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Stock Market & Financial Investment News

News Breaks
November 13, 2012
10:00 EDTTRNX, SYUT, LYB, BRFS, SCOR, RGP, LL, PACD, WLK, MCP, CJESOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: C&J Energy (CJES) downgraded to Neutral from Overweight at JPMorgan... Lumber Liquidators (LL) downgraded to Sell from Hold at Stifel Nicolaus... LyondellBasell (LYB) downgraded to Neutral from Buy at Goldman... Molycorp (MCP) downgraded to Equal Weight from Overweight at Morgan Stanley... Regency Energy Partners (RGP) downgraded to Equal Weight from Overweight at Barclays... Synutra (SYUT) downgraded to Perform from Outperform at Oppenheimer... Westlake Chemical (WLK) downgraded to Neutral from Conviction Buy at Goldman... comScore (SCOR) downgraded to Underperform from Market Perform at Raymond James... Tornier (TRNX) downgraded to Underperform from Market Perform at Northland Securities... Pacific Drilling (PACD) downgraded to Neutral from Buy at Guggenheim... BRF Brasil Foods (BRFS) downgraded to Hold from Buy at Miller Tabak.
News For CJES;LL;LYB;MCP;RGP;SYUT;WLK;SCOR;TRNX;PACD;BRFS From The Last 14 Days
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January 29, 2015
05:49 EDTMCPStocks with implied volatility movement; MCP XOM
Stocks with implied volatility movement; Molycorp (MCP) 212, Exxon Mobil (XOM) 28 according to iVolatility.
January 28, 2015
16:57 EDTSCORcomScore initiated with an Outperform at Wedbush
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January 26, 2015
16:39 EDTRGPOn The Fly: Closing Wrap
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12:23 EDTRGPOn The Fly: Midday Wrap
Stocks on Wall Street opened lower and hit their session lows a short time after the opening bell rang. In addition to some jitters about a vote in Greece, investors were focused on the massive impending winter storm set to hit the Northeast. With weather pundits expecting the snowfall in feet rather than inches, a number of companies have already rescheduled their earnings announcements. The market was mixed at midday, with the Dow and Nasdaq a bit lower and the S&P up fractionally. ECONOMIC EVENTS: In the U.S., the Dallas Fed manufacturing index fell 8.5 points to -4.4 in January, versus the consensus forecast for a reading of 4.0. In Europe, Greece's far-left Syriza party swept to power, renewing concerns about the country's future as a member of the Eurozone. COMPANY NEWS: Today was a "merger Monday," with at least four deals worth more than $1B announced. Energy Transfer Partners (ETP) announced plans to acquire Regency Energy Partners (RGP) in an $18B unit-for-unit transaction that includes assuming $6.8B of net debt and other liabilities. Rock-Tenn (RKT) and MeadWestvaco (MWV) agreed to merge to create a consumer and corrugated packaging company with a combined equity value of $16B. Under the terms of the deal, the resulting ownership of the new company will be approximately 50.1% by MWV shareholders and 49.9% by RockTenn shareholders. AXIS Capital (AXS) and PartnerRe (PRE) announced a "merger of equals" that will create a specialty insurance and reinsurance company with total capital of more than $14B and cash and invested assets of more than $33B. Additionally, cereal maker Post Holdings (POST) agreed to pay $1.15B in cash and stock to buy privately-held MOM Brands, which makes Malt-O-Meal and other breakfast products. MAJOR MOVERS: Among the notable gainers was Universal Display (OLED), which gained 11% after the company announced the signing of a new OLED technology license agreement and material purchase pact with LG Display (LPL). Also higher was Ocwen Financial (OCN), which rose 17% after the California Department of Business Oversight announced a $2.5M settlement with Ocwen Loan Servicing on Friday evening over the firm’s failure for more than a year to provide loan information needed by the DBO to assess compliance with state mortgage lending laws. Also of note, Ocwen denied any basis for default under trust agreements that had been alleged by certain hedge funds and other RMBS investors to trustees and master servicers in connection with 119 RMBS trusts, which are serviced by Ocwen. Among the noteworthy losers was Brookdale Senior Living (BKD), which dropped 8% after the company lowered its forecast for FY15 Cash From Facility Operations, citing a combination of lower than expected occupancy and certain higher-than-anticipated insurance reserve adjustments. Also lower following its earnings reports was hard disk-drive maker Seagate (STX), which fell about 9%. INDEXES: Near midday, the Dow was down 1.41, or 0.01%, to 17,671.19, the Nasdaq was down 4.02, or 0.08%, to 4,753.86, and the S&P 500 was up 2.34, or 0.11%, to 2,054.16.
10:00 EDTLYB, WLKOn The Fly: Analyst Downgrade Summary
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09:11 EDTRGPEnergy Transfer Partners, Regency Energy Partners to merge
Energy Transfer Partners (ETP) and Regency Energy Partners (RGP) announced they have entered into a definitive merger agreement. This merger will be a unit-for-unit transaction, plus a one-time cash payment to Regency unit holders, that collectively implies a value for Regency of approximately $18B, including the assumption of net debt and other liabilities of $6.8B. The transaction is expected to close in the second quarter of 2015. Under the terms of the merger agreement, which has been approved by the Boards of Directors and Conflicts Committees of both ETP and Regency, the unitholders of Regency will receive 0.4066 ETP common units and a cash payment of 32c for each common unit of Regency, implying an all-in price for Regency common units of $26.89 per unit based on ETP’s closing price on January 23. The consideration to be received by Regency common unitholders represents an approximately 13% premium to the closing price of Regency’s common units of $23.75 on January 23, and an approximately 15% premium to the volume weighted average price of Regency’s common units for the last 3 trading days ending January 23. In addition, Energy Transfer Equity (ETE), which owns the general partner and 100% of the incentive distribution rights of both Regency and ETP, has agreed to reduce the incentive distributions it receives from ETP by a total of $320M over a five year period. The IDR subsidy will be $80M in the first year post closing and $60M per year for the following four years. The proposed merger has been discussed with the ratings agencies and it is anticipated that the merger will have no impact to ETP’s credit ratings and that Regency’s ratings will be put on review for upgrade. Pro forma for the merger, ETP will be the second largest MLP and will be well diversified both geographically, with operations in substantially all major producing areas in the United States, and across business lines, with a unique franchise across the energy midstream value chain. Completion of the merger is subject to customary closing conditions, including approval of the respective ETP and Regency unitholders and observation of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, if applicable. The required threshold for approval of each partnerships unitholders is a simple majority of issued and outstanding units.
09:10 EDTRGPRegency Energy Partners holders to receive $26.89 in cash and stock in merger
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09:07 EDTRGPEnergy Transfer Partners, Regency Energy Partners to merge
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07:47 EDTWLKWestlake Chemical downgraded at BofA/Merrill
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07:45 EDTLYBLyondellBasell downgraded at BofA/Merrill
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07:27 EDTLYBLyondellBasell downgraded to Neutral from Buy at BofA/Merrill
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07:27 EDTWLKWestlake Chemical downgraded to Neutral from Buy at BofA/Merrill
06:00 EDTMCPStocks with implied volatility movement; XOM MCP
Stocks with implied volatility movement; Exxon Mobil (XOM) 22, Molycorp (MCP) 196 according to iVolatility.
January 23, 2015
10:02 EDTMCPOn the Fly: Analyst Downgrade Summary
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09:21 EDTMCPOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Infinera (INFN), up 13.2%... E-Trade (ETFC), up 5.6%... Starbucks (SBUX), up 5%... ResMed (RMD), up 3.2%. ALSO HIGHER: IVUS (VVUS), up 6.2% after being initiated with an Outperform at RBC Capital... Vitae Pharmaceuticals (VTAE), up 12.3% after 3M share Secondary priced at $11.90... lululemon (LULU), up 3.5% after being upgraded to Overweight from Neutral at JPMorgan. DOWN AFTER EARNINGS: Kimberly Clark (KMB), down 4.6%... Bank of New York Mellon (BK), down 2.1%... Altera (ALTR), down 4.4%... Kansas City Southern (KSU), down 3.3%... McDonald's (MCD), down fractionally. ALSO LOWER: LeapFrog (LF), down 32.8% after reporting preliminary third quarter results and withdrawing fiscal 2015 guidance... Molycorp (MCP), down 10.7% after being downgraded to Neutral from Buy at DA Davidson... Dreamworks (DWA), down 12% after announcing that it will cut 500 jobs, reduce films released per year, and seeing a $55M charge for 'The Penguins of Madagascar' and 'Mr. Peabody and Sherman'... Otonomy (OTIC), down 1.8% after secondary increased to 2.55M shares, priced at $29.25.
08:09 EDTMCPMolycorp downgraded to Neutral from Buy at DA Davidson
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07:09 EDTMCPMolycorp may have hired Jones Day for debt restructuring advice, Bloomberg says
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January 20, 2015
09:11 EDTSCORcomScore announces U.S. launch of Video Metrix Multi-Platform
comScore announced the U.S. launch of Video Metrix Multi-Platform, which will enable clients to sell, plan and buy digital video – at the video media property and show level – using TV-comparable metrics for both video content and advertising.
07:33 EDTRGPEnergy stock price targets cut at Oppenheimer
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January 16, 2015
09:31 EDTRGPRegency Energy downgraded to Underweight from Equal Weight at Morgan Stanley
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