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Stock Market & Financial Investment News

News Breaks
February 25, 2013
10:11 EDTBUD, TSS, FCN, HWAY, VMW, ROC, PAAS, CMI, AKAM, BID, ELN, SWN, RKT, NDSN, ATLS, WBMD, OXY, BCPC, APPY, SWY, PRGO, IPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AB InBev (BUD) upgraded to Neutral from Reduce at Nomura... Atlas Energy (ATLS) upgraded to Outperform from Neutral at RW Baird... Cummins (CMI) upgraded to Conviction Buy from Buy at Goldman... International Paper (IP) upgraded to Overweight from Neutral at JPMorgan... Nordson (NDSN) upgraded to Outperform from Market Perform at BMO Capital... Pan American Silver (PAAS) upgraded to Buy from Hold at Canaccord... Perrigo (PRGO) upgraded to Buy from Neutral at UBS... RockTenn (RKT) upgraded to Overweight from Neutral at JPMorgan... Rockwood (ROC) upgraded to Overweight from Equal Weight at First Analysis... Safeway (SWY) upgraded to Neutral from Underperform at BofA/Merrill... Southwestern Energy (SWN) upgraded to Conviction Buy from Buy at Goldman... Total System (TSS) upgraded to Outperform from Market Perform at Raymond James ... VMware (VMW) upgraded to Neutral from Sell at Citigroup... Venaxis (APPY) upgraded to Buy from Hold at Canaccord... WebMD (WBMD) upgraded to Strong Buy from Market Perform at Raymond James... Elan (ELN) upgraded to Market Perform from Underperform at Leerink... Healthways (HWAY) upgraded to Outperform from Market Perform at William Blair... Balchem (BCPC) upgraded on Friday to Buy from Underperform at DA Davidson... Sotheby's (BID) upgraded to Buy from Hold at Craig-Hallum... WebMD (WBMD) upgraded at Raymond James... Total System (TSS) upgraded at Raymond James... Occidental Petroleum (OXY) upgraded at Raymond James... FTI Consulting (FCN) upgraded to Outperform from Market Perform at Northland... Akamai (AKAM) upgraded to Outperform from Neutral at Macquarie.
News For BUD;ATLS;CMI;IP;NDSN;PAAS;PRGO;RKT;ROC;SWY;SWN;VMW;APPY;ELN;HWAY;BCPC;BID;FCN;OXY;AKAM;TSS;WBMD From The Last 14 Days
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January 26, 2016
15:20 EDTVMWEarnings Watch: EMC reports as questions linger on Dell deal
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14:32 EDTVMWNotable companies reporting after market close
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14:02 EDTAKAMLimelight Networks seeks Supreme Court review of Circuit's Akami decision
Limelight Networks (LLNW) is seeking review by the Supreme Court of the United States of the Federal Circuit's decision to reinstate the 2008 jury verdict that Limelight infringed an Akamai (AKAM) patent. Limelight filed its petition with the Supreme Court earlier. Limelight believes that the Federal Circuit's newly created conduct-attribution standard improperly expands the scope of liability in a fashion that was neither intended by Congress nor consistent with prior legal precedent. As the petition notes, prior to the August 2015 decision to reinstate the jury verdict, the Federal Circuit repeatedly ruled that the district court had correctly determined that Limelight did not infringe Akamai's patent. The court gave no adequate explanation for its sudden reversal. "The court's decision to abandon longstanding, clear and easy-to-follow rules of engagement in favor of an ambiguous 'particular facts presented' standard for infringement liability deprives parties of fair notice concerning the scope of patent protection and ensures a significant increase in needlessly burdensome litigation throughout the technology world," said Bob Lento, Limelight's chief executive officer. "We are hopeful that the Supreme Court will address this issue of extraordinary importance and reverse the Federal Circuit's rootless and erroneous standard. While we continue to pursue all available options, I want to thank our customers, peers in the industry and employees for their support. We remain focused on improving our operational and financial performance and will report our full year results on February 9th."
12:12 EDTPRGOEndo spike attributed to takeover speculation
The midday spike in shares of Endo International (ENDP) is being attributed to takeover speculation. Conjecture has Perrigo (PRGO) interested in a potential acquisition of Endo, trading sources tell The Fly. Shares of Endo are up $1.26 to $59.10 in midday trading. The Fly, in fulfilling its mission of explaining stock movement, often comes across the many unconfirmed rumors being passed through trading desks and social media platforms. On the occasion that rumors or speculation appear on The Fly's news feed, it should be viewed not as giving credence to the conjecture, rather as simply highlighting its impact on the stock prices of the companies involved.
11:53 EDTBUDOptions with increasing put volume: RDN MTG PCP HES CLDX NEM BUD JUNO KITE
10:51 EDTOXYOccidental sells remains of Phibro to former Morgan Stanley banker, FT says
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08:13 EDTVMWVMware expected layoffs hit Monday, Fortune reports
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06:00 EDTVMWEU to decide on Dell, EMC deal by February 29, Reuters reports
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January 25, 2016
15:24 EDTVMWVMware volatility elevated into Q4 and outlook
VMware January weekly call option implied volatility is at 97, February is at 55; compared to its 52-week range of 21 to 53, suggesting large near term price movement into the expected release of Q4 results on January 26.
10:30 EDTIPContainerboard makers sink after prices cut
The shares of containerboard makers are falling after an industry publication reported that prices in the sector had declined. Citi and Deutsche Bank responded differently to the news. Citi recommended that investors avoid the sector and downgraded two stocks in the space, International Paper (IP) and Packaging Corp. (PKG). However, Deutsche Bank kept Buy ratings on three stocks in the sector - KapStone (KS), Packaging Corp. and WestRock (WRK), predicting that containerboard makers would look to balance supply with demand. BACKGROUND: On Friday night, Pulp & Paper Week lowered its benchmark kraftliner and semichemical medium prices by $15 per ton and $20 per ton, respectively. ANALYST REACTION: Friday's news was unexpected and will probably cause cause box prices to drop, wrote Deutsche Bank analyst Debbie Jones. As a result, analysts' estimates for companies in the sector will decline, Jones stated. However, the companies will respond by taking steps to balance supply with demand, the analyst believes. Moreover, some producers will try to keep prices stable, she stated. Estimating that the price cut would cause a 3%-4% reduction in the companies' earnings before interest taxes, depreciation and amortization, Jones kept Buy ratings on Kapstone Papaer, Packaging Corp. and Westrock. Conversely, Citi anayst Anthony Pettinari downgraded International Paper and Packaging Corp. to Neutral from Buy. The decline in kraftline prices was surprising, given stronger than expected December box shipments and supply discipline by the major companies in the sector, the analyst stated. Although the recent price cuts could be a one-time event, there is a possibility that additional price decreases will follow, making the stocks unattractive, the analyst believes. PRICE ACTION: In early trading, International Paper dropped 5.4% to $34.50, Packaging Corp tumbled 8.2% to $52.90, Kapstone sank 15% to $14.82 and WestRock fell 11.5% to $33.42.
10:00 EDTIP, CMIOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: American Eagle (AEO) downgraded to Hold from Buy at BB&T... American Express (AXP) downgraded on weak revenue outlook at Argus... Bristol-Myers (BMY) downgraded to Market Perform from Outperform at BMO Capital... Caterpillar (CAT) downgraded to Sell from Neutral at Goldman... Crestwood Equity (CEQP) downgraded to Neutral on potential distribution cut at Baird... Cummins (CMI) downgraded to Neutral from Buy at Citi... Federal Realty (FRT) downgraded to Hold from Buy at Evercore ISI... GKN PLC (GKNLY) downgraded to Neutral from Outperform at Credit Suisse... Galapagos NV (GLPG) downgraded to Neutral from Buy at GoldmanvHortonworks (HDP) downgraded to Perform from Outperform at Oppenheimer... International Flavors (IFF) downgraded on headwinds at Stifel... International Paper (IP) downgraded to Neutral from Buy at Citi... JPMorgan (JPM) downgraded to Neutral from Buy at Nomura... KapStone (KS) downgraded to Underperform from Neutral at Macquarie... Mosaic (MOS) downgraded to Neutral from Overweight at JPMorgan... NetSuite (N) downgraded to Equal Weight from Overweight at Stephens... ONEOK Partners (OKS) downgraded to Neutral at Baird... OvaScience (OVAS) downgraded to Perform from Outperform at Oppenheimer... Packaging Corp. (PKG) downgraded to Neutral from Buy at Citi... Potash (POT) downgraded to Neutral from Overweight at JPMorgan... Power Solutions (PSIX) downgraded to Neutral from Overweight at Piper Jaffray... Raymond James (RJF) downgraded to Neutral from Buy at Nomura... Regeneron (REGN) downgraded to Sell from Neutral at Chardan... SanDisk (SNDK) downgraded to Underperform from Outperform at CLSA... Toll Brothers (TOL) downgraded to Market Perform from Outperform at JMP Securities... Twitter (TWTR) downgraded to Hold from Buy at Stifel... WPX Energy (WPX) downgraded to Sector Perform from Outperform at Iberia... WestRock (WRK) downgraded to Neutral from Buy at BofA/Merrill... Whole Foods (WFM) downgraded to Underperform from Market Perform at BMO Capital... Zurich Insurance (ZURVY) downgraded to Neutral from Outperform at Exane BNP Paribas.
09:50 EDTSWNSouthwestern Energy downgraded to Hold from Accumulate at Tudor Pickering
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09:03 EDTIPOn The Fly: Pre-market Movers
HIGHER: Tyco (TYC) and Johnson Controls (JCI), up 9% and 1%, respectively, after announcing a definitive merger agreement. Johnson Controls shareholders will own approximately 56% of the equity of the combined company, while current Tyco shareholders will own approximately 44%... SunEdison (SUNE), up 10% after the Wall Street Journal reported that the company is set to give David Einhorn's Greenlight Capital a seat on its board... Affimed Therapeutics (AFMD), up 26% after entering a clinical research collaboration in immuno-oncology with Merck (MRK). UP AFTER EARNINGS: McDonald's (MCD), up 3%... LOWER: Twitter (TWTR), down 5% after its CEO Jack Dorsey confirmed in a tweet last night that several executives are departing the company. Media reports also indicate that, as part of its shake-up, Twitter intends to bring in two new members to its board as soon as this week... OncoMed (OMED), down 38% after an independent data safety monitoring board remarked on several findings regarding futility of the company's Phase 2 ALPINE clinical trial... Medivation (MDVN), down 7% after FDA places investigational new drug application for MDV9300 on partial clinical hold... International Paper (IP), down 4.8%, Packaging Corp. (PKG), down 4.8%, WestRock (WRK), down 6%, after Pulp & Paper Week reduced January kraftliner and corrugated medium prices... Caterpillar (CAT), down 4% after Goldman cuts rating to sell... Regeneron (REGN), down 3% after downgraded at Chardan to sell. DOWN AFTER EARNINGS: Kimberly-Clark (KMB), down 2.5%.
08:44 EDTCMICummins checks suggest more market shares losses, says Longbow
Longbow's PACCAR (PCAR) dealer checks indicate increased installation rate of its proprietary MX engines, which would be a negative for customer Cummins (CMI). Analyst Neil Frohnapple continues to be below consensus for Cummins 2016 earnings estimate based on the outlook for North AMerican Class 8 industry builds and the belief the company will continue to lose share to OEM's internal engine offerings based on recent dealer checks. The analyst rates Cummins shares a Neutral.
08:31 EDTPRGOPerrigo completes acquisition of generic Retin-A from Matawan
Perrigo announced that it has completed the previously announced acquisition of a portfolio of generic dosage forms and strengths of Retin-A from Matawan Pharmaceuticals. Perrigo was the authorized generic distributor of these products from 2005 to 2013 before the agreement was terminated. Generic and brand sales of Retin-A, which is indicated for the topical treatment of acne vulgaris, were approximately $290M for the 12 months ending November 2015.The transaction is expected to immediately exceed Perrigo's ROIC threshold and add more than 20c in adjusted EPS within the first 12 months post-close after the exclusion of estimates for intangible amortization, transaction costs and integration related expenses. Perrigo Chairman and CEO Joseph C. Papa commented, "We are excited to complete this transaction; bringing a high barrier-to-entry, margin-enhancing product and greater reach to the extended topicals portfolio. This acquisition further strengthens Perrigo's strategic position as we continue our mission of providing Quality Affordable Healthcare Products(R) to consumers around the world."
08:07 EDTCMICummins downgraded to Neutral from Buy at Citi
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08:04 EDTCMIPACCAR upgraded to Buy from Neutral at Citi
Citi analyst Timothy Thein upgraded PACCAR (PCAR) to Buy citing continued growth in high-margin parts and an ongoing recovery in Western Europe. The analyst is taking a more positive stance on the truck-levered equipment names and coupled the upgrade with a downgrade of Cummins (CMI). He lowered his price target for PACCAR to $54 from $56.
07:50 EDTIPDeutsche sees Containerboard stocks trading 'aggressively' down
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07:18 EDTIPInternational Paper downgraded to Neutral from Buy at Citi
Citi analyst Anthony Pettinari downgraded International Paper (IP) to Neutral after Paper Week reduced January kraftliner prices by 2.4% and corrugated medium prices by 3.7%. The price cuts were the first since 2008-2009, Pettinari tells investors in a research note. The analyst lowered his estimates for International Paper, Packaging Corp. (PKG) and WestRock (WRK) and downgraded both IP and Packaging Corp. to Neutral. He expects the stocks to trade lower today, potentially in the 4%-6% range. Pettinari cut his price target for International Paper shares to $38 from $45. The analyst said he'd not be surprised to see Graphic Packaging (GPK) trade down on the price cuts, even though the company does not produce containerboard. He recommends buying the stock on any pullback.
06:30 EDTBIDSotheby's shares inexpensive at these levels, says Barrington
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