|November 13, 2012|
|10:00 EDT||TRNX, SYUT, LYB, BRFS, SCOR, RGP, LL, PACD, WLK, MCP, CJES||On 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
|October 5, 2015|
|08:33 EDT||BRFS||BRF S.A. downgraded to Sell from Neutral at Goldman|
Goldman downgraded BRF S.A. to Sell due to valuation and likely risk to consensus margin estimates.
|October 2, 2015|
|16:46 EDT||SCOR||Stocks end week higher after Friday reversal following disappointing jobs data|
U.S. markets fell sharply following a weaker than expected nonfarm payrolls report on Friday morning, but rallied back to finish the day, and the week, slightly higher. MACRO NEWS: In the U.S., 142,000 nonfarm jobs were added last month, missing expectations for 201,000 job additions. Average hourly earnings were flat month-over-month, compared to expectations for them to rise 0.2% in September. The unemployment rate held at 5.1%, as expected. Factory orders fell 1.7% in August, versus expectations for them to drop 1.2%. Personal income grew 0.3% in August, versus expectations for it to rise 0.4%. Personal spending rose 0.4% last month, versus expectations for growth of 0.3%. Consumer confidence unexpectedly rose in September, as a confidence reading strengthened to 103.0. Markit's manufacturing purchasing managers' index inched up to 53.1 in the final September reading, compared to the preliminary September figure of 53.0. ISM's manufacturing index fell to 50.2 in September, versus expectations for a reading of 50.6... Chinese markets will be closed for "Golden Week" from October 1 to October 7, but monthly manufacturing data was still released. The government's official manufacturing PMI ticked up to 49.8, beating expectations for a 49.6 reading, while the final Caixin/Markit PMI fell to 47.2 in September, though that was slightly improved from an earlier flash estimate of 47. In Japan, the central bank's quarterly tankan survey of large manufacturers for the September quarter came in at positive 12, compared with expectations for a positive 13 reading. Elsewhere in Asia, the Reserve Bank of India made a larger than expected cut to its interest rates, lowering its benchmark policy rate to 6.75% from 7.25%... In Europe, Markit's final Eurozone manufacturing PMI for September came in at 52.0, down from August's final 52.3 reading but still in expansion territory. COMPANY NEWS: Apple (AAPL) reported that it set a record by selling more than 13M new iPhone 6s and iPhone 6s Plus models in the first three days after launch of the devices. However, shares of the tech giant slid following the announcement... Biotech stocks continued recent declines, with Valeant (VRX) dropping after a group of Democratic congressmen urged additional scrutiny of the company's "price hike" business model... Re/code's Kara Swisher and Kurt Wagner reported, citing sources, that Twitter (TWTR) founder and interim CEO Jack Dorsey was set to be named permanent Chief Executive, possibly as soon as Thursday, but no announcement had been made by the company by the end of the week. Shares of Gap (GPS) and Ralph Lauren (RL) moved in opposite directions after an executive for one left to take over for an icon at the other. At least three research firms downgraded Gap shares to sell or equivalent ratings and the stock fell after Stefan Larsson stepped down as global president of Old Navy in order to become the new Chief Executive Officer of Ralph Lauren, while the latter company's shares were upgraded and traded higher in the wake of the executive shake-up... On the M&A front, Reynolds American (RAI) announced that the international rights to the Natural American Spirit brand name and associated trademarks will be sold to the Japan Tobacco Group in an all-cash transaction with a value of about $5B. Nexstar (NXST) proposed to acquire Media General (MEG) for a combination of cash and shares that was valued at $14.50 per Media General share before the proposal was made public on September 28. Media General, which previously announced an agreement to buy Meredith Corporation (MDP), said it would "carefully review and consider the proposal" with the help of its advisors. Shares of Rentrak (RENT) and comScore (SCOR) both advanced after the companies announced a stock-for-stock merger agreement... General Motors (GM) reported its U.S. sales grew 12% in September compared to the same month of last year. Additionally, the auto giant hosted a global business update event, where it announced two new car- and ride-sharing projects and confirmed its plans to jointly develop a commercially viable fuel cell vehicle with Honda (HMC) in the 2020 timeframe. Meanwhile, Ford (F) said its U.S. sales rose 23% in September and Fiat Chrysler's (FCAU) U.S. sales increased 14% last month... FXCM (FXCM) disclosed that it was the victim of a cybersecurity attack involving "a small number of unauthorized wire transfers from customer accounts" and Experian (EXPGY) announced that one of its units experienced an attack by hackers that exposed data from its client T-Mobile (TMUS)... Wynn Resorts (WYNN), Las Vegas Sands (LVS), MGM Resorts (MGM) and Melco Crown (MPEL) all advanced at the end of the week following reports that the Chinese government may provide economic support to the gaming center Macau, where the companies operate casinos. INDEXES: The Dow gained about 0.96% to close at 16,472.37, the S&P 500 rose about 1.02% to close at 1,951.36, and the Nasdaq advanced about 0.43% to close at 4,707.77.
|14:54 EDT||LL||Lumber Liquidators November elevated at 104|
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|10:10 EDT||LL||Options with increasing implied volatility|
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|October 1, 2015|
|10:32 EDT||LYB||Bernstein U.S. chemicals analysts hold an analyst/industry conference call|
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|05:41 EDT||LYB||LyondellBasell acquires SJS Plastiblends |
LyondellBasell announced the acquisition of SJS Plastiblends, thereby advancing the company's position in India's expanding automotive market. In August, LyondellBasell announced a definitive agreement to acquire SJS, a polypropylene compounds manufacturer located in Aurangabad, Maharashtra, India. The Aurangabad compounding plant has an annual production capacity of approximately 12,000 metric tons. In addition to the already existing product lines, the facility will produce LyondellBasell's Hostacom glass fiber-reinforced, mineral filled and unfilled colored grades as well as Hifax high impact thermoplastic olefins. These products are used in the manufacture of automotive parts, home appliances and other applications.
|September 30, 2015|
|16:34 EDT||SCOR||On The Fly: Top stock stories for Wednesday|
Stocks on Wall Street were sharply higher in the last day of the third quarter, but not by nearly enough to turn any of the major averages positive on a quarterly basis. The Dow ended the quarter with a loss of about 7.6%, the Nasdaq slid 7.4% and the S&P has lost 7% in the last three months. Investors hope the fourth quarter will be more profitable and the non-farm payrolls report for September and the kickoff of earnings season, which are both on the near-term horizon, will certainly have a say in whether that is the case. ECONOMIC EVENTS: In the U.S., payroll processor ADP reported that 200,000 jobs were added this month, topping expectations for 190,000 job additions. The Chicago PMI business barometer index fell to 48.7 in September, missing expectations for a reading of 53.6. Additionally, the Senate passed a continuing resolution, officially funding the government through December 11. In China, important data, including manufacturing PMIs and Caixin readings, will be released overnight, but Chinese markets will be closed for "Golden Week" from October 1 to October 7. COMPANY NEWS: Shares of Gap (GPS) and Ralph Lauren (RL) moved in opposite directions after an executive for one left to take over for an icon at the other. Stefan Larsson will step down as global president of Old Navy in order to become the new Chief Executive Officer of Ralph Lauren, replacing the man who founded the company that bears his name. At least three research firms downgraded Gap shares to sell or equivalent ratings and the stock fell 5.69% to $28.50 in the wake of the executive shake-up, while Ralph Lauren shares advanced 13.56% to $118.16... Re/code's Kara Swisher and Kurt Wagner reported, citing sources, that Twitter (TWTR) founder and interim CEO Jack Dorsey is set to be named permanent Chief Executive, possibly as soon as Thursday. Re/code noted that Dorsey will remain as CEO of Square, the payments company he also founded, and that the company is likely to reconfigure its board of directors, beginning with the departure of former CEO Dick Costolo. MAJOR MOVERS: Among the notable gainers were Rentrak (RENT) and comScore (SCOR), which advanced a respective 24.61% and 11.29% after announcing a stock-for-stock merger agreement. Also higher was Western Digital (WDC), which gained $10.57, or 15.35%, to $79.44 after a subsidiary of China's Tsinghua Holdings agreed to take a 15% stake in the company. Additionally, Synaptics (SYNA) rose 27.31% to $82.46 after Bloomberg reported that the company rejected a $110 per share bid from a state-backed Chinese investment group. Among the noteworthy losers was Barracuda Networks (CUDA), which crashed $8.01, or 34.01%, to $15.54 after its quarterly results and future guidance both fell short of analyst expectations. Also lower was Mellanox (MLNX), which fell $2.00, or 5.03%, to $37.79 after agreeing to acquire EZchip (EZCH) but failing to reiterate its guidance on a subsequent conference call. Separately, Universal Truckload (UACL) plunged 18.91% to $15.57 after guiding its Q3 results significantly below consensus estimates, after which the stock saw downgrades at research firms BB&T and Citi. INDEXES: The Dow advanced 235.57, or 1.47%, to 16,284.70, the Nasdaq added 102.84, or 2.28%, to 4,620.17, and the S&P 500 rose 35.94, or 1.91%, to 1,920.03.
|14:14 EDT||SCOR||Shareholder Huff says will vote in favor of Rentrak, comScore merger|
William Huff, Managing General Partner of WRH Partners II, provided the following comment on the merger of Rentrak (RENT) and comScore (SCOR): "I am highly supportive of merging Rentrak and comScore and will vote in favor of the transaction. I believe that this deal has incredible strategic logic and will produce tremendous synergies. The combination will have a big multiplier effect and unlock substantial shareholder value. This multiscreen measurement solution will serve as a unique industry platform which is well positioned for dramatic growth over the next five years."
|13:39 EDT||SCOR||Analysts, investors cheer Rentrak, comScore merger plan|
Shares of both Rentrak (RENT) and comScore (SCOR) are driving higher in afternoon trading after the companies announced a stock-for-stock merger agreement following Tuesday's session close. The move could see the companies developing new, compelling products to track cross-platform media consumption amid changing viewership trends, according to executives and analysts. MERGER: Rentrak and comScore announced a stock-for-stock merger agreement that will see comScore shareholders owning approximately 66.5% of the combined company and Rentrak shareholders owning roughly 33.5%. comScore's current CEO, Serge Matta, will lead the combined company as Chief Executive, while Rentrak CEO Bill Livek will transition to executive vice chairman and president. The combined company expects total synergies of at least $20M in 2016 and at least $35M in 2017, with those figures "very, very heavily" weighted towards revenue, as noted by comScore CFO Mel Wesley. EXECUTIVE COMMENTARY: On a conference call discussing the merger agreement, comScore Chief Executive Matta remarked that the media industry is at an "inflection point" in terms of consumer behavior, which is trending towards cross-platform, cross-device, delayed media viewing. Rentrak Chief Bill Livek explained that the combined company will be capable of delivering cross-platform viewership and advertising metrics "that account for all of the ways in which content is consumed," something that the industry has been "pleading" for, according to Livek. ANALYST TAKE: William Blair analyst Timothy McHugh weighed in on the merger, saying that while both companies previously had some fledgling cross-platform initiatives, their combined capability is undoubtedly stronger. McHugh added that the industry "ultimately appears headed" towards cross-media consumption habits, to which the combined company should be better positioned to respond. On the other hand, Rentrak-comScore still cannot truly challenge Nielsen's (NLSN) TV metrics even as the company develops similar cross-platform capabilities, said McHugh, though he did acknowledge that the deal looks incrementally negative for Nielsen. Meanwhile, Needham analyst Laura Martin said the "compelling" deal still relies on the merged company's eventual cross-platform products, which must be seen as unknowns at this point. Martin downgraded Rentrak to Buy from Strong Buy and cut her price target to $60 from $85, noting that if the deal fails, she believes there are other potential purchasers for Rentrak. PRICE ACTION: Shares of Rentrak are up about 24% to roughly $54 in Wednesday afternoon trading, while comScore has risen about 12% to trade above $46 per share. Meanwhile, Nielsen has slipped about 2.5% to $44 per share.
|12:10 EDT||SCOR||On The Fly: Top stock stories at midday|
Stocks on Wall Street were higher at midday as the unquestionably hard quarter looks like it will end on an up note. Relief, as well as end of the quarter window dressing, may be the main drivers of this morning's rebound as investors are certainly ready to turn the page on the third quarter with the monthly non-farm payrolls report and the start of earnings season on the horizon. ECONOMIC EVENTS: In the U.S., payroll processor ADP reported that 200,000 jobs were added this month, topping expectations for 190,000 job additions. The Chicago PMI business barometer index fell to 48.7 in September, missing expectations for a reading of 53.6. Additionally, the Senate passed a continuing resolution, officially funding the government through December 11. COMPANY NEWS: Shares of two clothing companies moved in opposite directions after an executive for one left to take over for an icon at the other. Last night, Gap (GPS) announced that Stefan Larsson will step down as global president of Old Navy effective October 2. Larsson is leaving Gap to become the new Chief Executive Officer of Ralph Lauren (RL), replacing the man who founded the company that bears his name. At least three research firms downgraded Gap shares to sell or equivalent ratings and the stock fell 7% in the wake of the executive shake-up, while Ralph Lauren shares were upgraded to Buy at UBS and the stock advanced 12% near noon. MAJOR MOVERS: Among the notable gainers were Rentrak (RENT) and comScore (SCOR), which gained 20% and 9%, respectively, after the companies agreed to a stock-for-stock merger. Also higher were shares of Western Digital (WDC), which rallied 14.5% after Unisplendour, a unit of China's Tsinghua Holdings, struck a deal to buy a 15% stake in the U.S. data storage company. Among the noteworthy losers was Barracuda Networks (CUDA), whose shares plunged 35% after the IT security and storage solutions company reported lower than expected revenue and provided weaker than expected guidance. Also lower were shares of Mellanox (MLNX), which were down 9% after the company agreed to acquire EZchip (EZCH) in a transaction implying a value of approximately $811M, or roughly $620M net of cash. Potentially overshadowing the deal was the fact that the company failed to reiterate its guidance despite being asked repeatedly by analysts on today's acquisition conference call, Summit Research analyst Srini Nandury told investors in a research note. EZchip, which will be bought for a cash purchase price of $25.50 per share, rose 14% following the deal announcement. INDEXES: Near midday, the Dow was up 128.64, or 0.8%, to 16,177.77, the Nasdaq was up 56.46, or 1.25%, to 4,573.78, and the S&P 500 was up 18.68, or 0.99%, to 1,902.77.
|11:48 EDT||TRNX||FTC requires divestitures as condition of Wright Medical, Tornier merger|
Wright Medical Group (WMGI) and Tornier (TRNX) have agreed to sell Tornier's U.S. rights and assets related to its total ankle replacements and total silastic toe joint replacements to resolve Federal Trade Commission charges that the proposed $3.3B merger would illegally reduce competition for these devices, the FTC announced. Under the proposed settlement, Wright and Tornier will divest the rights and assets to these devices to Integra Lifesciences (IART) and provide Integra with intellectual property, manufacturing technology, and existing inventory, as well as other assets and assistance to ensure that Integra can effectively compete in the markets. The proposed order also requires Wright and Tornier to supply Integra with total ankle replacements for up to three years and total silastic toe joint replacements for up to a year, while Integra transitions to become an independent competitor in these markets.
|09:16 EDT||SCOR||comScore deal to improve competitive positioning, says Oppenheimer|
After comScore (SCOR) agreed to buy Rentrak (RENT), Oppenheimer says that the merger "significantly increases (the company's) competitive positioning with respect to digital media analytics and measurement" The firm thinks that the deal strengthens comScore's cross-platform and video offerings. It keeps a $68 price target and Outperform rating on the shares. .
|09:02 EDT||SCOR||comScore acquisition positive, says SunTrust|
After comScore (SCOR) agreed to buy Rentrak (RENT), SunTrust says that comScore's valuation is attractive, if it is able to obtain the synergies that it's projecting from the deal. The firm notes that comScore's customers thinks the deal has "strategic merti." The firm keeps a Buy rating on comScore.
|07:14 EDT||SCOR||comScore, Rentrak merger makes lot of strategic sense, says William Blair|
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|07:13 EDT||LYB||LyondellBasell management to meet with Deutsche Bank|
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|September 29, 2015|
|17:17 EDT||SCOR||Rentrak up 13% after merger agreement with subsidiary of comScore |
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|16:21 EDT||SCOR||Rentrak, comScore announce stock-for-stock merger agreement|
comScore (SCOR) and Rentrak (RENT) announced that the companies have entered into a definitive merger agreement under which the companies will combine in a stock-for-stock merger. Pursuant to the terms of the merger, which has been approved by the boards of both companies, Rentrak will merge into a wholly-owned subsidiary of comScore, and each share of Rentrak will be converted into the right to receive 1.15 shares of comScore. comScore shareholders are expected to own approximately 66.5% and Rentrak shareholders are expected to own approximately 33.5% of the combined company on a fully diluted basis. comScore's current CEO, Serge Matta, will lead the combined company as CEO. Magid Abraham will remain as the executive chairman of the board. Bill Livek, Rentrak's current vice chairman and CEO, will serve as the company's executive vice chairman and president. Mel Wesley will continue as CFO, and David Chemerow, Rentrak's current COO and CFO, will serve as a strategic advisor to the CEO, focused on the integration of the two companies. The combined company's board will consist of twelve directors -- eight from comScore and four from Rentrak. "This merger also recognizes the critical importance of combining digital and TV assets for next generation media measurement, which requires a higher degree of precision at both a national and local market level," remarked Serge Matta. comScore expects the transaction to be mildly dilutive to its adjusted EPS in 2016, and accretive in 2017. The combined company is expected to have total synergies of at least $20M in 2016 and at least $35M in 2017. The company also anticipates a significant portion of the synergies to be revenue related, which it expects to grow over time with an "attractive" contribution margin. The transaction is expected to be completed by early 2016.
|16:16 EDT||SCOR||Rentrak to merge into wholly-owned subsidiary of comScore|
|16:14 EDT||SCOR||comScore, Rentrak to merge in stock-for-stock transaction|
|September 28, 2015|
|07:09 EDT||LYB||LyondellBasell management to meet with Deutsche Bank|
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