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February 12, 2013
19:09 EDTTRLA, AVEO, CLF, SAPE, GE, RAX, MCO, RPXC, CMCSA, NTGR, TVLOn The Fly: After Hours Movers
HIGHER: Comcast (CMCSA), up 6.2% after announcing it would acquire the remaining 49% stake in its NBCUniversal joint venture with General Electric (GE) it does not already own for $16.7B. Comcast also announced it would acquire $1.4B in property assets from GE, raised its dividend, and reported Q4 results that were in-line with Street estimates. Shares of GE were up 3.3% following the announcement, as GE also announced an increase in its share buyback program to $35B... UP AFTER EARNINGS: Trulia (TRLA), up 12.7%... RPX Corp (RPXC), up 12.2%... Sapient (SAPE), up 3.3%... ALSO HIGHER: LIN TV (TVL), up 5% after saying it will recognize a taxable gain of $715.5M following a transaction for a subsidiary of the company to exit a joint venture with NBC following the Comcast, GE transaction... Moody's (MCO), up 2.4% after announcing a $1B increase in its share repurchase authorization... DOWN AFTER EARNINGS: Cliffs Natural (CLF), down 9.6% after its Q4 report and announcing a cut in its dividend... NetGear (NTGR), down 6.8%... Rackspace (RAX), down 9.5%... ALSO LOWER: Aveo (AVEO), down 6.2% after announcing overall survival results from its TIVO-1 study.
News For CMCSA;GE;TRLA;RPXC;SAPE;TVL;MCO;CLF;NTGR;RAX;AVEO From The Last 14 Days
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February 1, 2016
08:32 EDTGEGE Hitachi Nuclear Energy completes services outage at PWR facility
GE Hitachi Nuclear Energy announced the successful completion of its first services outage at a Pressurized Water Reactor, or PWR, facility. The outage, completed in partnership with Exelon Generation at the R.E. Ginna Nuclear Power Plant in Ontario, New York, was completed under budget and ahead of schedule with no safety-related or human performance issues. GEH is a part of a global nuclear alliance created by GE and Hitachi to serve the global nuclear industry.
05:46 EDTGEGE Oil & Gas reports over $700M of customer agreements
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05:44 EDTGEGE Oil & Gas announces investments in Italy worth $600M
GE Oil & Gas announced a new Memorandum of Understanding that will lead to the investment of $600M over the next five years in Italy. The MoU was signed today in Florence by GE Oil & Gas at a ceremony attended by the Minister of Economic Development Federica Guidi, the President of Tuscany Region Enrico Rossi, GE's Chairman and CEO Jeff Immelt, the President and CEO of GE Italia Sandro De Poli, the President and CEO of GE Oil & Gas Lorenzo Simonelli and the President of Nuovo Pignone Massimo Messeri. The investment in significant research, development and technological innovation in the country reaffirms GE Oil & Gas' commitment to the Italian market, and reinforces its cooperation with universities, SMEs and the regional economy where it operates. Tuscany is the home to Oil & Gas' Turbomachinery Solutions division and is also present in Lombardy, Calabria and Apulia. Another Memorandum of Understanding has been signed in the last weeks between Avio Aero - a GE Aviation business - and the Italian Minister of Economic Development, consisting of EUR200M over the next four years and involving Piedmont, Apulia and Campania, the geographical areas in which Avio Aero employs about 4,000 people. The MoU announced today will see GE Oil & Gas operations invest $600M over the next five years establishing a centre of global excellence in Tuscany for the oil and gas sector that will involve 500 highly qualified people coming from GE, universities, research labs, and small and medium-sized enterprises. The project aims at increasing Italian production by 50% and increase company revenue by $1.7B in five years. The program, named Galileo, supports the development of gas turbines and centrifugal compressors with a 5-65MW power range and innovative digital technologies covering their entire life cycle with aim of optimising the performance and operative life of the products.
January 31, 2016
20:11 EDTCMCSATime Warner, Hulu talks heat up over issue of current seasons, WSJ says
Time Warner's (TWX) negotiations to potentially buy into Hulu, a joint venture of Comcast (CMCSA, CMCSK), Fox (FOX, FOXA) and Disney (DIS), have been heating up lately over the issue of Hulu subscribers being able to view current-season TV shows, reports the Wall Street Journal, citing sources. Though the feature is a differentiator for Hulu when compared to Netflix (NFLX) and Amazon (AMZN), Time Warner believes the presence of full, current seasons contributes to cord cutting, the report says. Reference Link
18:07 EDTCMCSA'Kung Fu Panda 3' swings to first, 'Finest Hours' lands in choppy waters
"Kung Fu Panda 3" topped the box office in its U.S. debut while nautical disaster drama "The Finest Hours" floundered. WEEKEND LEADER: "Kung Fu Panda 3," produced by DreamWorks (DWA) and distributed by Fox (FOX, FOXA), grossed $41M against expectations for $35M-$50M in its domestic debut during the weekend of January 31. The computer-animated action comedy, featuring the voices of Jack Black, Dustin Hoffman and Angelina Jolie, set a new box office record for January animated film openings but fell somewhat short of the $60.2M and $47.7M debuts seen by previous films in the franchise. BOX OFFICE RUNNERS-UP: "The Revenant," also from Fox, grossed $12.4M. Disney's (DIS) "Star Wars: The Force Awakens" took in an additional $10.8M and stands at $1.98B globally, while the company's "The Finest Hours" earned $10.3M in its domestic start despite an estimated $70M-$80M budget. Rounding out the top five was Universal's (CMCSA, CMCSK) "Ride Along 2" with $8.3M.
January 29, 2016
12:53 EDTCMCSABox Office Battle: 'Kung Fu Panda 3' expected to kick 'Revenant' from top spot
DreamWorks Animation's (DWA) "Kung Fu Panda 3" featuring Jack Black is expected to break the record for the largest January opening for an animated feature, topping the opening of "The Nut Job" in 2014. The first two films in the "Kung Fu Panda" franchise took in $60.2M and $47.6M, respectively, in their opening weekends and grossed a total of nearly $1.3B worldwide. With a strong base of Po the Panda fans and the popularity of a recent TV show, conservative early estimates say "Panda 3" is expected to bring in $35M-$50M. Also opening this weekend are Disney's (DIS) "The Finest Hours," starring Chris Pine, and Open Road Films' "Fifty Shades of Black," starring Marlon Wayans. "The Finest Hours" may disappoint, with expectations topping out at $10M in its opening weekend. "Fifty Shades of Black," meanwhile, is the latest spoof movie from the team of Wayans and Michael Tiddes from "Haunted House" fame. The last film from Wayans had an opening weekend of $8.8M, and this one is currently expected to take in a similar amount. Both films will battle with Fox's (FOX, FOXA) survival story and Oscar contender "The Revenant," starring Leonardo Dicaprio, and Disney's (DIS) "Star Wars: The Force Awakens" for spots in the top five. "The Revenant" and "Star Wars" should each take in $9M-$12M even as they continue to lose theaters this coming weekend. Other publicly traded companies involved in filmmaking include Lionsgate (LGF), Comcast (CMCSA, CMCSK), and Sony (SNE).
09:34 EDTGEActive equity options trading on open: AMZN MSFT FB AAPL GILD GE
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06:10 EDTGEGE intends to invest $760M in Italy R&D facilities, Bloomberg reports
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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).
09:20 EDTGEGE signs EUR40M agreement with PGE to modernize Polish power plant
GE's Power Services business announced it has secured orders valued approximately at EUR40M with PGE Gornictwo i Energetyka Konwencjonalna S.A. to upgrade generator and steam turbine assets at the Turow Power Plant. The upgrades will result in a combined 45-megawatt output increase, which is the equivalent of powering about 130,000 Polish households. Under the terms of the agreement with PGE GiEK S.A., GE will upgrade three 50WT20H-100 generators and three 13CK230 steam turbines to extend equipment lifetime by at least 150,000 hours-about 20 years-and increase the availability of the turbosets to 97 percent in the first year of operation and above 98 percent in the next year. The upgrade is expected to increase power output by 45 MW and improve power plant efficiency by approximately 1.4 percent. The upgrade of the generator rotors and the manufacturing of new rods will take place in GE's generator factory in Wroclaw, Poland. The steam turbine upgrade includes the delivery of new HP, IP and LP turbine inner modules, which will be manufactured in GE's turbine factory in Elblag, Poland. The upgrade is scheduled to begin with the shutdown of the first unit in April 2017, and the commissioning of the last unit is scheduled for January 2020.
08:26 EDTCMCSATwitter in play after executive departures, says Cantor
Cantor Fitzgerald analyst Youssef Squali believes yesterday's news of several senior executives leaving Twitter (TWTR) puts the company in play and could encourage potential bidders to step forward. Twitter's current valuation and sizeable user base makes it a strategic asset for a number of potential buyers, Squali told investors last night in a research note. Potential suitors on the technology side include Alphabet (GOOG, GOOGL), Facebook (FB) and Microsoft (MSFT), the analyst contends. On the media side, Squali thinks 21st Century Fox (FOXA), Disney (DIS), Comcast (CMCSA) or Time Warner (TWX) could express interest in Twitter. No concentration of share ownership and no super-voting structure increase the odds of a buyout, Squali argues. The analyst, however, adds that the executive departures are not good news for a company in the midst of a turnaround. He maintains a Buy rating on the microblogging operator with a $45 price target. Twitter closed yesterday down 82c, or 5%, to $17.02..
January 25, 2016
07:32 EDTCMCSATMC to hold a conference
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06:15 EDTGESamsung exec: Will consider M&A for home appliances unit, Reuters reports
Samsung (SSNLF) will mull all potential options to grow its home appliances unit including M&A, Reuters reports, citing comments from Samsung appliances head Suh Byung-sam in from of reporters at a company event. The executive said that Haier's (HRELY) acquisition of GE's (GE) appliances unit will have no serious effect on its business in the near term, the report says. Reference Link
January 24, 2016
17:55 EDTCMCSA'The Revenant' tops box office as 'Ride Along 2' sags
"The Revenant" clawed past "Ride Along 2" as this weekend's snow storm left several box office newcomers grasping for ticket sales. WEEKEND LEADER: Fox's (FOX, FOXA) "The Revenant" grossed $16M domestically for the weekend of January 24. The Leonardo DiCaprio-led survival Western was expected to take $19M-$21.6M, though results may have been dampened by the East Coast winter storm. BOX OFFICE RUNNERS-UP: Disney's (DIS) "Star Wars: The Force Awakens" earned $14.3M and now stands at $1.94B globally. Comcast (CMCSA, CMCSK) subsidiary Universal's "Ride Along 2" dipped to $13M against expectations for $18M-$18.7M, with critics and audiences generally lukewarm on the film despite its $34M open last weekend. Rounding out the weekend's top five were Lionsgate's (LGF) "Dirty Grandpa" and STX Entertainment's "The Boy," with the two newcomers debuting at a respective $11.5M and $11.3M.
15:57 EDTGEGeneral Electric plans to request SIFI reconsideration in March, Bloomberg says
In a Bloomberg interview published Friday, General Electric CFO Jeff Bornstein said the company plans to request in March that its systemically important designation be removed, following the sale of its commercial lending assets and a Utah bank charter. Reference Link
11:02 EDTGEStocks post weekly gain after oil rebounds
Stocks recovered late in the week to post their first weekly gain of the new year as equities continue to be correlated closely with the oil market. A plunge in oil led equities lower early in the holiday shortened week, but as oil prices rebounded to close the week out, the major averages followed suit. MACRO NEWS: In the U.S., the consumer price index fell 0.1% during December, versus expectations for a flat reading. The core reading, which excludes food and energy, showed prices rose 0.1% from the prior month, versus expectations for an increase of 0.2%. Initial jobless claims rose to 293,000 last week, topping the expectation for 278,000 first-time claims. Markit's flash manufacturing Purchasing Managers' Index for January rose 1.5 points to 52.7, better than the 51.0 reading that was expected. Existing home sales climbed 14.7% to a 5.46M rate in December, topping the 5.2M rate that was forecast... In Asia, China's national bureau of statistics estimated that GDP growth slowed to 6.8% in the last quarter of the year, dipping from 6.9% growth in the previous quarter. China's industrial output rose 5.9% from a year earlier in December, compared with the consensus forecast for a 6% increase. Japan's Nikkei average was down early in the week, even falling into bear market territory, but rallied nearly 6% on Friday after the Nikkei Asian Review said that the Bank of Japan is taking a "serious look" at additional easing... In Europe, the European Central Bank left its key interest rates unchanged. However, at an associated press conference, ECB President Mario Draghi acknowledged downside risks were increasing again, meaning the bank may need to "review and possibly reconsider" its monetary policy stance at its next meeting in March. Markit's flash PMI for the euro zone slid to an 11-month low of 53.5, missing expectations for a more modest dip to a 54.2 reading. The International Monetary Fund cut its global growth forecasts for the third time in less than a year. The IMF now estimates that the world economy will grow 3.4% this year and 3.6% next year, down from its prior forecasts of 3.6% and 3.8% growth, respectively. COMPANY NEWS: On Tuesday, Morgan Stanley (MS) advanced 1% after its earnings and revenue topped analysts' consensus forecast. Big bank peer Bank of America (BAC) slid 1% after its earnings also beat expectations but its revenue narrowly missed the consensus estimate... On Wednesday, IBM (IBM) slid nearly 5% after reporting better than expected earnings and revenue for the fourth quarter, but forecasting below-consensus profits for the new year... On Thursday, Verizon (VZ) was among the best performers on the Dow, advancing over 3% after its earnings, revenue and wireless subscriber additions all topped expectations. Conversely, fellow Dow member Travelers (TRV) slid almost 1% after releasing its own quarterly results... On Friday, American Express (AXP) sunk more than 12% after the card issuer reported stronger than expected quarterly results but its 2017 profit guidance came in below the consensus outlook. The company's pledge to take out $1B in costs by the end of 2017 did little to change the mood of analysts or investors. Fellow Dow member GE (GE) slid a bit more than 1% after reporting better than expected earnings but lower than expected quarterly revenue... Schlumberger (SLB) shares gained 6% after the oil services giant reported earnings that topped expectations, approved a quarterly dividend of 50c per share and a new share repurchase program of $10B and said it plans to cut 10,000 more jobs... Netflix (NFLX) reported fourth quarter earnings that beat analyst estimates, powered by better than expected international subscriber growth. The numbers were met with positive commentary by several research firms, though decelerating U.S. subscriber growth was highlighted by bears as a warning sign for the company... Deutsche Bank (DB) disclosed that it expects a EUR2.1B net loss for the quarter due to a number of charges, including expected litigation costs of EUR1.2B... Xilinx (XLNX) advanced after reporting its third quarter numbers. The news may have been overshadowed, however, by a regulatory filing showing new agreements with its top executives, with several analysts highlighting that the change could signal a takeover is in the cards in the future... Alkermes (ALKS) plunged more than 44% after disclosing that two of three Phase 3 studies of its experimental depression disorder treatment did not meet their primary efficacy endpoints. INDEXES: For the four-day week, the Dow gained about 0.67% to close at 16,093.51, the S&P 500 rose about 1.4% to close at 1,906.90, and the Nasdaq increased about 2.3% to close at 4,591.18.
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