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November 27, 2012
16:29 EDTACAD, RAH, THO, MNST, CAG, MMR, HPQOn The Fly: Closing Wrap
Stocks on Wall Street finished lower on the day, after a mixed session turned negative for all three major averages following comments from Senate Majority Leader Harry Reid. Reid said that he was disappointed with the most recent round of negotiations regarding the fiscal cliff and that little progress had been made... ECONOMIC EVENTS: In the U.S., non-defense capital goods orders excluding aircraft rose 1.7% in October, versus expectations for a 0.5% decline. Total durable goods orders were unchanged for the month, versus expectations for them to decline 0.7%. The S&P Case-Shiller 20-city home-price index gained 0.4% in September compared to the prior month. The Conference Board's consumer confidence index rose to 73.7 in November, beating expectations and hitting its highest level in almost five years. The Richmond Fed manufacturing survey for November registered +9, compared to expectations for it to slide to -9. In Europe, the region's finance ministers, the ECB and the IMF reached an aid deal on Greece, which is expected to help the nation reduce its debt-to-GDP ratio to 124% by 2020... COMPANY NEWS: ConAgra Foods (CAG) agreed to acquire Ralcorp Holdings (RAH) for $90.00 per share, or about $6.8B including the assumption of debt. Shares of Ralcorp shot up $18.57, or 26.44%, to $88.80 following the deal announcement and ConAgra also climbed $1.34, or 4.74%, $29.63 after the news... Hewlett-Packard (HPQ), in response to an open letter issued by Autonomy founder Mike Lynch, said it has evidence that Autonomy inflated its financial metrics and would take legal action on the matter when appropriate. Shares of HP traded lower on the session, down 38c, or 2.98%, to $12.36... MAJOR MOVERS: Among notable gainers were shares of Monster Beverage (MNST) up $6.08, or 13.26%, to $51.96 after Goldman said the FDA's response to Senator Durbin's letter on energy drinks was generally benign and encouraging. Also higher was ACADIA Pharmaceuticals (ACAD), up $3.13, or 136.09%, to $5.43 following its report of positive results from a trial of its treatment for Parkinson's disease psychosis, or PDP. Among the noteworthy losers was McMoRan Exploration (MMR), which slid another $1.47, or 15.23%, to $8.18 a day after the company provided an update on its Gulf of Mexico exploration results and indicated ongoing well difficulties. Also lower were shares of Thor Industries (THO), down $5.00, or 11.47%, to $38.60 after a disappointing Q1 report... INDICES: The Dow was down 89.24, or 0.69%, to 12,878.13; the Nasdaq was down 8.99, or 0.30%, to 2,967.79; and the S&P 500 was down 7.35, or 0.52%, to 1,398.94.
News For CAG;RAH;HPQ;MNST;ACAD;MMR;THO From The Last 14 Days
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September 22, 2015
16:36 EDTCAGOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street began the session sharply lower and remained that way throughout the session. There was little in the way of buying as each of the major equity indexes slid over 1% and the market internals were decidedly negative. The auto industry and biotech sector were both notably weak, after the French government called for an investigation into the entire auto industry in the wake of the Volkswagen (VLKAY) emissions scandal and Democratic Presidential hopeful Hillary Clinton presented a plan to limit the cost of drugs for consumers. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.6% to 224.5 in July, which was better than the 0.4% rise that was expected. The Richmond Fed factory index fell to -5 in September, versus the reading of 2 that was expected. In Asia, the Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. COMPANY NEWS: Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... Bank of America (BAC) shareholders approved a proposal to ratify the 2014 amendments to the company's bylaws that permitted the board of directors to determine its leadership structure, meaning Brian Moynihan can retain his dual role as both Chairman and CEO... Shares of several fertilizer companies slid after Mosaic (MOS) announced it will reduce its potash production in response to current crop nutrient market conditions, primarily related to delayed fertilizer purchases in Brazil and North America. Shares of Mosaic finished the day down 7% at $33.87 following last night's announcement, while Potash (POT) fell 6.5% and Agrium (AGU) dropped 3.5%. MAJOR MOVERS: Among the notable gainers was Ashland (ASH), which advanced $2.78, or 2.6%, to $108.50 after announcing it will proceed with a plan to separate into two independent, publicly traded companies. Also higher was Weatherford (WFT), which gained 90c, or 10.7%, to $9.31 after cancelling plans for a public share offering, after which research firms Jefferies and Iberia both reiterated Buy-equivalent ratings on the stock. Among the noteworthy losers were Office Depot (ODP) and Staples (SPLS), which declined a respective 4% and 5.8% after the New York Post quoted a source as saying the FTC may move to block their merger plan. Also lower was Groupon (GRPN), which slipped 2.2% to $4.08 after announcing plans to cut 1,100 jobs related primarily to its international operations. ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell 7%, 5.5%, and 4.65%, respectively, following their quarterly earnings reports. INDEXES: The Dow fell 179.72, or 1.09%, to 16,330.47, the Nasdaq lost 72.23, or 1.5%, to 4,756.72, and the S&P 500 dropped 24.23, or 1.23%, to 1,942.74.
12:22 EDTCAGConAgra falls after Q1 revenue significantly misses estimates
Shares of packaged food company ConAgra (CAG) are falling after the company's first quarter revenue fell significantly short of analysts' consensus estimates. WHAT'S NEW: This morning, ConAgra reported Q1 adjusted earnings per share of 45c, ahead of the consensus of 40c, and revenue of $2.79B, well short of expectations of $3.67B. ConAgra reported Q1 Consumer Foods sales of approximately $1.7B and Commercial Foods segment sales of $1.1B. The divestiture process for the private label operations is proceeding as planned, and the company expects to have an announcement on the outcome of this process later this fall. The company will assess opportunities to increase the dividend after it is further along with the strategic plan outlined at the end of fiscal 2015. WHAT'S NOTABLE: Looking ahead to Q2, the company expects diluted EPS, adjusted for items impacting comparability, to be approximately in line with year-ago comparable amounts, compared to consensus of 63c. Despite strong fundamentals and expectations for continued margin expansion, comparable operating profits for the Consumer Foods segment in the fiscal second quarter are expected to be negatively impacted by foreign exchange, as well as a planned increase in marketing investment. Profits for the Commercial Foods segment are expected to post an increase in profitability year-over-year in the fiscal second quarter. Expected contribution from the private label operations, which are now in discontinued operations, is included in this guidance. On its Q1 conference call, ConAgra said its private brands divestiture was "on track" and there was "a lot of interest" in it. Management noted that they were "aggressively" pursuing maximizing actions and making "good progress" on margin improvement efforts. They said they were committed to an investment grade rating, marketing investments will increase throughout the year, and results from the last six months indicate positivity going forward. They said the company took a $1.95B charge on private label business in Q1, but remain confident that they will realize a tax benefit from the capital loss. PRICE ACTION: In early afternoon trading, ConAgra fell $2.39, or about 5.64%, to $40.01 on heavy trading volume. Despite the pull back, the shares have gained approximately 19% over the past 12 months. OTHERS TO WATCH: Other companies in the packaged foods space include Boulder Brands (BDBD), down 0.5%, Pinnacle Foods (PF), down 2.5%, General Mills (GIS), up 0.6%, JM Smucker (SJM), down 3%, and TreeHouse Foods (THS), down 0.4%.
12:14 EDTHPQ, CAGOn The Fly: Top stock stories at midday
Stocks began the session deep in negative territory and have remained there throughout the morning. There has been little in the way of buying as the downward pressure in the market has not shown any sign of letting up. There is also little in the way of explanation as to why the market is so weak other than continued disappointment in the Fed's interest rate decision and the ongoing concern over China's economic growth. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.6% to 224.5 in July, which was better than the 0.4% rise that was expected. The Richmond Fed factory index fell to -5 in September, versus the reading of 2 that was expected. COMPANY NEWS: Shares of Groupon (GRPN) slumped 2.5% after the online and mobile deal provider said it plans to cut more than 1,000 jobs relating primarily to the company's international operations. The news is the latest in a recent run of job cut announcements, after HP Enterprise said last week that it expects 25,000-30,000 people to leave the company and Johnson Controls (JCI) recently announced plans to reduce its global salaried workforce by as many as 3,000 people... Lloyd Blankfein, Goldman Sachs (GS) chairman and CEO, disclosed that he was told by doctors that he has lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank. MAJOR MOVERS: Among the notable gainers was Weatherford (WFT), which rose 9.6% after stating that it has decided not to pursue its previously announced concurrent public offerings of ordinary shares of the company and mandatorily exchangeable subordinated notes. Also higher was Vascular Biogenics (VBLT), which gained 15% to around $9.30 per share after the stock was initiated with a Buy rating and $25 price target at Chardan. Among the noteworthy losers following their earnings reports were ConAgra (CAG) and Carnival (CCL), which each fell more than 5%, and Red Hat (RHT), which slid 2%. Also lower were shares of Staples (SPLS) and Office Depot (ODP), which fell 7% and 8%, respectively, after the New York Post said a top FTC regulator may be leaning toward recommending against approving their merger agreement. INDEXES: Near midday, the Dow was down 263.77, or 1.6%, to 16,246.42, the Nasdaq was down 99.52, or 2.06%, to 4,729.44, and the S&P 500 was down 32.51, or 1.65%, to 1,934.46.
10:21 EDTCAGConAgra says 'a lot of interest' in private label business
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10:01 EDTHPQHP acquisition of Stratasys would make sense, says Jefferies
Jefferies noted that HP (HPQ) management, during the company's recent analyst meeting, said they were looking to partner with or acquire a 3D printing company. Analyst Jason North believes a larger acquisition is most attractive, as it would speed HP's time to the market by 1-2 years as the company acquires a sales channel. North said Stratasys (SSYS) makes the most sense given its strong reseller network, FDM jetting, stereolithography and direct metal laser sintering potential, and other technologies. The firm rates Stratasys a Buy with a $44 price target on shares.
09:53 EDTCAGConAgra says private brands divestiture 'on track'
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07:42 EDTCAGConAgra says to assess opportunities to increase dividend
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07:35 EDTCAGConAgra reports Q1 Consumer Foods sales approx. $1.7B
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07:34 EDTCAGConAgra CEO says 'off to a strong start' in FY16
Sean Connolly, CEO of ConAgra Foods, said, "We are off to a strong start in fiscal 2016. While early days, we are making good progress against our plan to drive margin improvement within a more focused portfolio. In the near-term, we expect to grow profits modestly in fiscal 2016 across the Consumer Foods and Commercial Foods segments by building on the stronger foundations established last fiscal year, with an emphasis on improving price/mix and implementing relentless cost discipline." The company is committed to an investment grade debt rating, and plans a balanced approach to capital allocation in fiscal 2016, including further debt reduction, repurchasing shares as market conditions warrant, and a top tier dividend. The company will assess opportunities to increase the dividend after it is further along with the strategic plan outlined at the end of fiscal 2015. The company will offer more details on fiscal 2016 EPS guidance once it is further along with the process of divesting the private label operations, determining associated SG&A reduction targets, and finalizing investment levels for the remaining segments. The company expects the Consumer Foods and Commercial Foods segments to post modest comparable operating profit growth for the full fiscal year. As announced on June 30, 2015, the company is focused on the divestiture of the private label operations, as well as on creating long-term value by: Aggressively reducing costs, with an increased focus on SG&A and the elimination of stranded costs once the sale of the private label operations is complete, Growing consumer brands and Lamb Weston, as well as Balanced capital allocation.
07:33 EDTCAGConAgra sees Q2 adjusted EPS approx. in line with year-ago, consensus 63c
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07:31 EDTCAGConAgra reports Q1 adjusted EPS 45c, consensus 40c
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07:29 EDTHPQHP coverage assumed with a Neutral at Goldman
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September 21, 2015
19:06 EDTHPQMichigan sues HP over alleged failure to deliver on $49M contract
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19:03 EDTTHOOn The Fly: After Hours Movers
HIGHER: Transenterix (TRXC), up 7.14% after acquiring the surgical robotics division of SOFAR S.p.A for $99.8M... Solera Holdings (SLH), higher by 3.56% after a report that IHS (IHS) is exploring a counteroffer for the company... Core-Mark Holding Company (CORE), up 3.93% after joining the S&P 600. DOWN AFTER EARNINGS: Thor Industries (THO), down 4.16%... ALSO LOWER: Memorial Resource Development Corp. (MRD), down 4.26% after filing to sell 10.25M shares of common stock... Intra-Cellular Therapies (ITCI), down 1.73% after filing to sell $300M of common stock... The J. M. Smucker Company (SJM), down 1.75% after filing to sell 8.28M shares of common stock for holders.
16:35 EDTTHOThor Industries: Heartland selects Nampa, Idaho for new manufacturing facility
Thor Industries announced that its Heartland Recreational Vehicles has selected Nampa, Idaho, as the location for its new manufacturing facility to produce the company's popular Heartland line of travel trailers. Once completed, Heartland expects to use the manufacturing facility to expand production for West Coast markets. The total estimated investment is approximately $11M-12M for the 248,000 square-foot facility, which is expected to employ approximately 120 new workers and begin production in the first quarter of calendar 2016. The facility will initially employ approximately 120 people and house one production line along with a lamination line to support production. The complex will initially produce one of Heartland's lightweight laminated product lines and Cruiser RV's laminated travel trailers will be added when the second production line is established. Since the complex is located on 25 acres, Heartland will have additional opportunities for future expansion to effectively serve the needs of its western dealers.
16:18 EDTTHOThor Industries reports consolidated backlog of $574M on July 31, up 7% YoY
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16:17 EDTTHOThor Industries reports Q4 EPS $1.31, consensus $1.30
Reports Q4 revenue $1.06B, consensus $1.15B.
14:57 EDTCAGNotable companies reporting before tomorrow's open
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09:29 EDTCAGConAgra has favorable risk/reward ahead of Q1, says Morgan Stanley
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September 20, 2015
14:46 EDTHPQCompany split may not end troubles at Hewlett-Packard, Barron's says
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