonder" products... On the M&A front, Atmel (ATML) agreed to be acquired by German chipmaker Dialog Semiconductor in a deal valued at roughly $4.6B and Starwood Waypoint (SWAY) announced a stock-for-stock merger agreement with Colony American Homes. INDEXES: The Dow lost about 0.43% to close at 16,314.67, the S&P 500 fell about 1.35% to close at 1,931.34, and the Nasdaq declined about 2.89% to close at 4,686.50.
10:00 EDTALSNOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: AGCO (AGCO) initiated with an Equal Weight at Barclays... ARM Holdings (ARMH) initiated with a Buy at Stifel... Actuant (ATU) initiated with an Equal Weight at Barclays... Allison Transmission (ALSN) initiated with an Overweight at Barclays... Atara Biotherapeutics (ATRA) initiated with an Outperform at JMP Securities... Big Lots (BIG) initiated with a Buy at Citi... CNH Industrial (CNHI) initiated with an Underweight at Barclays... CareDx (CDNA) initiated with a Buy at Craig-Hallum... Caterpillar (CAT) initiated with an Equal Weight at Barclays... Cummins (CMI) initiated with an Underweight at Barclays... Deere (DE) initiated with an Underweight at Barclays... Genesis Energy (GEL) initiated with a Buy at Wunderlich... Joy Global (JOY) initiated with an Equal Weight at Barclays... Lincoln Electric (LECO) initiated with a Neutral at Baird... Manitowoc (MTW) initiated with an Equal Weight at Barclays... Navistar (NAV) initiated with an Underweight at Barclays... Nevro (NVRO) initiated with an Outperform at BMO Capital... PACCAR (PCAR) initiated with an Underweight at Barclays... PBF Energy (PBF) initiated with a Neutral at Goldman... PayPal (PYPL) initiated with a Buy at Canaccord... Quanex (NX) initiated with a Buy at Sidoti... Team Health (TMH) initiated with a Buy at Jefferies... Terex (TEX) initiated with an Equal Weight at Barclays... United Rentals (URI) initiated with an Overweight at Barclays... WABCO (WBC) initiated with an Equal Weight at Barclays.
09:15 EDTKSUKansas City Southern management to meet with JPMorgan
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06:29 EDTBAAirbus engages in wireless initiative for planes, WSJ reports
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05:51 EDTALSNBarclays starts U.S. Machinery space with Negative view
Barclays analyst Robert Wertheimer rolled out coverage of the U.S. Machinery space with a Negative view. Of the fifteen companies he initiated in the sector, only two are Overweight rated. Wertheimer started five names at Underweight, his firm's equivalent of a sell. Consensus estimates are too high across the board with revenue for this cycle already peaking for most of machinery, the analyst told investors last night in a research note. He sees a sharper downturn for North American trucks than the consensus expects, with another peak level eight years away. And the tractor supercycle is only two years in a downturn, while the prior two supercycles saw seven consecutive down years in machinery sales, Wertheimer adds. Allison Transmission (ALSN) and United Rentals (URI) are the analyst's Overweight-rated stocks in the sector. Deere (DE), CNH Industrial (CNHI), Cummins (CMI), PACCAR (PCAR) and Navistar (NAV) are his Underweight rated names. Wertheimer also started with Equal Weight ratings shares of Actuant (ATU), AGCO (AGCO), Caterpillar (CAT), Joy Global (JOY), Lincoln Electric (LECO), Manitowoc (MTW), Terex (TEX) and WABCO (WBC).
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