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News Breaks
June 25, 2014
Stocks on Wall Street were higher at midday despite the U.S. sharply lowering its view of how the economy performed in the first quarter of this year. The market opened lower following the disappointing GDP revision, as well as a lower than expected durable goods report, but the averages soon turned mixed and all moved into positive ground by about 11 am ET, where they have been drifting since. ECONOMIC EVENTS: In the U.S., the Bureau of Economic Analysis released its third and final estimate of real gross domestic product for the first quarter. The government now estimates that output in the U.S. declined at an annual rate of 2.9%, which was worse than the prior estimate of 1% contraction and significantly down from the fourth quarter of 2013, when real GDP grew 2.6%. The estimate of Q1 personal spending growth was knocked down to a 1.0% clip from the prior 3.1% pace. Durable goods orders dropped 1.0% in May, versus expectations for them to have been unchanged. Markit's services PMI surged to a record 61.2 for the flash June reading from May's 58.1 figure. COMPANY NEWS: Shares of a number of television network owners, most notably CBS (CBS), advanced after the Supreme Court ruled that Aereo, a start-up service backed by the Barry Diller-controlled IAC (IACI) that streams tv shows over the Internet, had violated copyright laws. Following the high court ruling, which overturned a lower court judgment on the matter, CBS rose more than 4%, while Disney (DIS), which owns ABC Network, 21st Century Fox (FOXA), the owner of Fox, and Comcast (CMCSA), which owns NBC, all advanced about 1%. Shares of tv station owners reacted even more favorably, with Nexstar (NXST) surging 15%, Sinclair (SBGI) rising 14% and Media General (MEG) gaining 10%... Shares of Barnes & Noble (BKS) rose 4% after the bookseller announced that its board authorized management to separate its Retail and Nook Media divisions and the company reported better than anticipated fourth quarter revenue. MAJOR MOVERS: Among the notable gainers was Monsanto (MON), which advanced 5% after the company reported better than expected Q3 results, raised its full year EPS outlook to the upper end of its previous guidance range and announced a new $10B share repurchase authorization. Also higher was zulily (ZU), which rose over 10% after Goldman Sachs upgraded the stock to Buy, citing the recent pullback in shares and expectations for higher than expected customer growth into 2015. Among the noteworthy losers was Valmont Industries (VMI), which fell 7% after the company lowered its fiscal 2014 earnings per share outlook. Also lower were a number of refiners, including Valero (VLO), which was down 10%, and HollyFrontier (HFC), which slid 8%, after the U.S. reportedly reclassified condensate as a processed product and gave Pioneer Natural Resources (PXD) and Enterprise Products Partners (EPD) permission to export the type of oil to foreign buyers. INDEXES: Near midday, the Dow was up 23.20, or 0.14%, to 16,841.33, the Nasdaq was up 9.79, or 0.23%, to 4,360.15, and the S&P 500 was up 4.14, or 0.21%, to 1,954.12.
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November 17, 2015
07:01 EDTNXSTNexstar to acquire thfour West Virginia network affiliated TV stations for $130M
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06:41 EDTCMCSANBC comedy streaming service beta starts December 3, Engadget reports
Comcast's NBC will make its comedy streaming service available as a free public beta beginning December 3, Engadget reports. Reference Link
November 16, 2015
17:10 EDTMONSoros took stake in Paypal, liquidated Herbalife stake
Soros Fund Management gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Paypal (PYPL), CIT Group (CIT), Schlumberger (SLB), Kraft Heinz (KHC), and Amazon (AMZN). INCREASED STAKES: Allergan (AGN), Lions Gate (LGF), Energen (EGN), Southwest Airlines (LUV), and Qunar Cayman Islands (QUNR). DECREASED STAKES: LyondellBasell (LYB), YPF (YPF), Time Warner Cable (TWC), Dow Chemical (DOW), and Monsanto (MON). LIQUIDATED STAKES: Herbalife (HLF), Lennar (LEN), DR Horton (DHI), United Continental (UAL), and Nice Systems (NICE).
16:43 EDTFOXAGreenlight Capital added Apple, sold some SunEdison
Greenlight Capital gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: CNX Coal Resources (CNXC), Garmin (GRMN), Terraform Global (GLBL), and Liberty Global (LILA). INCREASED STAKES: Apple (AAPL), Michael Kors (KORS), Dillard's (DDS), UIL Holdings (UIL), and Twenty-First Century Fox (FOXA). DECREASED STAKES: SunEdison (SUNE), Micron (MU), Voya (VOYA), Applied Materials (AMAT), and SunEdison Semiconductor (SEMI). LIQUIDATED STAKES: Citizens Financial (CFG), Lam Research (LRCX), Spirit AeroSystems (SPR), Hertz (HTZ), and Macy's (M).
12:01 EDTDIS'Star Wars: The Force Awakens' to be available as Dolby Cinema experience
Dolby Laboratories (DLB) and The Walt Disney Studios (DIS) announced that Star Wars: The Force Awakens, in theatres December 18, will be available as a Dolby Cinema experience.
11:16 EDTMEG, NXSTMeredith issues response statement to Media General announcement
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10:29 EDTMEG, NXSTNexstar to enter into merger discussions with Media General
Nexstar Broadcasting Group (NXST) commented on Media General's (MEG) announcement that it will enter into negotiations regarding Nexstar's proposal to acquire Media General. On September 28, Nexstar submitted a proposal to acquire Media General for $10.50 per share in cash and a fixed ratio of 0.0898 Nexstar shares per Media General share. Nexstar's proposal, based on its closing share price on November 13, is currently valued at $15.70 per Media General share, representing a premium of 41% over Media General's closing stock price on September 25. "We are eager to move forward with discussions with Media General regarding our proposal, while at the same time maintaining our financial discipline. It is evident since our initial announcement that Media General and Nexstar shareholders recognize the compelling strategic and financial value that a Media General-Nexstar combination presents for both companies and our respective shareholders," said Perry Sook, Chairman, President and CEO of Nexstar. "We are surprised that Media General's Board considers the value of our proposal to be inadequate today, however, we are willing to engage with them to hear their perspectives. We believe our proposal will deliver superior, immediate and long-term value to Media General shareholders compared with any alternatives available to the company." BofA Merrill Lynch is acting as financial advisor and Kirkland & Ellis LLP is acting as legal counsel to Nexstar in connection with the proposed transaction.
10:29 EDTNXST, MEGNexstar to enter into merger discussions with Media General
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10:11 EDTEPDHigh option volume stocks
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10:00 EDTDIS, MEGOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Abengoa (ABGB) downgraded to Hold from Buy at Canaccord... Best Buy (BBY) downgraded to Sector Perform from Outperform at RBC Capital... CDTi (CDTI) downgraded to Neutral from Buy at Roth Capital... CNH Industrial (CNHI) downgraded to Underweight from Neutral at JPMorgan... Clayton Williams (CWEI) downgraded to Sell from Neutral at Roth Capital... Disney (DIS) downgraded to Neutral from Buy at Guggenheim... Endo (ENDP) downgraded to Neutral from Buy at Mizuho... Five Below (FIVE) downgraded to Hold from Buy at Deutsche Bank... Garrison Capital (GARS) downgraded to Market Perform from Outperform at William Blair... General Growth (GGP) downgraded to Hold from Buy at Evercore ISI... Helmerich & Payne (HP) downgraded to Hold from Buy at Evercore ISI... Kosmos (KOS) downgraded on investor sentiment, costs at RBC Capital... MannKind (MNKD) downgraded to Neutral from Buy at Griffen Securities... Media General (MEG) downgraded to Hold from Buy at Evercore ISI... Progressive (PGR) downgraded to Sell from Neutral at Goldman... Sabra Health Care (SBRA) downgraded on challenges, investor sentiment at Stifel... Simon Property (SPG) downgraded to Hold from Buy at Evercore ISI... Springleaf (LEAF) downgraded after settlement on acquisition reached at BMO Capital... Steiner Leisure (STNR) downgraded to Market Perform from Outperform at William Blair... Taubman Centers (TCO) downgraded to Hold from Buy at Evercore ISI... TerraForm Power (TERP) downgraded to Neutral from Buy at UBS... UniCredit (UNCFF) downgraded to Neutral from Buy at Citi... Violin Memory (VMEM) downgraded to Hold from Buy at Maxim... Vipshop (VIPS) downgraded to Equal Weight from Overweight at Morgan Stanley... Wolseley (WOSYY) downgraded to Hold from Buy at Deutsche Bank.
09:59 EDTFOXAOmega bought Valeant in Q3, sold some SuneEdison
Leon Cooperman's Omega Advisors gave a quarterly update on its stakes in a filing this morning, disclosing its positions as of September 30. NEW STAKES: Pfizer (PFE), Valeant (VRX) Walgreens Boots Alliance (WBA), TerraForm Global (GLBL), Cigna (CI). INCREASED STAKES: Google Class A (GOOGL), Facebook (FB), Delta Air Lines (DAL). DECREASED STAKES: SunEdison (SUNE), Shire (SHPG), Citi (C), KAR Auction (KAR), LyondellBasell (LYB). LIQUIDATED STAKES: McKesson (MCK), 21st Century Fox (FOXA), General Motors (GM), QEP Resources (QEP), eBay (EBAY).
09:25 EDTMEGMedia General downgraded to Hold from Buy at Evercore ISI
09:03 EDTMEG, NXST, SBGIGabelli to hold a symposium
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08:04 EDTNXST, MEGMedia General to engage in negotiations with Nexstar
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08:03 EDTNXST, MEGMedia General to engage in negotiations with Nexstar
08:03 EDTCMCSAComcast to add 400 new jobs in early 2016 at St. Paul office
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07:32 EDTEPDEnterprise Products signs additional long-temr contracts for LPG export capacity
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06:19 EDTDISTV programmers negotiate promotional deals with Netflix, WSJ says
Television programmers are negotiating with Netflix (NFLX) over promotional content and branding opportunities, the Wall Street Journal reports. For example, Disney's (DIS) ABC negotiated a deal where Netflix subscribers watching the ABC program "How to Get Away with Murder" will first watch a four second shot of star Viola Davis alongside an ABC logo right before watching the show, the report says. Reference Link
06:18 EDTDISDisney downgraded to Neutral from Buy at Guggenheim
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November 15, 2015
17:09 EDTFOXA'Spectre' stays uncatchable while Christmas-themed 'Coopers' outperforms
"Spectre" and "The Peanuts" remained in first and second place, respectively, at the domestic box office while Christmas comedy "Love The Coopers" topped expectations heading into the holiday period. WEEKEND LEADER: Sony's (SNE) "Spectre" grossed $35.4M in the U.S. for the weekend of November 15, falling roughly 50% from its $73M domestic open. Globally speaking, the latest James Bond film has pulled in $543.8M in just its second week at the box office. BOX OFFICE RUNNERS-UP: Fox's (FOX, FOXA) "The Peanuts Movie" earned $24.2M, as Charlie Brown and friends fell somewhat short of analyst expectations for $28.7M. Meanwhile, Lionsgate's (LGF) Christmas-themed comedy "Love The Coopers" debuted at $8.4M, beating estimates of $5.2M-$8M despite harsh reviews. Rounding out the weekend's Top 5 were Fox's "The Martian" with $6.7M and newcomer "The 33" at $5.8M. Analyst expectations ranged $5.5M-$10M for the disaster survival drama from Time Warner's (TWX) Warner Bros.
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