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Stock Market & Financial Investment News

News Breaks
February 11, 2014
10:01 EDTBPL, CSTM, TTM, RNA, MDRX, YDKN, UFCS, BWP, TTI, STLD, RS, RL, PRI, OKS, LRLCY, FNSR, CTL, BURL, FTIOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Buckeye Partners (BPL) upgraded to Buy from Neutral at Citigroup... Burlington Stores (BURL) upgraded to Overweight from Equal Weight at Morgan Stanley... CenturyLink (CTL) upgraded to Outperform from Neutral at Macquarie... Finisar (FNSR) upgraded to Buy from Hold at Jefferies... L'Oreal (LRLCY) upgraded to Buy from Neutral at UBS... ONEOK Partners (OKS) upgraded to Buy from Neutral at Citigroup... Primerica (PRI) upgraded to Outperform from Market Perform at Keefe Bruyette... Ralph Lauren (RL) upgraded to Overweight from Neutral at Atlantic Equities... Reliance Steel (RS) upgraded to Buy from Neutral at BofA/Merrill... Steel Dynamics (STLD) upgraded to Buy from Neutral at BofA/Merrill... Tetra Technologies (TTI) upgraded to Outperform from Market Perform at Raymond James... Boardwalk Pipeline (BWP) upgraded to Buy from Neutral at Citigroup... United Fire & Casualty (UFCS) upgraded to Buy from Hold at Sandler O'Neill... Yadkin Financial (YDKN) upgraded to Buy from Hold at Sandler O'Neill... Allscripts (MDRX) upgraded to Buy from Hold at Maxim... Prosensa (RNA) upgraded to Outperform from Neutral at Wedbush... Tata Motors (TTM) upgraded to Buy from Neutral at Nomura... Constellium (CSTM) upgraded to Conviction Buy from Buy at Goldman... FMC Technologies (FTI) upgraded to Buy from Hold at Societe Generale.
News For BPL;BURL;CTL;FNSR;LRLCY;OKS;PRI;RL;RS;STLD;TTI;BWP;UFCS;YDKN;MDRX;RNA;TTM;CSTM;FTI From The Last 14 Days
Check below for free stories on BPL;BURL;CTL;FNSR;LRLCY;OKS;PRI;RL;RS;STLD;TTI;BWP;UFCS;YDKN;MDRX;RNA;TTM;CSTM;FTI the last two weeks.
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July 21, 2014
10:31 EDTSTLDHigh option volume stocks:
High option volume stocks: EZPW LCI STLD SIAL FL OREX CROX NIHD EXTR BBT
08:16 EDTFTIFMC Technologies signs agreement to develop susbsea equipment and systems
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06:51 EDTSTLDSteel Dynamics to host conference call
Conference call to discuss agreement to acquire Severstal Columbus will be held on July 21 at 9:30 am. Webcast Link
05:23 EDTSTLDSteel Dynamics to acquire Severstal Columbus for $1.63B
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July 20, 2014
20:02 EDTTTITetra Technologies announces Compressco to purchase CSI for $825M in cash
TETRA Technologies (TTI) announced that its majority owned, publicly-traded partnership, Compressco Partners (GSJK), has entered into a definitive agreement to purchase all the outstanding shares of Compressor Systems, CSI, for $825M in cash, subject to working capital and other adjustments.This acquisition is expected to increase Compressco's total horsepower offering from approximately 187,000 to over 1,045,000, and will allow Compressco to utilize an expanded range of compressor packages for compression services to customers. It is anticipated that this expansion of Compressco's service offerings will allow the Partnership to participate in the compression market at a broader level. For the twelve months ended March 31, CSI's aggregate revenues were $311M, and EBITDA was $82.3M. Compressco has obtained committed financing to complete the transaction, which is expected to close in early August. However, it is currently anticipated that financing will include Compressco's issuance of approximately $400M of public equity and $350M of publicly-rated senior notes, with the balance being drawn from a $400M revolving credit facility. TETRA expects to purchase common units in the equity offering and make contributions to maintain its approximate 2% general partner interest in an aggregate amount of up to $40M. Stuart Brightman, TETRA's President and CEO, and Chairman of the Board of Compressco, commented, "This acquisition is the next step in a series of strategic moves to position TETRA to generate improved and more predictable earnings and cash flows. We are excited to acquire a company with such a strong reputation in the industry, a diverse product offering, a solid management team, and a robust customer base. In addition, we believe that this acquisition will allow TETRA to significantly increase our cash flow from Compressco. We expect to create synergies of between $5M and $10M on an annualized basis, beginning in 2015." The combined organization will be led by Tim Knox, CSI's current President. Ron Foster will take on the role of Senior Vice President and Chief Marketing Officer, and James Rounsavall will serve as CFO. Brightman continued, "Based on a number of specific assumptions, we understand that Compressco management expects to be able to recommend to its Board of Directors a 12-14% increase in the cash distribution per outstanding common unit attributable to the quarter ending December 31, compared to the $0.4525 distribution per outstanding unit, or $1.81 per outstanding unit on an annualized basis, attributable to quarter ended June 30. To meet the strong demand for compression services, following the acquisition, we expect to grow capital expenditures to between $90M and $100M in 2015, which will provide incremental revenues and is expected to facilitate additional increases in cash distributions. Compressco currently expects to generally maintain a coverage ratio of 1.2 times distributable cash flow to distributions, consistent with our past practices." Following the transaction, it is currently expected that TETRA's ownership of the Partnership will be reduced to approximately 46%. TETRA will maintain 100% ownership of the Partnership's general partner, and will continue to consolidate the results of Compressco in its financial statements.
13:15 EDTSTLDSeverstal close to U.S. plant sales to Steel Dynamics, AK Steel, Bloomberg says
Russian steelmaker OAO Severstal is set to sell two U.S plants to Steel Dynamics (STLD) and AK Steel (AKS) in a deal that may value the assets at just over $2B, says Bloomberg. Reference Link
July 17, 2014
11:00 EDTBURLHigh option volume stocks
High option volume stocks: OMC FXC TSEM JRJC MAT MTG PRAN SEAS BURL
07:24 EDTCSTMConstellium price target raised to $36 from $31 at JPMorgan
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06:23 EDTBURLBurlington Stores raises Q2 SSS growth to 3%-4% from 2%-3%
For the full year, the company expects operating margin rates consistent with previous guidance, including an increase in Adjusted EBITDA margin rate of 10 to 20 basis points, as compared to the prior fiscal year.
July 14, 2014
16:44 EDTYDKNLightyear Fund II reports 7.3% stake in Yadkin Financial
Lightyear Fund II acquired beneficial ownership of the securities reported for investment purposes and intends to review their investments in the company on a continuing basis. Depending on their ongoing review and evaluation of the business, financial position, capital requirements and prospects of the company and the price of the common stock, or such other factors as they may deem relevant, Lightyear Fund II may, from time to time, dispose, or cause affiliates to dispose, of some or all of the common stock or other securities of the company or continue to hold, or cause affiliates to hold, common stock or other securities of the company. From time to time Lightyear Fund II may express their views to management, the board of the company, other shareholders, or third parties regarding the Issuer or its securities. Lightyear Fund II may also formulate positions, plans or make proposals with respect to the company. Thierry Ho, a managing director of Lightyear Capital, an affiliate of Lightyear Fund II, is a member of the company's board.
July 11, 2014
15:00 EDTCTLChance of Rackspace strategic buyer lower if CenturyLink out, says Wells Fargo
After BrightWire said that CenturyLink's (CTL) interest in Raxspace (RAX) had faded, Wells Fargo cautioned that it is difficult to judge the validity of sources in "articles such as this." However, Wells added that if CenturyLink is actually out, that the possibility of Raxspace finding a strategic buyer could be "meaningfully" lower. The firm keeps it Outperform rating on Raxspace, citing its fundamentals.
14:08 EDTCTLRackspace drawing 'tepid' interest from potential buyers, BrightWire says
Rackspace (RAX) is receiving a "tepid" response from potential buyers, according to BrightWire, citing three sources familiar with the matter. One industry source said CenturyLink (CTL) made an initial overture, but a banking source said the interest was only casual and soon faded, according to the report. Reference Link
09:43 EDTFNSRFinisar initiated with a Market Perform at Barrington
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July 10, 2014
18:02 EDTCTLWells sees 'shrinking list' of strategic buyers for Rackspace
Wells Fargo sees a "shrinking list" of potential buyers for Rackspace (RAX), with only remaining HP (HPQ) and CenturyLink (CTL) remaining in its opinion. Wells believes Rackspace going private through a leveraged buyout is a possibility, but it thinks such an outcome is a lower probability given the required return assumptions and implied exit multiple. The firm believes the market has correctly assumed a high probability that Rackspace will not undergo a strategic event. However, Wells thinks the potential for a value creating event limits downside in the name. It keeps an Outperform rating on the stock.
13:41 EDTMDRXAllscripts climbs after acquisition, upgrade
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10:05 EDTMDRXOn The Fly: Analyst Upgrade Summary
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09:02 EDTCTLCenturyLink wins 10-year NH colocation contract
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08:35 EDTSTLD, RSBofA/Merrill steel analysts hold an analyst/industry conference call
Global Steel Analysts review market conditions in Asia, Europe and the U.S. and discuss recent price moves in iron ore, met coal and global steel on an Analyst/Industry conference call. Covered companies AKS, ATI, CLF, CMC, GGB, MTL, NUE, RS, SCHN, SID, STLD, TX and X may be discussed on the Analyst/Industry conference call to be held on July 14 at 10 am.
07:50 EDTMDRXAllscripts upgraded at ISI Group
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06:30 EDTMDRXAllscripts upgraded to Strong Buy from Buy at ISI Group
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