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June 25, 2014
16:24 EDTTSO, HFC, MEG, PVA, CBS, EPD, PSX, AERI, SBGI, VLO, PXD, MPC, GTN, ICPT, NXSTOn The Fly: Closing Wrap
Stocks on Wall Street were higher despite a disappointing downward revision to the government's estimate of economic growth, or rather the lack thereof, in the first three months of the year. Stocks began the session in negative territory following the GDP and durable goods reports, but the major averages soon turned mixed and had all moved back across the flat-line by mid-morning. The market then stalled and drifted for several hours, but moved to the high end of its trading range near the end of the day. 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: A number of television network owners, most notably CBS (CBS), as well as several tv station owners advanced after the Supreme Court ruled that Aereo, a start-up service that streams tv shows over the Internet, had violated copyright laws. CBS rose $3.64, or 6.19%, to $62.48 following the ruling, while Nexstar Broadcasting (NXST) surged $5.80, or 13.49%, to $48.81, Sinclair Broadcast Group (SBGI) soared $4.56, or 15.6%, to $33.80, Media General (MEG) added $1.86, or 10.07%, to $20.33 and Gray Television (GTN) gained 94c, or 8.35%, to $12.20... Shares of a number of refiners, including Valero Energy (VLO), HollyFrontier (HFC), Marathon Petroleum (MPC), Phillips 66 (PSX), and Tesoro (TSO), were among the day's worst performers after the Commerce Department gave Pioneer Natural Resources (PXD) and Enterprise Products Partners (EPD) permission to export a light, processed form of oil called condensate. White House press secretary Josh Earnest said there have been no changes to the U.S. oil export policies, according to Bloomberg, but the move was widely viewed as a shift and a possible precursor to bigger changes on the horizon amid the shale energy revolution in the U.S. MAJOR MOVERS: Among the notable gainers was Aerie Pharmaceuticals (AERI), which rose $5.95, or 28.29%, to $26.98 after a trial of its once-daily glaucoma eye drop, Roclatan, achieved its primary efficacy endpoint. Also higher was Penn Virginia (PVA), which jumped $1.83, or 12.39%, to $16.60 after a major shareholder, the Soros Fund, called on the company to sell itself. Among the noteworthy losers was Intercept Pharmaceuticals (ICPT), which fell $19.96, or 7.3%, to $253.65 after the company said at a conference that data from the FLINT trial of the company's obeticholic acid for the treatment of nonalcoholic steatohepatitis is "unlikely" to come in July. Also lower were shares of cereal maker General Mills (GIS), which fell $1.94, or 3.61%, to $51.76 after the company's fourth quarter results missed analysts' consensus estimates. INDEXES: The Dow was up 49.38, or 0.29%, to 16,867.51, the Nasdaq was up 29.40, or 0.68%, to 4,379.76, and the S&P 500 was up 9.55, or 0.49%, to 1,959.53.
News For CBS;NXST;VLO;PVA;ICPT;SBGI;MEG;GTN;AERI;HFC;MPC;PSX;TSO;PXD;EPD From The Last 14 Days
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July 15, 2015
10:01 EDTPVAOn The Fly: Analyst Downgrade Summary
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05:37 EDTPVAPenn Virginia downgraded to In-Line from Outperform at Imperial Capital
Imperial Capital downgraded Penn Virginia to In-Line saying a significant reduction to 2016 capital expenditures is likely if the company is not sold. The firm cut its price target for shares to $3.75 from $7.
July 14, 2015
10:01 EDTPSXOn The Fly: Analyst Downgrade Summary
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08:46 EDTMPCMarathon Petroleum price target raised to $70 from $60 at Cowen
Cowen raised its price target on Marathon Petroleum (MPC) to $70 from $60 following the proposed acquisition by MPLX (MPLX) of MarkWest Energy (MWE), citing the expected deal accretion, potential synergies and "justified" multiple. Cowen reiterated its Outperform rating on Marathon Petroleum.
08:35 EDTCBSE.W. Scripps and CBS renew affiliation agreement for WTVF, Nashville
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06:37 EDTCBSApple progresses in TV app talks with networks, NY Post reports
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06:05 EDTPSXPhillips 66 downgraded to Neutral from Buy at Goldman
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July 13, 2015
19:04 EDTVLOOn The Fly: After Hours Movers
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16:56 EDTVLOValero board approves incremental $2.5B share repurchase authorization
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16:41 EDTMPCOn The Fly: Top stock stories for Monday
Stocks began the session sharply higher and remained in positive territory as prospects of a Greek bailout deal and the removal of a potential "Grexit" brought investors back into the market. The move was broad based, with each of the major indexes advancing more than 1%. ECONOMIC EVENTS: In Europe, Greek Prime Minister Alexis Tsipras agreed to European demands for immediate action to qualify for as much as $95B in financial assistance. The pact averted a worst-case scenario, but only established the basis for negotiations and the Greek parliament now has until Wednesday to pass into law key creditor demands. Greek banks, which have been closed for two weeks as the saga has unfolded, will stay closed until at least Wednesday. 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, said the nation's customs administration. In the U.S., the government posted a budget surplus of $51.8B in June, which was down 27% from the surplus of $70.5B in June of 2014 but above the expected $50.5B surplus forecast by economists polled by Bloomberg. COMPANY NEWS: Marathon Petroleum (MPC) advanced $4.29, or 7.87%, to $58.78 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 approximately $4.2B in debt. MarkWest, whose common unitholders will receive 1.09 MPLX common units and a one-time cash payment of approximately $3.37 per MarkWest common unit for total consideration of $78.64 per MarkWest common unit, rose $8.26, or 13.82%, to $68.01 after the deal was announced, while MPLX units dropped $10.02, or 14.51%, to $59.03... Several research firms started coverage on Fitbit (FIT) following its recent IPO, with some taking bullish stances on its prospects and several others opting for a more cautious tone. The bulls may have been more convincing for the moment, as shares of the exercise tracker maker advanced $1.38, or 3.28%, to close at $43.48. MAJOR MOVERS: Among the notable gainers were shares of iron ore related companies, with Cliffs (CLF) advancing 22c, or 6.67%, to $3.52, Rio Tinto (RIO) gaining $1.53, or 3.91%, to $40.67, and BHP Billiton (BHP) rising $1.01, or 2.56%, to $40.51 after Vale (VALE) announced it will cut its iron ore output by 25M metric tons beginning this month. Vale ADRs saw similar moves, ending the session up 8.66% to $5.90. Also higher were shares of Anacor (ANAC), which gained $47.32, or 55.93%, to $131.93 after reporting that its crisaborole dermatitis treatment achieved "statistically significant" results on all primary and secondary endpoints in a clinical trial. Among the noteworthy losers was Brocade (BRCD), which fell 42c, or 3.71%, to $10.90 after RBC Capital cut its rating on the stock to Sector Perform and lowered its price target, citing storage challenges and disruptions at OEM partners. Also lower was Ascena (ASNA), which dropped $2.09, or 12.77%, to $14.28 after cutting its fiscal 2015 earnings guidance, though both Oppenheimer and SunTrust called the selloff a buying opportunity. INDEXES: The Dow gained 217.27, or 1.22%, to 17,977.68, the Nasdaq rose 73.82, or 1.48%, to 5,071.51, and the S&P 500 added 22.98, or 1.11%, to 2,099.60.
12:19 EDTMPCOn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday after a last minute deal was struck to provide new aid to Greece and hopefully prevent its exit from the eurozone currency union. With Greece apparently off the table as a risk for the time being, investors will now be looking forward to the earnings season, which will begin in earnest this week, beginning with reports from some big banks and a number of tech giants. ECONOMIC EVENTS: In Europe, Greek Prime Minister Alexis Tsipras agreed to European demands for immediate action to qualify for up to $95B of financial assistance. The summit pact averted a worst-case scenario, but only established the basis for negotiations and the Greek parliament now has until Wednesday to pass into law key creditor demands. Greek banks, which have been closed for two weeks as the saga has unfolded, will stay closed until Wednesday, at least. 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. In the U.S., the monthly budget statement for June is due at 2 pm EDT. COMPANY NEWS: Shares of Marathon Petroleum (MPC) advanced nearly 9% after MPLX (MPLX), the company's fee-based master limited partnership, agreed to acquire MarkWest Energy (MWE) in a unit-for-unit transaction plus a one-time cash payment to MarkWest unitholders. The deal implies a total enterprise value for MarkWest of approximately $20B, including the assumption of debt of approximately $4.2B, as of the close of trading on July 10. MarkWest surged over 11.5% higher after the news, while MPLX units slid 16%. MAJOR MOVERS: Among the notable gainers was Anacor Pharmaceuticals (ANAC), which jumped 56% after the company announced preliminary top-line results from its Phase 3 studies of its non-steroidal topical anti-inflammatory treatment of mild-to-moderate atopic dermatitis in children and adults. In two studies, crisaborole achieved statistically significant results on all primary and secondary endpoints and Wedbush raised Anacor's price target to $190 afterward, saying it sees the drug's sales reaching $2B in 2020. Also higher was Wynn Resorts (WYNN), which was among the Macau levered stocks that advanced after Macau Business indicated that an official in the territory said the government there might let casinos keep their smoking rooms. Among the noteworthy losers was Ascena Retail (ASNA), which dropped 15% after cutting its fiscal 2015 earnings guidance, citing its recent decision to accelerate its planned merchandise transition at Justice and to incorporate lower than expected top-line performance at Justice and dressbarn. Also lower were shares of Windstream (WIN), which fell 6% after UBS downgraded the stock to sell, saying the company's declining revenue and EBITDA trends will continue to weigh on shares. The firm cut its price target on the stock to $5 from $11.50. INDEXES: Near midday, the Dow was up 187.10, or 1.05%, to 17,947.51, the Nasdaq was up 66.37, or 1.33%, to 5,064.07, and the S&P 500 was up 18.92, or 0.91%, to 2,095.54.
10:21 EDTPXDOn The Fly: Analyst Upgrade Summary
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10:08 EDTMPCHigh option volume stocks
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09:53 EDTMPCMarathon sees potential to buy out MarkWest Utica joint venture partners later
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09:30 EDTMPCMarathon CEO says clear that Marathon, MarkWest Energy cultures alike
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09:12 EDTMPCMarathon Petroleum merger news highly accretive, says RBC Capital
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08:09 EDTPXDPioneer Natural upgraded to Overweight from Equal Weight at Morgan Stanley
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07:17 EDTVLOCiti adds PBF Energy to Focus List, removes Valero
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06:33 EDTMPCMPLX and MarketWest Energy announce strategic combination
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06:17 EDTPXDPioneer Natural upgraded to Overweight from Equal Weight at Morgan Stanley
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