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Stock Market & Financial Investment News

News Breaks
January 4, 2013
10:24 EDTESE, HRL, PLL, URBN, TXRH, ZQK, ILMN, C, ARUN, TOWR, UA, TGT, MAT, FRC, CAH, FST, TXT, USB, STI, JNJOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Cardinal Health (CAH) upgraded to Buy from Neutral at Mizuho... Citigroup (C) upgraded to Conviction Buy from Buy at Goldman... ESCO Technologies (ESE) upgraded to Outperform from Neutral at RW Baird... First Republic Bank (FRC) upgraded to Buy from Hold at Deutsche Bank... Illumina (ILMN) upgraded to Overweight from Neutral at Piper Jaffray... Johnson & Johnson (JNJ) upgraded to Buy from Hold at Deutsche Bank... Mattel (MAT) upgraded to Buy from Hold at Needham... Quiksilver (ZQK) upgraded to Buy from Neutral at Goldman... SunTrust (STI) upgraded to Buy from Neutral at Goldman... Target (TGT) upgraded to Buy from Neutral at Janney Capital... Texas Roadhouse (TXRH) upgraded to Buy from Hold at Deutsche Bank... U.S. Bancorp (USB) upgraded to Buy from Hold at Deutsche Bank... Under Armour (UA) upgraded to Outperform from Neutral at Credit Suisse... Urban Outfitters (URBN) upgraded to Outperform from Neutral at Credit Suisse... Textron (TXT) upgraded to Outperform from Neutral at Credit Suisse... Tower International (TOWR) upgraded to Neutral from Underweight at JPMorgan... Pall Corp. (PLL) upgraded to Neutral from Underperform at Macquarie... Forest Oil (FST) upgraded to Market Perform from Underperform at Raymond James... Aruba Networks (ARUN) upgraded to Buy from Hold at Stifel Nicolaus... Hormel Foods (HRL) upgraded to Outperform from Underperform at CLSA.
News For CAH;C;ESE;FRC;ILMN;JNJ;MAT;ZQK;STI;TGT;TXRH;USB;UA;URBN;TXT;TOWR;PLL;FST;ARUN;HRL From The Last 14 Days
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July 21, 2015
09:27 EDTPLLPall Corp. enters MOU for proposed settlement related to Danaher deal
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July 20, 2015
16:01 EDTCOptions Update; July 20, 2015
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13:46 EDTTGTAmazon seen eclipsing Macy's as top U.S. clothing retailer
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13:03 EDTCFed proposes final rule on capital surcharges for largest U.S. banks
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10:00 EDTSTIOn The Fly: Analyst Downgrade Summary
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06:26 EDTSTISunTrust downgraded to Market Perform from Outperform at BMO Capital
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06:17 EDTILMNMizuho sees Q2 earnings beats in Diagnostics space
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July 19, 2015
20:33 EDTTXTMedia reports say Lockheed to buy UTX's Sikorsky
According to media reports, Lockheed Martin (LMT) has agreed to purchase United Technologies' (UTX) Sikorsky unit. The news comes after several months of speculation surrounding Sikorsky, and an announcement could be made just a day prior to second quarter earnings for both United and Lockheed. WHAT'S NEW: Reuters reported on Sunday that Lockheed Martin has agreed to buy Sikorsky Aircraft from United Technologies for over $8B, according to two sources, adding that the deal is set to be formally announced on Monday. The news was later echoed by Bloomberg, citing a person familiar with the talks. WHAT'S NOTABLE: United Technologies first reported that it was exploring strategic options for its Sikorsky unit on March 11. At the time, the company noted that options included a spinoff or a stand-alone public company, saying that the split could allow United "to better focus on providing high-technology systems and services to the aerospace and building industries." Following the announcement, UBS remarked that it was "not surprised" and reiterated a $136 price target on United shares. On May 20, the Wall Street Journal quoted sources as saying Boeing (BA), Airbus (EADSY) and Lockheed submitted bids for the helicopter maker, with a speculated deal thought to reach the $10B area. A June 9 report from Reuters added Textron (TXT) to the list of bidders. Today's news -- though unconfirmed by either United or Lockheed -- comes ahead of second quarter earnings reports for both companies scheduled for Tuesday, July 21. PRICE ACTION: Shares of Lockheed Martin declined 0.22% to $201.18 at the close of trading on July 17, while those of United Technologies fell 0.45% to $110.76.
19:12 EDTC, USBFederal Reserve proposes changes to 'stress test' regulations
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18:13 EDTTGTMacy's considered, rejected sale/lease-backs in past, WSJ says
Macy's (M) executives have considered sale/lease-backs "over the years" and have come to negative conclusions, reports the Wall Street Journal, citing people familiar with the company. The report comes in the wake of Starboard Value pressuring Macy's to spin off its real estate, and sources said the activist investor sees several options, including a REIT, a Hudsonís Bayís-style real estate partnership, a sale/lease-back, or borrowing money against the properties. Separately, a source said Target (T) is still reluctant to relinquish control over its real estate. Reference Link
15:31 EDTTXTLockheed Martin to buy Sikorsky for over $8B, Reuters says
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July 17, 2015
18:14 EDTCPetrobras hires Citi, others to handle fuel distribution unit IPO, Reuters says
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16:41 EDTCStocks end week higher as Google, Greece bring out the buyers
Stocks ended the week higher and the major averages are back at record highs after Iran agreed to a nuclear deal, Greece's parliament paved the way for the country to receive another bailout by agreeing to new austerity measures and Google (GOOG) gave investors hope that earnings from tech's other heavyweights will be similarly better than expected. MACRO NEWS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus the consensus forecast for growth of 0.3%. The producer prices index showed prices rose 0.4% in June, versus expectations for an increase of 0.2%. The consumer price index rose a seasonally adjusted 0.3% in June from a month earlier, matching the consensus forecast. Compared with last year, consumer prices rose 0.1%, marking the first annual increase since December. Housing starts rose 9.8% to a 1.17M rate in June and building permits rose 7.4% to a 1.34M pace, both of which topped expectations. The NAHB homebuilder sentiment index for July came in at 60, a point better than forecast. The University of Michigan's consumer sentiment reading dropped to 93.3 in the preliminary July figure, which was below the 96.0 reading that was expected. During testimony before Congress, Federal Reserve Chair Janet Yellen stayed on message, stating that the central bank is on track to raise record-low interest rates this year, so long as the labor market and the economy keep improving... In China, exports rose 2.1% from a year earlier during June and imports dropped 6.7%, leaving a trade surplus of $45.8B for the month, the nation's customs administration reported. The nation's GDP was reported to have grown 7% in the second quarter from a year earlier, beating the consensus expectation for growth of 6.8%... In Europe, Greek lawmakers passed the country's austerity agreement and Euro-area finance ministers reportedly agreed in principle to extend a bridge loan to Greece. The loan should help keep Greece afloat while its Prime Minister negotiates the details of the country's latest bailout... Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions by six world powers. The agreement still faces a political fight in the U.S. before taking effect, but President Barack Obama has vowed to veto any congressional effort to block its implementation. COMPANY NEWS: Class A shares of Google (GOOG, GOOGL) surged at the end of the week after the search giant reported better than expected revenues and earnings in the second quarter. Research firms all over Wall Street raised their price targets on the stock in the wake of the report... Netflix (NFLX) rallied to a split-adjusted all-time high after the streaming service operator reported stronger than expected second quarter results, including higher than expected Q2 subscriber metrics, prompting a large number of research firms to raise their price targets on the stock... Many of the nation's largest banks reported on their results in the second quarter this week. JPMorgan (JPM), Bank of America (BAC) and Citigroup (C) all posted quarterly profits, excluding certain items, that beat the average estimates of analysts. Wells Fargo (WFC) reported earnings in-line with consensus estimates and revenue somewhat below expectations, while Goldman Sachs (GS) reported headline earnings that appeared to fall far short of the consensus forecast. However, that was due to Goldman's nearly $1.5B in provisions for litigation and regulatory matters. Excluding those provisions, the bank's earnings were ahead of consensus... On the M&A front, Receptos (RCPT) advanced after Celgene (CELG) announced a deal to buy the smaller drugmaker for $232 per share in cash, or a total of about $7.2B net of cash acquired. A number of research firms applauded the deal, especially noting the price Celgene agreed to pay, but cautioned that a rival bidder may still emerge for Receptos. Marathon Petroleum (MPC) gained after MPLX (MPLX), the company's fee-based master limited partnership, agreed to acquire MarkWest Energy (MWE) in a cash and stock deal that implies a total enterprise value for MarkWest of approximately $20B, including the assumption of debt of approximately $4.2B. Micron (MU) rose after The Wall Street Journal reported that China's state-owned Tsinghua Unigroup had offered to acquire the memory chip maker for $23B, or $21 per share... Shares of Twitter (TWTR) spiked Tuesday morning after a questionable takeover report was published on a website that mimicked, but had a different web address, than Bloomberg News. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service was a fake, while a Twitter spokesperson also denied the report of an alleged deal... Macy's (M) jumped after Starboard CEO Jeffrey Smith called the stock his "best idea" for 2015, adding that the shares could be worth $125 each if the company takes steps to maximize the value of its real estate holdings. Amazon (AMZN) announced it sold more units on its first "Prime Day" than the biggest Black Friday ever and had more new members try its Prime service worldwide than any single day in company history. The e-commerce giant noted that its worldwide order growth increased 266% over the same day last year and 18% more than Black Friday 2014, adding that it will "definitely be" doing another Prime Day in the future. A number of semiconductor equipment stocks, including Applied Materials (AMAT) and Lam Research (LRCX), dropped after Intel (INTC) cut its capital expenditures guidance while reporting on its quarterly results. INDEXES: For the week, the Dow gained about 1.05% to close at 18,086.45, the Nasdaq advanced about 3.37% to close at 5,210.14, and the S&P 500 rose about 1.67% to close at 2,126.64.
10:05 EDTILMNOn The Fly: Analyst Initiation Summary
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10:05 EDTFRCOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Accretive Health (ACHI) downgraded to Market Perform from Outperform at Cowen... Allergan (AGN) downgraded to Outperform from Top Pick at RBC Capital... Best Buy (BBY) downgraded to Underperform from Buy at BofA/Merrill... Cablevision (CVC) downgraded to Hold from Buy at Jefferies... Credit Suisse (CS) downgraded to Hold from Buy at Deutsche Bank... Domino's Pizza (DPZ) downgraded to Sector Weight from Overweight at KeyBanc... First Quantum Minerals (FQVLF) downgraded to Neutral from Outperform at Credit Suisse... First Republic (FRC) downgraded to Market Perform from Outperform at FBR Capital... Fresenius SE (FSNUY) downgraded to Neutral from Buy at Goldman... Golden Minerals (AUMN) downgraded to Neutral from Buy at Roth Capital... JD Wetherspoon (JDWPY) downgraded to Reduce from Neutral at Nomura... NV5 Holdings (NVEE) downgraded to Neutral from Accumulate at Global Hunter... National Oilwell (NOV) downgraded to Sell from Neutral at UBS... Natural Gas Services (NGS) downgraded to Neutral from Buy at Global Hunter... Primoris (PRIM) downgraded to Neutral from Accumulate at Global Hunter... Receptos (RCPT) downgraded to Hold from Buy at Evercore ISI... SKF AB (SKFRY) downgraded to Hold from Buy at Deutsche Bank... STAG Industrial (STAG) downgraded to Sell from Neutral at UBS... SolarWinds (SWI) downgraded to Hold from Buy at Deutsche Bank... Syntel (SYNT) downgraded to Market Perform from Outperform at William Blair... TECO Energy (TE) downgraded to Neutral from Buy at UBS... Tangoe (TNGO) downgraded to Underweight from Equal Weight at Barclays... Tegna (TGNA) downgraded to Hold from Buy at Evercore ISI.
07:58 EDTCCiti results 'impressive,' says RBC Capital
RBC Capital believes that Citi continues to make progress on its strategic initiatives, while the company's revenue was "solid across the board." The firm keeps a $65 price target and Outperform rating on the shares.
07:55 EDTCCiti price target raised to $67 from $61 at UBS
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06:55 EDTILMNIllumina initiated with a Buy at Canaccord
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06:27 EDTFRCFirst Republic downgraded to Market Perform from Outperform at FBR Capital
FBR Capital downgraded First Republic Bank to Market Perform citing the "significant" year-to-date rally in shares. FBR views the company's Q2 results as "solid" and raised its price target for the stock to $65.
06:03 EDTSTISunTrust reports Q2 EPS 89c, consensus 81c
Reports Q2 revenue $2.2B, consensus $2.02B. Q2 was favorably impacted by a 3c per share discrete income tax benefit. Reports Q2 book value per share $42.46. Reports Q2 Tier 1 capital ratio 10.5%. Reports Q2 net charge-offs 0.26%.
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