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Stock Market & Financial Investment News

News Breaks
June 12, 2013
10:14 EDTBIIB, WAB, USB, SNX, PRU, ORIG, MERC, MPLX, LM, KGC, KS, FIATY, DF, WFCOn the Fly: Downgrade Summary
Biogen (BIIB) downgraded to Neutral from Buy at Citigroup… Dean Foods (DF) downgraded to Market Perform from Outperform at Bernstein… Fiat (FIATY) downgraded to Neutral from Buy at UBS… KapStone (KS) downgraded to Hold from Buy at Deutsche Bank… Kinross Gold (KGC) downgraded to Market Perform from Outperform at Cowen… Legg Mason (LM) downgraded to Sell from Neutral at Goldman… MPLX (MPLX) downgraded to Neutral from Buy at BofA/Merrill… Mercer (MERC) downgraded to Sector Underperformer from Sector Performer at CIBC… Ocean Rig UDW (ORIG) downgraded to Neutral from Outperform at Credit Suisse… Prudential (PRU) downgraded to Outperform from Top Pick at RBC Capital… SYNNEX (SNX) downgraded to Market Perform from Outperform at Raymond James… U.S. Bancorp (USB) downgraded to Underweight from Neutral at Atlantic Equities… Wabtec (WAB) downgraded to Market Perform from Outperform at Raymond James… Wells Fargo (WFC) downgraded to Underweight from Neutral at Atlantic Equities.
News For BIIB;DF;FIATY;KS;KGC;LM;MPLX;MERC;ORIG;PRU;SNX;USB;WAB;WFC From The Last 14 Days
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October 22, 2014
09:21 EDTBIIBOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Dow Chemical (DOW), up 3.7%... iRobot (IRBT), up 12%... Six Flags (SIX), up 13%... GlaxoSmithKline (GSK), up 2%... Broadcom (BRCM), up 7%... Boston Scientific (BSX), up 4.3%... Abbott (ABT), up 1.8%... Yahoo! (YHOO), up 6%. ALSO HIGHER: Blue Earth (BBLU), up 26.4% after CEO says statements in Seeking Alpha blog are "false and misleading."... GW Pharmaceuticals (GWPH), up 5.4% after Epidiolex receives orphan designation from EMA. DOWN AFTER EARNINGS: 3D Systems (DDD), down 15%... Biogen (BIIB), down 7%... Lumber Liquidators (LL), down 13.4%... Norfolk Southern (NSC), down 3%... Angie's List (ANGI), down 8.8%. ALSO LOWER: Nanosphere (NSPH), down 33% after filing secondary, reporting preliminary Q3 revenue... Himax Technologies (HIMX), down 16% after announcing that Google (GOOG) will not exercise an additional investment option in the company... Cree (CREE), down 10.5%, downgraded at DA Davidson and Canaccord following the company's Q1 earnings results... Ocwen Financial (OCN), down 7% after downgraded to Hold at Evercore, downgraded to Neutral at BofA Merrill Lynch... VMware (VMW), down 7.8%, downgraded at Nomura and Raymond James following the company's Q3 results.
09:12 EDTBIIBBiogen down 6% after Q3 report, disclosure of patient death
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08:00 EDTWFCWells Fargo sees opportunity with deeper move into Europe, WSJ says
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07:19 EDTUSBU.S. Bancorp reports Q3 net charge-offs $366M
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07:17 EDTUSBU.S. Bancorp reports Q3 EPS 78c, consensus 78c
Reports Q3 revenue $4.99B, consensus $4.99B.
07:08 EDTBIIBBiogen reports Q3 TECFIDERA revenues $787M
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07:03 EDTBIIBBiogen raises FY14 adjusted EPS view to $13.45-$13.55, consensus $13.10
Still sees revenue growth 38%-41% vs. 2013, consensus $9.69B. $&D expense is expected to be approximately 20% to 21% of total revenue.
07:02 EDTBIIBBiogen reports Q3 adjusted EPS $3.80, consensus $3.46
Reports Q3 revenue $2.51B, consensus $2.48B.
06:24 EDTDFDean Foods upgraded to Overweight from Equal Weight at Morgan Stanley
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October 21, 2014
17:52 EDTKGCKinross Gold announces sale of Fruta del Norte Project in Ecuador
Kinross Gold is pleased to announce that it has entered into an agreement with Fortress Minerals Corp., a member of the Lundin Group of Companies, to sell all of its interest in Aurelian Resources Inc. and the Fruta del Norte project in Ecuador for US$240M in cash and equity. Kinross will receive US$100M-US$190M in cash, depending on the net proceeds from Fortress' announced equity financing, of which affiliates of the Lundin Family Trust have committed up to US$100M. The balance of the purchase price will be paid in Fortress equity. The transaction is subject to certain conditions, including Fortress shareholder and stock exchange approval, the granting by the Ecuadorian Government of an 18-month extension period from transaction closing to provide time for Fortress to carry out additional project feasibility work and development negotiations, and other customary conditions for a transaction of this nature. The Government of Ecuador has indicated its support for the transaction. Kinross and Fortress, and certain of their wholly-owned subsidiaries, have initialed bilateral agreements with the government, which are subject to the approval of the Ecuadorian Attorney General, which is also a condition of the transaction. The transaction is expected to be completed by mid-December 2014.
15:35 EDTUSB, BIIBNotable companies reporting before tomorrow's open
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08:18 EDTUSB, WFCBasel Committee accelerating work on leverage ratio, FT says
The Basel Committee on Banking Supervision will begin work on the calibration of the leverage ratio, a measure of bank capital seen as less vulnerable to manipulation, sooner than previously planned, which suggests the finished rule could be released as soon as 2015 or 2016, which is ahead of the previous target date of 2017, reported Financial Times, citing comments from the secretary-general of the committee, William Coen. Publicly traded large U.S. banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Publicly traded large EU banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), Royal Bank of Scotland (RBS) and UBS (UBS). Reference Link
07:26 EDTMPLXMPLX raises quarterly distribution by 1.5c per unit to 35.75c per unit
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06:54 EDTBIIBBiogen October weekly volatility elevated into Q3 and outlook
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October 20, 2014
13:06 EDTKSKapStone initiated with a Buy at Dundee (pre-open)
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09:45 EDTORIGOcean Rig UDW says stock price does not reflect true value
George Economou, Ocean Rig UDW CEO, said in a press release, "We do not believe that the current stock price of Ocean Rig reflects the true value of company, which stock price has be adversely affected by the recent volatility of the oil price. The loan from Ocean Rig to Dryships is just a backstop in case Dryships need more time to execute on its various alternatives to refinance its Convertible Notes due December 1, 2014, and will be repaid as soon as possible. Ocean Rig with its high specification, pure play UDW fleet and solid balance sheet and backlog is uniquely positioned amongst its clients. Ocean Rig's newbuilding program in 2016 and 2017 provides further growth into a market we believe in and its solid backlog supports for dividends and other value creation initiatives, such as the MLP." Ocean Rig shares are down 10c to $13.34 while its parent DryShips is rallying 24c to $1.93 in early trading.
09:39 EDTORIGOcean Rig UDW lends $120M to DryShips, extends Petrobras contracts
Ocean Rig UDW (ORIG) said it has agreed to lend its parent company, DryShips (DRYS), up to $120M of immediate liquidity through a short-term unsecured loan. The proceeds will be used, if needed, to repay Dryships’ 5% Convertible Notes maturing in Dec. 1. Ocean Rig has declared its third consecutive quarterly cash dividend with respect to the quarter ended September 30, of 19c per common share, to shareholders of record as of October 31, and payable on or about November 11. Ocean Rig added that it has been awarded extensions of the drilling contracts for its two ultra deepwater drillships, the Ocean Rig Corcovado and the Ocean Rig Mykonos by Petrobras (PBR) for drilling offshore Brazil. The contract extensions are subject to partner approvals. The term of each extension is for 1,095 days with a total combined revenue backlog of over $1.1Bm excluding reimbursement by Petrobras for contract related equipment upgrades. The new contracts will commence in direct continuation from the end of the current agreements with Petrobras, in Q1 and Q2 of 2015. Ocean Rig also signed an amendment with Total E&P Angola to extend the date by which Total E&P Angola should exercise the option to extend the term of the contract for two additional one-year periods. The first option is now exercisable until February 27, 2015 and the second option exercisable within one year after the date of exercise of the first option.
07:32 EDTBIIBCubist names Perez CEO to succeed Bonney
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October 17, 2014
16:55 EDTWFCStocks end volatile week lower amid oil price plunge
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06:45 EDTWFCWells Fargo closes alternative trading system, Reuters says
In response to weak client demand, Wells Fargo is shutting down its "dark pool" trading system, according to Reuters, citing a spokeswoman from the bank. The spokeswoman said that even though the firm will cease offering alternative trading access, it will still offer customers electronic trading tools. Reference Link
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