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Stock Market & Financial Investment News

News Breaks
July 5, 2013
10:29 EDTMJN, HINKY, MPC, ELX, PWE, HFC, CLMTOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Calumet Specialty (CLMT) downgraded to Underperform from Neutral at BofA/Merrill... Emulex (ELX) downgraded to Hold from Buy at Argus... Heineken (HINKY) downgraded to Underweight from Neutral at JPMorgan... HollyFrontier (HFC) downgraded to Neutral from Buy at National Securities... Marathon Petroleum (MPC) downgraded to Neutral from Buy at BofA/Merrill... Mead Johnson (MJN) downgraded to Equal Weight from Overweight at Morgan Stanley... Penn West Exploration (PWE) downgraded to Sell from Neutral at Dundee.
News For CLMT;ELX;HINKY;HFC;MPC;MJN;PWE From The Last 14 Days
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September 3, 2015
08:04 EDTHFCHollyFrontier, Holly Energy agree in principle El Dorado unit acquisition
HollyFrontier Corporation (HFC) and Holly Energy Partners, L.P. (HEP) announced an agreement in principle for the acquisition by Holly Energy of the newly constructed naphtha fractionation and hydrogen generation units at HollyFrontier's El Dorado refinery. Holly Energy is expected to pay HollyFrontier cash consideration of approximately $62M, subject to the execution of definitive agreements and other customary closing conditions. Both HollyFrontier and Holly Energy expect the proposed transaction will close during the fourth quarter of 2015. In connection with the closing of the proposed transaction, HollyFrontier and Holly Energy expect to enter into 15-year tolling agreements containing minimum quarterly throughput commitments from HollyFrontier. Holly Energy expects that the transaction will be immediately accretive to unitholders.
September 1, 2015
16:26 EDTPWEOn The Fly: Top stock stories for Tuesday
Stocks began the session deep in negative territory and remained there throughout the session. The weakness was attributed to the release of poor economic data out of China that confirms the world's second largest economy is slowing. There was little help from the day's domestic economic reports, as the construction spending and ISM manufacturing data came out roughly in-line with expectations. The market pared its losses slightly just before the lunch hour, but then the sellers regained control and pushed the averages down further with no sign of a rally prior to the close. ECONOMIC EVENTS: In China, the government's official manufacturing purchasing manager's index fell to 49.7 in August, indicating contraction and marking its worst PMI reading in three years. In the U.S., the Institute for Supply Management's manufacturing index for August came in at 51.1, below the consensus forecast for a reading of 52.5. Markit's manufacturing PMI for last month came in at 53.0 in its final reading, slightly beating expectations for a 52.9 reading. Construction spending rose 0.7% in July, beating/missing expectations for spending to have grown 0.6% in the month. In Europe, the final Eurozone manufacturing PMI for August came in at 52.3, which was a tick down from the flash reading of 52.4 and from July's final 52.4 reading. The EU's statistics agency said the eurozone's unemployment rate fell to 10.9% during July, marking the area's lowest unemployment figure since February 2012. COMPANY NEWS: Ford (F) reported August U.S. sales that it said were its best in nine years, growing its sales by 5% to 234,237 vehicles last month, but its shares slipped 1.08% to $13.72 amid the broader market weakness. General Motors (GM) fell 2.75% to $28.63 after the company reported its U.S. sales slipped 0.7% to 270,480 vehicles in August, while Fiat Chrysler (FCAU) shares slid 3.4% to $13.65 after the company reported its U.S. sales increased 1.7% last month to 201,672 units... Shares of streaming video giant Netflix (NFLX) fell $9.39, or 8.16%, to $105.64 after Variety reported that Apple (AAPL) is exploring an entry into the original programming business and Amazon (AMZN) announced it expanded Prime Video downloads to the iOS and Android platforms. MAJOR MOVERS: Among the notable gainers was drugmaker Trevena (TRVN), which surged 51% to $9.06 after reporting that its study of post-surgery painkiller TRV130 met its primary endpoint. Also higher was Internap (INAP), which gained 12% to $8.93 after disclosing that it is exploring strategic alternatives. Among the noteworthy losers was Penn West (PWE), which declined about 16.5% to 64c after suspending its dividend and announcing plans to cut its global workforce by 35% amid the weak commodity price environment. Also lower were both Westport (WPRT) and Fuel Systems (FSYS), which lost a respective 5.93% and 4.23%, after agreeing to merge and reiterating current revenue outlooks for both companies. Additionally, Dollar Tree (DLTR) fell 9.2% to $69.22 after its pre-market earnings report. Note that in a regulatory filing last night, the company disclosed that it does not plan to pay a dividend following its combination with Family Dollar. INDEXES: The Dow dropped 469.68, or 2.84%, to 16,058.35, the Nasdaq lost 140.40, or 2.94%, to 4,636.10, and the S&P 500 fell 58.33, or 2.96%, to 1,913.85.
11:38 EDTHFCHollyFrontier and Holly Energy Partners hold a joint analyst day
Joint Analyst Day is being held in Dallas, Texas on September 3 at 9 am. Webcast Link
06:12 EDTPWEPenn West sees FY15 production 86K-90K boe/d
The company said, "We have updated our guidance given the impact of the $414 million in asset dispositions to date and the further planned reductions in our capital programs. Our revised 2015 capital budget is $500 million, representing capital expenditures of approximately $245 million in the second half of 2015. Our revised 2015 production guidance range is 86,000 - 90,000 boe/d. Although we continue to view funds flow from operations to be an important metric, we will shift our focus to providing guidance on our controllable costs given the continuing volatility in commodity prices. Consequently, we expect our operating costs for the year to be between $19.25/boe and $19.75/boe, while our G&A is expected to be between $2.80/boe and $3.05/boe."
06:12 EDTPWEPenn West sees further 10% reduction in well drilling, completion, tie-up costs
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06:11 EDTPWEPenn West committed to pursuing additional non-core sales to reduce debt
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06:09 EDTPWEPenn West in compliance with all financial covenants
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06:08 EDTPWEPenn West to reduce total workforce by 35%
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06:07 EDTPWEPenn West to suspend dividend until further notice, reduces board compensation
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06:06 EDTPWEPenn West to limit CapEx to funds flow from operations by end of 2015
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06:05 EDTPWEPenn West announces further actions to commodity price environment
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06:02 EDTPWEPenn West announces dividend suspension, 35% workforce reduction
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August 26, 2015
10:00 EDTMPCOn The Fly: Analyst Upgrade Summary
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07:05 EDTMPCMarathon Petroleum upgraded to Overweight from Neutral at JPMorgan
JPMorgan upgraded Marathon Petroleum to Overweight with a $61 price target. The firm believes Marathon's valuation is too attractive to ignore and the weaker Q2 capture rate was transitory and risks are reflected in shares.
August 24, 2015
09:45 EDTMPCOn The Fly: Analyst Downgrade Summary
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07:24 EDTHFCHollyFrontier downgraded to Underperform from Neutral at BofA/Merrill
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07:24 EDTMPCMarathon Petroleum downgraded to Underperform from Neutral at BofA/Merrill
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August 21, 2015
10:02 EDTCLMTOn The Fly: Analyst Initiation Summary
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August 20, 2015
16:27 EDTCLMTCalumet Specialty Products initiated with a Buy at Janney Capital
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