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January 30, 2013
10:24 EDTCRESY, ADSK, MTW, KBH, TPX, WDR, NSC, CHK, AKS, VIAB, VHS, NNA, BOBEOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Bob Evans (BOBE) upgraded to Overweight from Equal Weight at Stephens... Chesapeake (CHK) upgraded to Buy from Hold at Stifel Nicolaus... KB Home (KBH) upgraded to Outperform from Neutral at Credit Suisse... Navios Acquisition (NNA) upgraded to Buy from Hold at Deutsche Bank... Norfolk Southern (NSC) upgraded to Overweight from Neutral at Atlantic Equities... Manitowoc (MTW) upgraded to Buy from Hold at BB&T... Vanguard Health (VHS) upgraded to Buy from Hold at Deutsche Bank... Waddell & Reed (WDR) upgraded to Neutral from Sell at Goldman... Chesapeake (CHK) upgraded at Stifel Nicolaus... Autodesk (ADSK) upgraded to Outperform from Neutral at Wedbush... Viacom (VIAB) upgraded to Outperform from Neutral at Cowen... Tempur-Pedic (TPX) upgraded to Buy from Hold at KeyBanc... Cresud SA (CRESY) upgraded to Outperform from Market Perform at Raymond James... AK Steel (AKS) upgraded to Neutral from Underperform at Macquarie.
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November 18, 2015
08:28 EDTADSKAutodesk valuation reflects bull case, says BofA/Merrill
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07:24 EDTNSCCP offer for Norfolk Southern a starting point, says Citi
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07:04 EDTNSCCanadian Pacific discloses details of offer letter to Norfolk Southern
Canadian Pacific (CP) disclosed the contents of the offer letter it sent to Norfolk Southern (NSC) on November 17, 2015 to clarify the details of a proposal that would result in the creation of a pro-competitive, pro-customer, coast-to-coast transportation solution. CP also announced it wishes to correct any misconceptions about the sizable premium offered to NS shareholders. In the letter, Canadian Pacific commented, "We propose a 50% cash 50% stock transaction based on Friday's closing stock price for both CP and NSC in which NSC shareholders would receive $46.72 in cash and 0.348 shares of stock in a new company which would own CP and NSC. The new company would be listed on both the New York and Toronto Stock Exchanges, and maintain a strong investment grade credit rating. Our proposal represents a substantial initial 23.0% premium to NSC's 45-day VWAP of $79.14.1 In addition to providing NSC shareholders with a significant cash payment, the proposed transaction will provide NSC shareholders with an opportunity for meaningful upside appreciation in the future as synergies are realized as NSC shareholders will own 41% of the new company. Our advisors at J.P. Morgan have assisted us in valuing the newly merged company by taking into account future operating performance, synergies, expected earnings power and anticipated trading multiples. In light of the substantial synergies created by the combination, we believe that the fair value of the new company would be approximately $270.68 per share at the time of transaction closure-which is assumed to occur on December 31, 2017. As a result, NSC shareholders will receive at that time $46.72 in cash plus $94.16 in market value of the stock of the combined company which on a present value basis at the time of the anticipated announcement is expected to represent total value of $126.18 per share-which is a 59.4% premium to NSC's 45-day VWAP of $79.14. In addition, NSC shareholders would continue to receive a dividend of $0.59 per quarter during the pendency of the regulatory review of the transaction."
05:11 EDTCHKStocks with implied volatility movement; GMCR CHK
Stocks with implied volatility movement; Keurig Green Mountain (GMCR) 94, Chesapeake (CHK) 99 according to iVolatility.
November 17, 2015
19:25 EDTNSCOn The Fly: After Hours Movers
UP AFTER EARNINGS: Jack in the Box (JACK), up 3.7%... Vipshop Holdings (VIPS), up 2.2%. ALSO HIGHER: Universal Insurance (UVE), up 5.3% after issuing a statement saying that Lakewood Capital Management's statement was misleading... Norfolk Southern (NSC), up 2% after confirming a merger offer from Canadian Pacific (CP). LOWER: Citrix Systems (CTXS), down 1.8% after announcing operational review and the spin off of its GoTo family of products.
18:31 EDTNSCNorfolk Southern confirms 'low-premium' merger offer from Canadian Pacific
Norfolk Southern (NSC) confirmed it has received an "unsolicited, low-premium, non-binding and highly conditional indication of interest" from Canadian Pacific (CP) to acquire the company for $46.72 in cash and a fixed exchange ratio of 0.348 Canadian Pacific shares per Norfolk Southern share, "representing a premium of less than 10% based on closing prices today." The company noted its board of directors "will carefully evaluate and consider this indication of interest in the context of Norfolk Southern's strategic plans, and its ongoing review of opportunities to enhance stockholder value... Notably, any consolidation among Class I railroads in North America would face significant regulatory hurdles."
17:32 EDTNSCNorfolk Southern spikes after Canadian Pacific proposes merger
Shares of railroad operator Norfolk Southern (NSC) are spiking in the after-hours after rival Canadian Pacific (CP) announced that it has sent an offer letter to Norfolk Southern proposing a business combination. WHAT'S NEW: After the close of trading on Tuesday, Canadian Pacific proposed a business combination with Norfolk Southern "that would create a transcontinental railroad with the scale and reach to deliver improved levels of service to customers and communities while enhancing competition and creating significant shareholder value." Canadian Pacific noted that the proposal reflects a "sizable premium in cash and stock offered to NS shareholders." The combined company would have a potential for faster earnings growth than either of the companies independently, CP noted, while offering unparalleled customer service and competitive rates to shippers." The combined company would innovate a new approach to terminal access that would allow another carrier to operate from a point of connection in the event the combined company failed to provide adequate service or competitive rates. The combination of NS and CP would provide a solution to "bottleneck pricing" and alleviate congestion in Chicago by channeling rail traffic away from Chicago. WHAT'S NOTABLE: According to a Globe and Mail report from earlier Tuesday, Keith Creel the COO of Canadian Pacific, who was speaking at a transportation conference, said rail mergers are inevitable but the executive "refused" to confirm past reports that the railroad operator was in talks to acquire rival Norfolk Southern. ANALYST VIEW: ON November 12, research firm BB&T said it believes there are many scenarios in which a merger between Canadian Pacific and Norfolk Southern would benefit both companies. The firm said that Norfolk Southern shareholders would get a 20%-30% premium above the stock's current level, while Canadian Pacific's potential revenue growth issues would be solved and its 2018 EPS would be boosted by 20% plus. PRICE ACTION: Shares of Norfolk Southern are up 6.9% to $93.00, while Canadian Pacific shares are unchanged. OTHERS: Publicly traded companies in the space include CSX (CSX), Canadian National (CNI), Genesee & Wyoming (GWR), Kansas City Southern (KSU) and Union Pacific (UNP).
17:02 EDTBOBEBob Evans names Bravo Brio Restaurant CEO Saed Mohseni as CEO
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16:22 EDTNSCNorfolk Southern jumps 6% in after-hours trading following merger proposal
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16:21 EDTNSCCanadian Pacific proposes Norfolk Southern merger with 'sizable' premium
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16:17 EDTNSCCanadian Pacific proposes business combination with Norfolk Southern
13:55 EDTNSCCanadian Pacific COO won't confirm Norfolk Southern talks, Globe and Mail says
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10:00 EDTCHKOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Airgas (ARG) downgraded on valuation at KeyBanc... BHP Billiton (BHP) downgraded to Neutral from Buy at Clarksons Platou... Chesapeake (CHK) downgraded to Neutral from Buy at Sterne Agee CRT... ChipMOS (IMOS) downgraded to Equal Weight from Overweight at Morgan Stanley... Clovis (CLVS) downgraded to Neutral from Conviction Buy at Goldman... Cooper Companies (COO) downgraded to Market Perform from Outperform at Wells Fargo... Five Below (FIVE) downgraded to Neutral from Buy at Sterne Agee CRT... Grainger (GWW) downgraded to Underweight from Neutral at Atlantic Equities... Hess Corp. (HES) downgraded to Perform from Outperform at Oppenheimer... J Sainsbury (JSAIY) downgraded to Neutral from Buy at Citi... Kindred Biosciences (KIN) downgraded to Market Perform from Outperform at BMO Capital... Leju (LEJU) downgraded to Neutral from Buy at BofA/Merrill... Lombard Medical (EVAR) downgraded to Equal Weight from Overweight at Barclays... Osiris (OSIR) downgraded to Sell from Hold at Brean Capital... Polaris Industries (PII) downgraded on anemic ORV growth at Wedbush... SQM (SQM) downgraded to Hold from Buy at HSBC... Southwestern Energy (SWN) downgraded to Underperform from Neutral at Sterne Agee CRT... Starwood (HOT) downgraded to Outperform from Buy at CLSA... Urban Outfitters (URBN) downgraded to Hold from Buy at Cantor... WM Morrison (MRWSY) downgraded to Sell from Neutral at Citi... adidas (ADDDY) downgraded to Sector Perform from Outperform at RBC Capital... athenahealth (ATHN) downgraded to Underweight from Equal Weight at Barclays.
09:15 EDTCHKOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Nuance (NUAN), up 9.1%... Cheetah Mobile (CMCM), up 7.7%... Eros International (EROS), up 12.8%... Home Depot (HD), up 3.1%...Wal-Mart (WMT), up 2.2%. ALSO HIGHER: Ocera Therapeutics (OCRX), up 14.8% after announcing Phase 1 study results for the company's oral formulation of OCR-002... Fitbit (FIT), up 2.4% after being upgraded to Buy from Neutral at BofA/Merrill. DOWN AFTER EARNINGS: Dicks Sporting Goods (DKS), down 15.4%... Urban Outfitters (URBN), down 12.8%. ALSO LOWER: Osiris Therapeutics (OSIR), up 25.5% after being downgraded to Sell from Hold at Brean Capital... Angie's List (ANGI), down 8.7% after board unanimously determines not to pursue IAC (IACI) proposal... Clovis Oncology (CLVS), down 4.1% after receiving downgrades from Goldman and WallachBeth... Chesapeake Energy (CHK), down 2.5% after being downgraded to Neutral from Buy at Sterne Agee CRT... Cooper Companies (COO), down 2% after being downgraded to Market Perform from Outperform at Wells Fargo.
09:12 EDTADSKAutodesk volatility elevated into Q3 and outlook
Autodesk November call option implied volatility is at 95, December is at 48, January is at 40; compared to its 52-week range of to , suggesting large near term price movement into the expected release of Q3 results on November 19.
08:42 EDTADSKAutodesk remains a top pick, says Cowen
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06:16 EDTCHKSouthwestern Energy downgraded to Underperform from Neutral at Sterne Agee CRT
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06:11 EDTCHKChesapeake downgraded to Neutral from Buy at Sterne Agee CRT
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November 16, 2015
10:43 EDTCHKOptions with increasing implied volatility
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07:36 EDTVIABBerkshire Hathaway discloses new AT&T stake in quarterly update
Berkshire Hathaway gave a quarterly update on its stakes in a filing this morning. NEW STAKES: AT&T (T), Kraft Heinz (KHC), Liberty Lilac Group (LILA). INCREASED STAKES: Phillips 66 (PSX), Charter (CHTR), Liberty Media (LMCK), Suncor (SU), General Motors (GM). DECREASED STAKES: Goldman Sachs (GS), Wal-Mart (WMT), Deere (DE), Chicago Bridge & Iron (CBI), WABCO (WBC). LIQUIDATED STAKES: Viacom (VIAB).
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