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January 30, 2013
10:24 EDTAKS, VIAB, VHS, NNA, BOBE, CRESY, ADSK, MTW, KBH, TPX, WDR, NSC, CHKOn 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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January 14, 2015
07:06 EDTKBHKB Home margin issues company specific, says Deutsche Bank
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06:55 EDTKBHKB Home downgraded to Neutral from Positive at Susquehanna
Susquehanna downgraded KB Home to Neutral following reduced 2015 guidance. Note Credit Suisse also downgraded shares this morning.
06:28 EDTVIABViacom downgraded to Sell from Buy at Citigroup
Citigroup downgraded Viacom (VIAB) two notches to Sell from Buy and lowered its price target for shares to $62 from $88. Citi says its new price target assumes a 50% probability that DISH (DISH) drops Viacom's channels. The firm sees 30% share downside risk should such an event occur. Citi lists two potential M&A deals that could offset the downside risk: Viacom acquiring CBS (CBS), which it feels would be neutral for the stock, or another media firm acquiring Viacom, which it feels could drive 20% upside for Viacom shares. Citi assumes a 10% probability of Viacom getting bought out.
06:14 EDTKBHKB Home downgraded to Neutral from Outperform at Credit Suisse
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06:12 EDTCHKChesapeake downgraded to Underweight from Equal Weight at Barclays
Barclays downgraded Chesapeake to Underweight and other names in the Exploration & Production space saying downside risk outweighs potential gains, even if oil prices recover. The firm reduced its commodity price deck assumptions and believes investor expectations for an oil price recovery could prove disappointing. It lowered its price target for shares to $13 from $18.
06:09 EDTWDRWaddell & Reed downgraded to Neutral from Buy at Goldman
Goldman downgraded Waddell & Reed to Neutral based on lingering outflows and soft near-term performance at Asset Strategy. Price target is $49.
January 13, 2015
16:24 EDTKBHOn The Fly: Closing Wrap
The Wall Street averages spent time in both positive and negative territory during the session, before closing a bit below where they'd started the day. The market opened sharply higher after Alcoa’s (AA) better than expected report gave some optimism about the upcoming earnings season. The early move higher came despite oil continuing its slide. The major averages saw their highs shortly after the open and then began to drift slowly lower. By mid-afternoon the market was in the red, though the equity averages eventually made it briefly back into positive ground, but failed to hold those narrow gains into the close. ECONOMIC EVENTS: In the U.S., the NFIB small business optimism index for December came in at 100.4, which was stronger than the expected 98.5 reading. The JOLTS report showed job openings increased 142K to 4.972M in November, beating the 4.85M consensus forecast. Treasury posted a $1.9B surplus in December, which was a bit below the expected surplus of $3B. Also of note is the fact that the U.S. and European benchmarks of WTI and Brent crude were at parity for the first time since 2013 during the session, with both trading near $46 per barrel for a time. COMPANY NEWS: KB Home (KBH) reported better than expected revenue and higher orders in its fourth quarter, but the stock declined $2.70, or 16.29%, to $13.87 after CEO Jeffrey Mezger warned on the associated earnings call that margins could drop "significantly" in its current quarter from the levels seen last year. KB's margin outlook, which it blamed on rising costs, heavier use of incentives and a sequential decline in average selling prices, dragged down peers in the housing space as well. D.R. Horton (DHI), the biggest homebuilder by market cap, finished the day down $1.26, or 4.83%, to $24.82, while PulteGroup (PHM) also slid $56c, or 2.47%, to $22.13... MetLife (MET) said it will sue to oppose the U.S. Financial Stability Oversight Council’s designation of the insurer as a SIFI, or "systemically important financial institution." The life insurer called the label premature and said it has offered “substantial and compelling evidence” that it isn’t a SIFI. Wells Fargo said it thinks it is appropriate for MetLife to challenge the ruling, though the firm does not presently see a Dodd-Frank provision that enables an entity to shed its designation. Wells added that a MetLife victory would have no impact on either AIG (AIG) or Prudential (PRU), which did not challenge their SIFI designations before their windows closed. MAJOR MOVERS: Among the notable gainers was Emulex (ELX), which rose $1.21, or 20.86%, to $7.01 after the company issued better than expected guidance on its second quarter results. Also higher was McGraw Hill Financial (MHFI), which jumped $5.13, or 5.98%, to $90.89 after reports said the company's Standard & Poor’s rating unit was in talks about a potential $1B settlement to its fight with the Justice Department and state attorneys general over allegations of inflating credit ratings on mortgage investments preceding the financial crisis. Among the noteworthy losers was ChannelAdvisor (ECOM), which plunged $11.32, or 53.52%, to $9.83 after its fourth quarter revenue warning prompted no less than eight downgrades of the stock by Street analysts. Also lower were shares of Ocwen Financial (OCN), which dropped $4.41, or 36.18%, to $7.78 after the Los Angeles Times reported that California is seeking to suspend the company's mortgage license in the state. Altisource Portfolio Solutions (ASPS), which is a related company to Ocwen, also declined $10.45, or 38.79%, to $16.49. Shares of GoPro (GPRO) fell $6.91, or 12.17%, to $49.87 after the Patently Apple blog reported that Apple (AAPL) was granted a patent for a camera system that specifically mentions the weaknesses of GoPro devices. INDEXES: The Dow fell 27.16, or 0.15%, to 17,613.68, the Nasdaq lost 3.21, or 0.07%, to 4,661.50, and the S&P 500 dropped 5.23, or 0.26%, to 2,023.03.
15:26 EDTNSCNorfolk Southern CMO Don Seale to retire
Donald Seale, executive VP and Chief Marketing Officer of Norfolk Southern Corp. has announced his plan to retire effective March 1, chairman and CEO Wick Moorman said. The board will name a successor at a later time.
12:48 EDTKBHOn The Fly: Midday Wrap
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12:23 EDTKBHKB Home says not seeing impact of lower oil prices on Texas
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11:52 EDTKBHKB Home sees Q1 housing revenues $440M-$490M
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11:50 EDTKBHKB Home comments hit shares of Homebuilders
Shares of companies in the Homebuilders space declined after KB Home (KBH) said on its earnings conference call that it will not meet its housing gross profit margin goal in 2015. KB cautioned that there is "still much work to do be done" to achieve its financial goals going forward. The homebuilder noted that as Q4 progressed, demand in some of its markets softened. It expects gross margins in Q1 to be down "significantly" from the year-ago period. Publicly traded companies in the space include Beazer Homes (BZH), D.R. Horton (DHI), Hovnanian (HOV), Lennar (LEN), M.D.C. Holdings (MDC), PulteGroup (PHM), Ryland Group (RYL) and Toll Brothers (TOL). The stocks moved lower following KB's comments.
11:50 EDTKBHKB Home: Goal of 20% gross margin remains 'in tact,' but sees timing extended
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11:45 EDTKBHKB Home says many served markets remain 'sluggish' in pace of recovery
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11:44 EDTKBHHomebuilders decline after KB says won't hit 2015 housing margin goal
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11:40 EDTKBHKB Home says won't reach housing gross profit margin goal in 2015
Says "still much work to do be done" to achieve financial goals going forward. Says experienced softening in demand in some served markets as Q4 progressed, faced cost pressure. Views Q4 adjusted housing gross margin "disappointing."Sees Q1 gross margin down "significantly" from year-ago period, will improve sequentially for remaining three quarters of year. Says will not reach housing gross profit margin goal in 2015. Says believes sales rate per community will not increase until company achieves gross profit margin goals. Comments made on the Q4 earnings conference call. KB Home shares are down 6.64% to $15.49 in late morning trading.
11:31 EDTAKSBofA/Merrill metals & steel analysts hold analyst/industry conference call
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08:32 EDTKBHKB Home reports backlog at November 30 of 2,909 homes
The company’s backlog at November 30, 2014 was comprised of 2,909 homes, up 14% from 2,557 homes in backlog at November 30, 2013. Potential future housing revenues in backlog grew 34% to $914.0 million at November 30, 2014 from $682.5 million at November 30, 2013. Fourth quarter net orders increased 10% to 1,706 from 1,556 for the year-earlier quarter, reflecting the company’s higher average community count and its emphasis on balancing home selling prices and sales pace to optimize the performance of its new home communities.
08:31 EDTKBHKB Home reports Q4 EPS $8.36, including income tax benefit
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07:47 EDTADSKUBS to hold investor trip
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