New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
June 25, 2014
16:24 EDTCBS, PXD, TSO, PSX, MPC, HFC, AERI, GTN, MEG, SBGI, ICPT, PVA, VLO, NXST, EPDOn 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
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | all recent news | >>
October 29, 2014
13:50 EDTCBSFCC chairman wants to give Internet video providers access to more content
FCC. Chairman Tom Wheeler yesterday proposed allowing Internet video providers to show some content previously available only on cable and broadcast TV. Internet video providers could offer "many different kinds of multichannel video packages designed for different tastes and preferences." Wheeler added. Netflix (NFLX) provides Internet video content, while Comcast (CMCSA) and Cablevision (CVC) provide cable TV services. Broadcast TV providers include CBS (CBS), Twenty-First Century Fox (FOXA), and Disney (DIS). Reference Link
08:46 EDTPSXPhillips 66 Partners reports Q3 EPS 37c, consensus 40c
Subscribe for More Information
08:07 EDTPSXPhillips 66 reports Q3 adjusted EPS $2.02, consensus $1.75
Reports Q3 Refining earnings of $558M, compared with earnings of $390M in Q2. The increase was primarily attributable to improved realized refining margins, which included capturing crude location differentials. Margins improved, despite lower worldwide market crack spreads, primarily due to higher clean product realizations. Additionally, secondary product margins benefited from lower crude oil prices. Q3 Midstream earnings were $115M, compared with earnings of $108M in Q2. Q3 Chemicals earnings were $230M and adjusted earnings were $299M, which compares with earnings of $324M in Q2.
07:53 EDTCBSCBS added to Franchise Pick List at Jefferies
Subscribe for More Information
October 28, 2014
16:40 EDTVLOValero to name CEO Joe Gorder as chairman of the board
Subscribe for More Information
15:44 EDTPSXNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Southern Company (SO), consensus $1.07; Phillips 66 (PSX), consensus $1.75; Automatic Data Processing (ADP), consensus 60c; Praxair (PX), consensus $1.63; WellPoint (WLP), consensus $2.27; Exelon (EXC), consensus 73c; Eaton (ETN), consensus $1.23; Hess (HES), consensus $1.08; TE Connectivity (TEL), consensus $1.00; McGraw Hill Financial (MHFI), consensus 94c; Waste Management (WM), consensus 68c; Hershey (HSY), consensus $1.08; Ralph Lauren (RL), consensus $2.06; Wisconsin Energy (WEC), consensus 53c; Garmin (GRMN), consensus 71c; Sealed Air (SEE), consensus 46c; DENTSPLY (XRAY), consensus 60c; Goodyear Tire (GT), consensus 70c; Revlon (REV), one estimate 45c; Booz Allen (BAH), consensus 41c; Carlyle Group (CG), consensus 54c.
08:31 EDTPSXPhillips 66 becomes JV partner with Energy Transfer for Bakken crude pipelines
Energy Transfer Equity, L.P. (ETE), Energy Transfer Partners, L.P. (ETP) and Phillips 66 (PSX) announced that they have formed two joint ventures to develop the previously announced Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects. Energy Transfer holds a 75% interest in each joint venture and will operate both pipeline systems. Phillips 66 owns the remaining 25% interests and will fund its proportionate share of the construction costs. The DAPL and ETCOP projects are expected to begin commercial operations in the fourth quarter of 2016. Based on contractual commitments to date, DAPL is expected to deliver in excess of 450,000 barrels per day of crude oil from the Bakken/Three Forks production area in North Dakota to market centers in the Midwest. DAPL will provide shippers with access to Midwestern refineries, unit-train rail loading facilities to facilitate deliveries to East Coast refineries, and the Gulf Coast market through an interconnection in Patoka, Illinois, with ETCOP. ETCOP will provide crude oil transportation service from the Midwest to the Sunoco Logistics Partners and Phillips 66 storage terminals located in Nederland, Texas.
October 24, 2014
15:24 EDTPXDViking Global Investors reports 4.7% passive stake in Pioneer Natural
October 23, 2014
10:01 EDTPVAOn The Fly: Analyst Initiation Summary
Subscribe for More Information
07:11 EDTNXSTNexstar to acquire assets of KASW-TV for $68M from Meredith, SagamoreHill
Nexstar Broadcasting Group (NXST) has entered into a definitive agreement to acquire the assets of KASW-TV, the CW affiliate serving the Phoenix, AZ market for $68M plus working capital from Meredith Corporation (MDP) and SagamoreHill of Phoenix, LLC. The proposed acquisition is expected to be accretive to Nexstar’s operating results immediately upon closing and inclusive of all other previously announced transactions, will expand the Company’s coverage to 57 markets in 22 states, reaching approximately 19.7 million television households. Nexstar intends to finance the station acquisition through borrowings under its senior credit facilities. The transaction is subject to FCC approval and other customary approvals, and is expected to close in the first quarter of 2015. In the first twelve months following the closing of the transaction, KASW-TV is expected to generate approximately $14M in adjusted broadcast cash flow and is expected to provide free cash flow accretion in the first year of ownership of approximately 30c per share.
07:01 EDTPVAPenn Virginia initiated with a Neutral at Susquehanna
Subscribe for More Information
October 22, 2014
16:33 EDTPSXPhillips 66 Partners announces acquisition of strategic logistics assets
Phillips 66 Partners LP (PSXP) has reached an agreement to acquire from Phillips 66 (PSX) two newly constructed crude oil rail-unloading facilities, located in Linden, New Jersey, and Ferndale, Washington, for $330M as well as certain assets associated with the Cross-Channel Connector Pipeline for an additional $10M. The acquisition, which is anticipated to close in early December 2014, is expected to be immediately accretive to unitholders. Upon closing of the acquisition, the Partnership plans to utilize the Cross-Channel Connector Pipeline assets to develop and undertake a new organic project to provide shippers access from the Partnership’s Pasadena Terminal to third-party systems located north of the Houston Ship Channel. The project is expected to have additional capital costs of $12.4M and is underwritten by long-term transportation service agreements with multiple shippers. The pipeline system will have an initial capacity of up to 180,000 barrels per day and is anticipated to commence commercial operations in the second quarter of 2015. In connection with the closing, Phillips 66 and the Partnership will enter into 10-year terminal services agreements for 100% of the available capacity of the rail-unloading facilities. The acquisition price for the rail-unloading facilities represents an approximate 10-times multiple of those facilities’ forecasted next 12 months’ earnings before interest, tax, depreciation and amortization. The terms of the transaction were approved by the board of directors of the general partner of Phillips 66 Partners, based on the approval and recommendation of its conflicts committee.
12:19 EDTPVAOptions with decreasing implied volatility
Subscribe for More Information
08:40 EDTICPTDeutsche Bank biotech analyst holds an analyst/industry conference call
Biotech Analyst Young provides a review of the ICPT/GNFT thesis on an Analyst/Industry conference call to be held on October 22 at 11 am.
06:43 EDTICPTNASH market big enough for multiple players, says Deutsche Bank
Subscribe for More Information
October 21, 2014
10:00 EDTPXDOn The Fly: Analyst Upgrade Summary
Subscribe for More Information
06:15 EDTPXDPioneer Natural upgraded to Buy from Neutral at Guggenheim
Subscribe for More Information
October 20, 2014
15:40 EDTCBSAmazon in new contract with Simon & Schuster, WSJ reports
Amazon.com (AMZN) and CBS’s (CBS) Simon & Schuster unit have reached a new multi-year print and digital contract that replaces an existing one set to expire in two months, according to The Wall Street Journal, citing people familiar with the situation. Details of the new contract couldn’t be immediately learned, but the report notes that a person close to the talks said that the new deal “is good for both companies” and that Simon & Schuster is “very happy” with the pact. Reference Link
October 19, 2014
11:58 EDTCBSCBS could see 25% gain, Barron's says
CBS shares could be worth around $66.00 at a peer-like-multiple, a gain of 25%, driven by fees from affiliates and Showtime, Barron's contends in a feature article. Reference Link
October 17, 2014
18:14 EDTEPDEnterprise Products extends open season for Bakken-to-Cushing pipeline
Enterprise Products Partners announced that the binding open commitment period to determine shipper demand for capacity on a proposed new crude oil pipeline from the Williston Basin of North Dakota to the Cushing hub in Oklahoma has been extended until 5 p.m. CST, November 14.
1 | 2 | all recent news | >>

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use