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June 25, 2014
16:24 EDTMPC, GTN, ICPT, NXST, TSO, HFC, MEG, PVA, CBS, EPD, PSX, AERI, SBGI, VLO, PXDOn 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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April 22, 2015
07:14 EDTPXDPioneer Natural initiated with a Buy at Nomura
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07:07 EDTICPTEuropean Association for the Study of the Liver to hold annual meeting
50th Annual Meeting of EASL will be held in Vienna, Austria on April 22-26.
April 21, 2015
10:01 EDTPXDOn The Fly: Analyst Downgrade Summary
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06:24 EDTPXDPioneer Natural downgraded to Sell from Hold at Societe Generale
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April 20, 2015
15:35 EDTHFC, TSO, PSX, VLO, MPCSenator to introduce legislation to repeal U.S. crude export ban, Fuelfix says
Senator Lisa Murkowski, the head of the Senate Energy and Natural Resources Committee, pledged during the IHS Energy CERAWeek conference to advance legislation lifting the U.S. ban on crude oil exports, reported Fuelfix. Publicly traded refiners include Delek US (DK), HollyFrontier (HFC), Marathon Petroleum (MPC), Phillips 66 (PSX), Tesoro (TSO), Valero (VLO) and Western Refining (WNR). Reference Link
14:56 EDTMPC, PSX, HFC, VLO, TSOSenator to introduce legislation to repeal U.S. crude export ban, Reuter says
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06:19 EDTTSO, VLO, PSX, HFC, MPCCiti still bullish on U.S. Refiners, Marathon Petroleum a top pick
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April 17, 2015
10:00 EDTICPTOn The Fly: Analyst Initiation Summary
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10:00 EDTPXDOn The Fly: Analyst Downgrade Summary
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07:58 EDTPXD, PXDPioneer Natural downgraded to Underperform from Outperform at CLSA
05:53 EDTICPTIntercept initiated with a Buy, $465 target at UBS
UBS analyst Matthew Roden started shares of Intercept Pharmaceuticals with a Buy rating and $465 price target. Roden sees a favorable risk/reward ahead of the approval and commercial launch of the company's obeticholic acid, known as OCA, in primary biliary cirrhosis. Roden also thinks OCA's opportunity in nonalcoholic steatohepatitis is being undervalued at current share levels. Shares of Intercept closed yesterday up $2.53 to $274.44.
April 16, 2015
11:05 EDTCBSCBS April calls active amid subject of recent takeover chatter
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10:10 EDTPVAPenn Virginia sale process said to stall, dealReporter says
Penn Virginia’s sale process has stalled due to valuation issues that have not been bridged by the seller and potential buyers, reported dealReporter, citing industry bankers, according to contacts. Penn Virginia shares are down 2.9% to $7.76 in early trading.
08:25 EDTAERIOutlook for Aerie Pharmaceuticals trial positive, says RBC Capital
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April 15, 2015
08:23 EDTPSXPhillips 66 management to meet with Deutsche Bank
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April 13, 2015
08:24 EDTICPTDeutsche Bank pharmaceuticals analyst holds an analyst/industry conference call
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07:38 EDTPSXPhillips 66 management to meet with Deutsche Bank
Meeting to be held in Los Angeles on April 13 hosted by Deutsche Bank.
07:22 EDTCBSWave of media M&A may be on the way, WSJ says
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07:13 EDTEPDWells Fargo to hold a conference
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06:07 EDTICPTIntercept announces several presentations evaluating OCA
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