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Stock Market & Financial Investment News

News Breaks
March 18, 2013
11:46 EDTCLF, RHTStocks with call strike movement; CLF RHT
Cliffs Natural (CLF) May 25 call option implied volatility increased 1% to 54, Red Hat (RHT) April 57.5 call option implied volatility increased 5% to 48 according to iVolatility.
News For CLF;RHT From The Last 14 Days
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February 5, 2016
06:42 EDTCLFCliffs Natural solvency concerns mounting, says Deutsche Bank
Deutsche Bank analyst Jorge Beristain says that while successful execution of the recently announced debt exchange offer could bring a short-term catalyst for shares of Cliffs Natural, it may not alter medium-term solvency concerns. Post the company's Q4 results, the analyst cut his price target for the shares to $1.00 from $1.50 on lower iron ore realizations. He believes solvency concerns are mounting and reiterates a Sell rating on Cliffs.
February 4, 2016
10:00 EDTRHTOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ADTRAN (ADTN) upgraded to Market Perform from Underperform at Cowen... Alpha & Omega (AOSL) upgraded to Outperform from Market Perform at Northland... Ambarella (AMBA) upgraded to Buy from Neutral at Dougherty... ArcBest (ARCB) upgraded on valuation at Stifel... Arlington Asset Investment (AI) upgraded to Buy from Neutral at Ladenburg... Atwood Oceanics (ATW) upgraded to Accumulate from Hold at KLR Group... Buffalo Wild Wings (BWLD) upgraded to Outperform from Market Perform at Raymond James... C.H. Robinson (CHRW) upgraded to Outperform from Market Perform at Raymond James... CDK Global (CDK) upgraded to Outperform from Market Perform at Barrington... Cadence Design (CDNS) upgraded on valuation, guidance at DA Davidson... China Unicom (CHU) upgraded to Buy from Hold at HSBC... Cloud Peak (CLD) upgraded to Market Perform from Underperform at FBR Capital... Cree (CREE) upgraded to Outperform from Market Perform at Northland... CrossAmerica (CAPL) upgraded to Outperform from Neutral at Baird... Hub Group (HUBG) upgraded on results at Stifel... Kennametal (KMT) upgraded to Neutral from Underperform at Longbow... Lannett (LCI) upgraded to Buy from Hold at Craig-Hallum... Lowe's (LOW) upgraded to Conviction Buy from Buy at Goldman... Mattel (MAT) upgraded to Buy from Sell at Argus... New Oriental Education (EDU) upgraded to Buy from Neutral at Mizuho... Olin Corp. (OLN) upgraded to Buy from Neutral at Monness Crespi... RONA (RONAF) upgraded to Equal Weight from Underweight at Barclays... Red Hat (RHT) upgraded to Outperform from Market Perform at Cowen... Wayfair (W) upgraded to Buy from Neutral at Goldman... Whirlpool (WHR) upgraded to Buy from Neutral at Goldman... Yahoo (YHOO) upgraded to Buy from Neutral at Citi... Zumiez (ZUMZ) upgraded to Buy from Hold at Brean Capital... adidas (ADDYY) upgraded to Buy from Neutral at Goldman.
06:57 EDTRHTRed Hat upgraded to Outperform from Market Perform at Cowen
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February 2, 2016
12:10 EDTRHTRed Hat management to meet with William Blair
Field trip to company headquarters to be held in Raleigh, NC on February 8 hosted by William Blair.
February 1, 2016
16:24 EDTCLFMesabi Trust receives royalty report of iron ore product shipments from Cliffs
On January 29, the Trustees of Mesabi Trust (MSB) received the quarterly royalty report of iron ore product shipments from Silver Bay, Minnesota during the quarter ended December 31, 2015 from Cliffs Natural Resources (CLF), the parent company of Northshore Mining Company. As previously reported, on January 15, 2016, the Trustees declared a distribution of 5c per Unit of Beneficial Interest payable on February 20 to Mesabi Trust Unitholders of record at the close of business on January 30. As reported by Cliffs, based on shipments of iron ore products by Northshore during the three months ended December 31, 2015, Mesabi Trust was credited with a base royalty of $2.86M. Mesabi Trust also was credited with a bonus royalty in the amount of $271,153, based on the average sales price per ton of iron ore pellets and the volume of shipments by Northshore during the fourth calendar quarter of 2015. Royalties paid to Mesabi Trust, however, reflected a reduction of $797,170 as a result of negative pricing adjustments to base and bonus royalty calculations related to changes in price estimates made in the previous calendar quarters of 2015. Accordingly, the total royalty payments received on January 29, 2016 by Mesabi Trust from Northshore were $2.42M. The royalties paid to Mesabi Trust are based on the volume of shipments of iron ore pellets for the quarter and the year to date, the pricing of iron ore product sales, and the percentage of iron ore pellet shipments from Mesabi Trust lands rather than from non-Mesabi Trust lands. In the fourth calendar quarter of 2015, Northshore credited Mesabi Trust with 981,102 tons of iron ore, as compared to 1,244,364 tons during Q4 of 2014.
08:50 EDTRHTRed Hat management to meet with JPMorgan
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January 27, 2016
09:12 EDTCLFOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Biogen (BIIB), up 5.6%... Hawaiian Holdings (HA), up 6.7%... Capital One (COF), up 1.5%. ALSO HIGHER: Capnia (CAPN), up 34.1% after entering into an exclusive distribution agreement with Bemes... Fate Therapeutics (FATE), up 18.6% after announcing that the FDA has cleared the company's investigational new drug application for ProTmune... Raptor Pharmaceutical (RPTP), up 12.1% after being upgraded to Buy from Neutral at Citi... Aquinox (AQXP), up 5.6% after Baker Bros. buys 140,786 shares in the company... Sunedison (SUNE), up 7.4% after SunEdison and Greenlight Capital announced that they have mutually agreed to corporate governance initiatives... Citizens Financial Group (CFG), up 3% after it will be added to the S&P 500... Terex (TEX), up 5.2% after being upgraded to Neutral from Underweight at JPMorgan. DOWN AFTER EARNINGS: Tupperware Brands (TUP), down 11.4%... VMware (VMW), down 6.5%... Textron (TXT), down 9.9%... Cliffs Natural (CLF), down 5.8%... Boeing (BA), down 6.2%... Fiat Chrysler (FCAU), down 3%... Apple (AAPL), down 3.4%. ALSO LOWER: Priceline (PCLN), down 2.9% after being downgraded to Neutral from Buy at Goldman... Bed Bath & Beyond (BBBY), down 4.2% after being downgraded at Citi and KeyBanc... Tripadvisor (TRIP), down 5.5% after being downgraded to Sell from Neutral at Goldman.
08:07 EDTCLFCliffs Natural sees FY16 CapEx $50M vs. $83M in FY15
For 2016, Cliffs expects full-year sales volume of approximately 17.5 million tons from its U.S. Iron Ore business. In order to reduce pellet inventory levels and generate cash flow from working capital, the Company currently plans to produce approximately 16 million tons of iron ore pellets. Cliffs' full-year 2016 U.S. Iron Ore cash production cost per ton expectation is $50 - $55. The Company's cash cost of goods sold per ton expectation is $55 - $60, representing a reduction of $5 from the previously disclosed 2016 cash costs of goods sold per ton expectation of $60 - $65. Cliffs anticipates depreciation, depletion and amortization to be approximately $7 per ton for full-year 2016. The Company remains in active negotiations with the United Steelworkers and is committed to reaching a fair and equitable agreement. The current contract has been extended by mutual agreement of both parties. The contract extension covers approximately 2,200 USW-represented workers at Cliffs' Empire and Tilden mines in Michigan, and its United Taconite and Hibbing Taconite mines in Minnesota. Cliffs' full-year 2016 Asia Pacific Iron Ore expected sales and production volume is approximately 11.5 million tons. The product mix is expected to contain 50 percent lump and 50 percent fines. The Company expects full-year 2016 interest expense to be approximately $240 million, of which approximately $205 million is cash interest. Cliffs expects full-year 2016 capital expenditures to be $50 million, a significant reduction compared to 2015 expenditures of $83 million. The reduction is driven by the divestiture of the remaining coal assets as well as spending discipline exhibited in the U.S. Iron Ore business.
08:06 EDTCLFCliffs Natural reports Q4 US Iron Ore total sales volume 4.5M
U.S. Iron Ore pellet sales volume in the fourth quarter of 2015 was 4.5 million tons, a 42 percent decrease when compared with 7.8 million tons sold in the fourth quarter of 2014. The decrease was driven principally by the termination of a customer contract, lower demand from U.S. mills and higher sales in the comparable quarter in the prior year from the delayed start-up of the 2014 shipping season. Cash production cost per ton in U.S. Iron Ore was $45.36, down 23 percent from $58.96 in the prior year's fourth quarter. The decrease was driven by lower employment costs, reduced maintenance and repair costs, and year-over-year lower energy rates. Reports Q4 US Iron Ore total production volume 4.5M. Fourth-quarter 2015 Asia Pacific Iron Ore sales volume of 2.9 million was flat compared to the fourth quarter of 2014.
08:04 EDTCLFCliffs Natural reports Q4 cont ops EPS (14c), consensus (26c)
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January 26, 2016
14:32 EDTCLFNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Novartis (NVS), consensus $1.18... Boeing (BA), consensus $1.26... United Technologies (UTX), consensus $1.52... Biogen (BIIB), consensus $4.08... EMC (EMC), consensus 65c... General Dynamics (GD), consensus $2.38... Anthem (ANTM), consensus $1.22... Illinois Tool Works (ITW), consensus $1.21... State Street (STT), consensus $1.18... Norfolk Southern (NSC), consensus $1.24... Progressive (PGR), consensus 47c... St. Jude Medical (STJ), consensus $1.01... Rockwell Automation (ROK), consensus $1.33... Textron (TXT), consensus 83c... Hess (HES), consensus ($1.47)... Cliffs Natural (CLF), consensus (26c).
10:34 EDTRHTBattleground: BofA says sell NetSuite, DA Davidson still bullish
Over the last two days, analysts have issued mixed views on NetSuite (N), with Bank of America Merrill Lynch and Stephens downgrading the shares, while research firm DA Davidson argued in its own note to investors that the company should report better than expected fourth quarter results on January 28. NetSuite develops cloud based financial and enterprise resource planning, or ERP, tools for businesses. BEARISH TAKE: Bank of America Merrill Lynch analyst Kash Rangan downgraded NetSuite to Underperform, the firm's equivalent of a sell rating, from Neutral today. The company has increased its sales force by about 40%, but its billings are accelerating by only about 30%, the analyst stated. Moreover, NetSuite's operating margins are expected to come in at only about 4% in 2016, making it difficult for investors to value the stock on a price to earnings or enterprise value to free cash flow basis, Rangan believes. The stock may face obstacles if its billings growth doesn't accelerate significantly or if its operating margin doesn't increase to 10%-12%, Rangan wrote. Meanwhile, the company is facing tough competition from Microsoft (MSFT) in the mid-market and from other players at the lower end, according to the analyst, who cut his price target on the name to $80 from $95. Also writing that NetSuite is facing increased competition, Stephens analyst Alex Zukin yesterday downgraded the stock to Equal Weigh from Overweight. These competitive pressures along with changes to the company's organizational structure, the loss of a number of its "marquee" customers, and its premium valuation, led to the downgrade, Zukin stated. He slashed his price target on the stock to $75 from $100. BULLISH TAKE: NetSuite's Q4 results should beat expectations, with revenue coming in at $207.6M, above the company's guidance range of $202M-$205M and the consensus outlook of $204.4M, predicted DA Davidson analyst Jack Andrews. The company will report EPS of 5c, versus the consensus outlook of 4c, estimated Andrews. NetSuite can continue to increase its market share at the expense of mid-tier ERP vendors, believes the analyst, who reiterated a $130 price target and Buy rating on the shares. WHAT'S NOTABLE: In the same note to investors this morning, Merrill Lynch's Rangan also downgraded Paylocity (PCTY) and Marketo (MKTO) to Underperform from Neutral and it cut his rating on Red Hat (RHT) to Neutral from Buy. Paylocity provides payroll and human capital management software to medium businesses, while Marketo provides cloud-based marketing tools and Red Hat provides open source software solutions. PRICE ACTION: In early trading, NetSuite fell 3.6% to $65.45.
07:11 EDTRHTRed Hat downgraded to Neutral from Buy at BofA/Merrill
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