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June 8, 2012
12:12 EDTATPG, MCD, CNC, CHKM, PRGS, MOH, CHKOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday ahead of a number of potentially market moving events expected over this weekend. Stock futures began the day indicating a sharply lower open, putting the Dow's three day winning streak in jeopardy. The weakness was attributed to continuing worries about the EU's ability to support Spanish banks. The market opened lower, but found a level where it sat and began to build. An hour into the trading session the market had recouped more than half of its losses and a short time later moved back into positive territory. What looked like a day that would end in a sell off has now climbed a wall of worry into positive territory and the averages are once again positive for the year... ECONOMIC EVENTS: In the U.S., April's trade balance report was generally in line and wholesale inventories in the month increased 0.6%, versus an expected increase of 0.4%. In Europe, Spain is set to become the fourth, and largest, country to seek assistance since Europe's debt crisis began, according to Reuters. The news service cited officials in Brussels and Berlin, saying a conference call is planned for Saturday morning to discuss a Spanish request for aid... COMPANY NEWS: Chesapeake Energy (CHK) was in focus as it held its annual shareholder meeting, where two current directors resigned after shareholder voting and a proposal to amend the company's long term incentive plan passed. Also, the company announced three separate transactions to sell its midstream assets for total proceeds of more than $4B, including the sale of its general partner interests in Chesapeake Midstream Partners (CHKM) to Global Infrastructure Partners for $2B... McDonald's (MCD) reported disappointing worldwide same store sales growth of 3.3% in May, as results were dragged down by the company's performance in Asia, the Middle East and Africa. The fast food giant also warned that its Q2 results could be pressured by austerity measures in Europe, foreign currency effects and macro headwinds, sending shares down a bit more than 0.75%... MAJOR MOVERS: Among the notable gainers was Molina Healthcare (MOH), which rebounded from a slide yesterday to gain more than 27% today, after the company announced last night that it will continue as a Medicaid managed care provider in Ohio. Centene (CNC), up 10%, also benefited from Ohio reversing its earlier decision and recommending the company for a Medicaid contract. Noteworthy losers included ATP Oil & Gas (ATPG), down more than 13%, after the company said it was unable to come to an employment agreement with recently hired CEO Matt McCarroll, resulting in his resignation, and Progress Software (PRGS), down 13%, following its warning that its Q2 earnings and revenue will fall short of consensus estimates... INDICES: Near noon, the Dow was up 11.58, or 0.09%, to 12,472.54; the Nasdaq was up 8.32, or 0.29%, to 2,839.34; and the S&P 500 was up 1.04, or 0.08%, to 1,316.03.
News For CHK;CHKM;MCD;MOH;CNC;ATPG;PRGS From The Last 14 Days
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October 1, 2015
16:27 EDTPRGSProgress Software announces new $100M share repurchase plan
The timing and amount of any shares repurchased will be determined by management based on its evaluation of market conditions and other factors, and the Board of Directors may choose to suspend, expand or discontinue the repurchase program at any time.
16:26 EDTPRGSProgress Software raises FY15 adjusted EPS view to $1.51-$1.55 from $1.45-$1.52
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16:24 EDTPRGSProgress Software sees Q4 adjusted EPS 47c-51c, consensus 47c
Sees Q4 adjusted revenue $113M-$118M, consensus $121.63M.
16:23 EDTPRGSProgress Software reports Q3 adjusted EPS 39c, consensus 37c
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15:00 EDTPRGSNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Micron (MU), consensus 33c... Progress Software (PRGS), consensus 37c... CalAmp (CAMP), consensus 26c.
10:37 EDTMCDBofA/Merrill's Top 10 US Ideas for Q4 2015
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09:35 EDTCHKActive equity options trading on open
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September 30, 2015
19:57 EDTMCDMcDonald's rolls out 'brand transformation' in Canada
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12:46 EDTCHKIcahn says still in Chesapeake Energy, thinks CEO has done 'excellent job'
September 29, 2015
17:50 EDTMCDMcDonald's looks pricey, Barron's reports
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16:21 EDTCHKChesapeake to cut 15% of workforce, sees Q3 charge of $55.5M
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16:20 EDTCHKChesapeake to cut 15% of workforce, sees charge of $55.5M
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12:19 EDTMCDMcDonald's updates Build-Your-Own-Burger program, Bloomberg reports
McDonald's is revamping its Build-Your-Own Burger program in an effort to snap a sales slump, Bloomberg reports, citing comments from company spokeswoman Lisa McComb in an e-mail. The name of the program has been changed from TasteCrafted to Chef Crafted and will include new flavors such as maple bacon dijon and buffalo bacon, the report says. Hot jalapeno and deluxe were tossed out, the report says. "The original name 'TasteCrafted' did not resonate with consumers," McComb said. "We decided to celebrate our chefs who have created these recipes and highlight the culinary expertise of our in-house and supplier chefs." Reference Link
11:38 EDTMCDMcDonald's rises as analysts weigh in on fast food sector
Shares of McDonald's (MCD) rose in morning trading after Credit Suisse upgraded the Big Mac maker to Outperform. Some McDonald's competitors were also active after Telsey Advisory initiated coverage on multiple companies in the quick-serve and fast casual restaurant space. WHAT'S NEW: Credit Suisse analyst Jason West upgraded McDonald's to Outperform and raised his price target on its shares to $112 from $110. West said that more improvements for the company are "forthcoming" even after CEO Steve Easterbrook announced positive operational and financial steps. The analyst added that checks suggest that U.S. same-store sales trends are beginning to turn as a result of operational and menu changes, as well as some new product wins. West said he sees 5%-6% possible upside to current 2016 expectations and views a favorable risk/reward of roughly 2%-3% downside as opposed to 20% upside, even if the turnaround is "fairly modest." NOTABLE INITIATIONS: Separately, Telsey Advisory Group analyst Bob Derrington initiated coverage of several companies in the restaurant sector, stamping Panera (PNRA) with an Outperform rating and a $225 price target. The analyst noted that the company's plan to become a better dining alternative continues to build traction and that same-store sales trends are likely to speed up in 2016 and 2017. Derrington initiated Jack in the Box (JACK) with an Outperform rating and a price target of $95, as he sees it being positioned for strong appreciation in the year ahead based on management's plan to revitalize and differentiate the Jack in the Box brand. The analyst also expects the company to further differentiate, improve the returns, and position its Qdoba brand for quick growth and recycle its franchise cash flow for better shareholder returns. Derrington initiated coverage of Chipotle (CMG) with a Market Perform rating and an $800 price target, saying that despite the firm's positive prospects due to better-than-most-peer same-store sales and revenue growth, the company's margin risk makes him take a more cautious approach to his rating of the stock. The analyst also tagged Buffalo Wild Wings (BWLD) with a Market Perform rating and a $220 price target, noting that the company's strong growth prospects seem to be reflected in its premium valuation. PRICE ACTION: In morning trading, McDonald's shares rose 1.6% to $97.49, Panera shares gained 0.9% to $191, Jack in the Box advanced 1.1% to $78.24, Chipotle added 1% to $715 and Buffalo Wild Wings were 1.3% higher at $195.68.
10:00 EDTMCDOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Apache (APA) upgraded to Overweight from Neutral at Simmons... Autoliv (ALV) upgraded to Neutral from Sell at Goldman... Bristol-Myers (BMY) upgraded to Buy from Neutral at UBS... Bunge (BG) upgraded to Outperform from Market Perform at BMO Capital... Cerner (CERN) upgraded to Outperform from Sector Perform at RBC Capital... Continental AG (CTTAY) upgraded to Conviction Buy from Buy at Goldman... Digital Realty (DLR) upgraded to Overweight from Sector Weight at KeyBanc... FTD Companies (FTD) upgraded to Buy from Neutral at Sidoti... Intermolecular (IMI) upgraded to Outperform from Market Perform at Northland... Johnson & Johnson (JNJ) upgraded to Buy from Hold at Deutsche Bank... LDR Holding (LDRH) upgraded to Outperform from Market Perform at Northland... Lincoln National (LNC) upgraded to Overweight from Neutral at Piper Jaffray... McDonald's (MCD) upgraded to Outperform from Neutral at Credit Suisse... Micron (MU) upgraded to Outperform from Market Perform at Wells Fargo... Nautilus (NLS) upgraded to Buy from Neutral at B. Riley... Nevsun Resources (NSU) upgraded to Outperform from Sector Perform at Scotia... Nexstar (NXST) upgraded to Buy from Hold at Jefferies... Omega Protein (OME) upgraded to Buy from Neutral at DA Davidson... Raytheon (RTN) upgraded to Buy from Neutral at UBS... Republic Airways (RJET) upgraded to Buy from Hold at Deutsche Bank... Swiss Re (SSREY) upgraded to Neutral from Underweight at JPMorgan... Thor Industries (THO) upgraded on positive trends, checks at BMO Capital... Verint (VRNT) upgraded to Outperform from Market Perform at William Blair.
09:35 EDTCHKActive equity options trading on open
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09:27 EDTMCDOn The Fly: Pre-market Movers
HIGHER: Yahoo (YHOO), up 4.5% after the company's board authorized the company to continue to pursue its spin-off of Aabaco Holdings, a newly formed independent registered investment company that will hold all of Yahoo's remaining holdings in Alibaba Group (BABA)... Phoenix Companies (PNX), up 164% after Nassau Reinsurance agreed to acquire Phoenix for $37.50 per share in cash... McDonald's (MCD), up 1.4% after the stock was upgraded to Outperform at Credit Suisse... Johnson & Johnson (JNJ), up 1% following upgrade at Deutsche Bank. LOWER: Esperion (ESPR), down 29% after reporting that the FDA has encouraged the company to initiate a cardiovascular outcomes trial promptly since any concern regarding the benefit/risk assessment of ETC-1002 could necessitate a completed cardiovascular outcomes trial before approval... Solera (SLH), down 2% after IHS (IHS) said on its earnings call that it is not pursuing an acquisition of the company, as previouly indicated in media reports... Zosano (ZSAN), down 54% after the company announced that it would discontinue its ZP-PTH agreement with Eli Lilly (LLY).
06:37 EDTCNCInvestors feel burn of big M&A deals, WSJ reports
Some investors are getting burned by large acquisitions, the Wall Street Journal reports. The rise in stock prices as a result of the M&A boom over the past few years have had the twin effect of emboldening other buyers and increasing the value of shares that are often used as currency, the report says. Since July 1, buyers' share prices fell about 0.6% on average on the first day of trading following the announcement of an M&A deal over $1B, the report says, citing data provider Dealogic. For example, Energy Transfer Equity's (ETE) stock dropped nearly 13% after news of its $32.6B proposal to take over Williams Companies (WMB), with Centene (CNC), McGraw Hill Financial (MHFI), and Dialog all also falling after M&A news, the report says. Reference Link
06:37 EDTMCDMcDonald's upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse upgraded McDonald's to Outperform and raised its price target to $112 from $110. Analyst Jason West said checks indicate U.S. same-store-sales trends are beginning to turn driven by operational and menu changes, and some new product wins. West sees 5-6% potential upside to current 2016 forecasts and sees favorable risk/reward of 2-3% downside versus 20% upside, even if the turnaround is fairly modest.
September 28, 2015
11:40 EDTCHKStocks with call strike movement; SUNE CHK
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