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January 25, 2013
10:07 EDTMTG, SKUL, MDT, UAL, TER, RYN, SNI, JNS, CY, SUSQ, VCBI, NE, GMT, GS, FLEX, F, CYN, IAG, FLS, CPOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Canadian Pacific (CP) downgraded to Sell from Hold at Canaccord... City National (CYN) downgraded to Neutral from Buy at SunTrust... Flextronics (FLEX) downgraded to Neutral from Buy at UBS... Flowserve (FLS) downgraded to Buy from Strong Buy at CL King... Ford (F) downgraded to Equal Weight from Overweight at Barclays... Goldman Sachs (GS) downgraded to Hold from Buy at Deutsche Bank... IAMGOLD (IAG) downgraded to Neutral from Buy at BofA/Merrill... Janus Capital (JNS) downgraded to Sell from Neutral at Citigroup... Medtronic (MDT) downgraded to Hold from Buy at Wunderlich... Noble Corp. (NE) downgraded to Hold from Buy at Jefferies... Scripps Networks (SNI) downgraded to Underweight from Equal Weight at Morgan Stanley... Skullcandy (SKUL) downgraded to Neutral from Overweight at Piper Jaffray... United Continental (UAL) downgraded to Underperform from Neutral at BofA/Merrill... Virginia Commerce (VCBI) downgraded to Market Perform from Outperform at FBR Capital... Rayonier (RYN) downgraded to Sector Perform from Outperform at RBC Capital... MGIC Investment (MTG) downgraded to Underperform from Neutral at Macquarie... Susquehanna (SUSQ) downgraded to Hold from Buy at BB&T... Teradyne (TER)downgraded to Hold from Buy at Craig-Hallum... United Continental (UAL) downgraded to Neutral from Buy at Buckingham... GATX Corp. (GMT) downgraded to Outperform from Strong Buy at Raymond James... Cypress Semiconductor (CY) downgraded to Hold from Buy at Wunderlich.
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September 29, 2015
16:36 EDTCPCanadian Pacific acquires Steelcare, terms not disclosed
Canadian Pacific has acquired Steelcare, Canada's largest steel transload facility. Steelcare is a transload and distribution hub providing superior transloading, warehousing and distribution services of steel products. Steelcare's Plant Six facility in CP's Aberdeen yard in Hamilton, Ontario, is a 168,000-square-foot facility featuring two drive-through rail and truck loading and unloading areas. Steelcare is able to handle up to 1.5M tons of rail transload product in a given year. The transaction includes TransCare Logistics Corporation, Prometheus Six Inc. and East Port Warehousing & Distribution. Projected yearly revenue as a result of the transaction is approximately $10M. The intent is to keep the current management structure and employees in place. Clements will also serve as Steelcare's Executive Vice President.
09:31 EDTGSRe/code to hold a discussion
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09:22 EDTGSMorningstar to hold a conference
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06:17 EDTFFiat Chrysler labor deal faces resistance, NY Times reports
Fiat Chrysler's (FCAU) tentative deal with the United Auto Workers union has seen resistance in early voting, with several plants rejecting the deal outright, the New York Times says. Voting at some of the largest plants will start Tuesday, and that fate of the proposed four-year deal will be determined by the middle of the week, the report says. Opponents to the deal have said that it does not offer any clear path for lower-tier workers to reach the highest levels of hourly play and fails to limit the number of entry-level workers, the report says. Fiat Chrysler's deal with its auto workers is viewed as a template for labor talks that General Motors (GM) and Ford (F) will have with their workers, the report says. Reference Link
September 28, 2015
16:55 EDTMDTMedtronic sees one-time $500M charge in 2Q16
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12:32 EDTCYCypress says withdrew interest to acquire Atmel
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08:52 EDTCYOn The Fly: Pre-market Movers
IN FOCUS: Apple (AAPL) after announcing 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. HIGHER: Media General (MEG), up 22% after Nexstar (NXST) announced a proposal to acquire the company for cash Nexstar shares currently valued at $14.50 per Media General share... Alcoa (AA), up 5.4% after announcing that its board has unanimously approved a plan to separate into two independent, publicly-traded companies - an Upstream company that will operate under the Alcoa name and a new Value-Add company whose name will be announced at a later date... Atmel (ATML), up 7% after Reuters reported that Cypress Semiconductor (CY) is working on a competing bid to Dialog Semiconductor's (DLGNF) takeover offer... J.C. Penney (JCP), up 3% after Sterne Agee CRT upgraded the stock to Buy from Neutral after meeting with the company's new CEO. DOWN AFTER EARNINGS: Cal-Maine Foods (CALM), down 8%. ALSO LOWER: Verastem (VSTM), down 50% after stopping enrollment in the Phase 2 study of VS-6063 for patients with mesothelioma for futility after a Data Safety Monitoring Board review of a pre-planned interim analysis... Fiat Chrysler (FCAU), down 3.7% after the Detroit Free Press said some local UAW workers rejected a four-year tentative pact between the United Auto Workers and the company... Williams (WMB), down 3% after Energy Transfer Equity (ETE) announced a business combination transaction valued at approximately $37.7B, including the assumption of debt and other liabilities. Under the deal, an affiliate of ETE, will acquire Williams at an implied current price of $43.50 per Williams share.
08:36 EDTMDTMedtronic acquires Lazarus Effect
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07:25 EDTNEJohnson Rice to hold a conference
2015 Johnson Rice Energy Conference is being held in New Orleans, Louisiana on September 28-30.
06:08 EDTGSComcast NBCUniversal to acquire 51% stake in Universal Studios Japan
Comcast NBCUniversal (CMCSA) announced that it has agreed to purchase 51% ownership of Universal Studios Japan in a recapitalization transaction, partnering with the current owners including Goldman Sachs (GS), USJ's CEO Glenn Gumpel, Asian private-equity firm MBK Partners, and U.S. hedge fund Owl Creek Asset Management. Comcast NBCUniversal's purchase price for the majority ownership of the theme park destination is Y183B, or $1.5B. "We are excited to expand our global footprint with this wonderful theme park in Osaka and are excited by the opportunities that lie ahead in Japan and all of Asia," said Brian L. Roberts, Chairman and CEO of Comcast. "This investment represents a huge opportunity and commitment to creating value for our shareholders and continuing to grow internationally." Acquiring majority ownership of Universal Studios Japan continues Comcast NBCUniversal's ongoing investment strategy for it's U.S. parks in Orlando and Hollywood.
05:31 EDTCYCypress working on competing offer for Atmel, Reuters reports
Cypress Semiconductor (CY) is working on a bid to acquire Atmel (ATML), who agreed earlier this month to be taken over by Dialog Semiconductor (DLGNF), Reuters reported last night, citing people familiar with the matter. Cypress is working with bankers and has told Atmel it believes its offer will be superior to Dialog's cash-and-stock deal, which was worth $4.6B, Reuters adds. Reference Link
September 25, 2015
16:35 EDTGSStocks end week lower as biotechs sink, Volkswagen crashes
Stocks ended the week lower after concerns about drug prices were reignited, sinking biotech stocks, an emissions scandal engulfed Volkswagen (VLKAY), dragging down shares of automakers and their suppliers, and Caterpillar (CAT) announced that it may eliminate as many as 10,000 jobs in the next three years as commodity prices continue to slump. MACRO NEWS: Following the Federal Reserve's decision last week to wait before raising rates, the central bank made a concerted effort to give the market more clarity this week. Over last weekend, three Federal Reserve officials - San Francisco Fed President John Williams, St. Louis Fed President James Bullard and Richmond Fed President Jeffrey Lacker - all argued that an interest-rate increase is still warranted this year. Then, on Thursday night, Fed Chair Janet Yellen said during a speech at UMass Amherst that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago... In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. Durable goods orders for August declined 2.0%, versus expectations for a drop of 2.3%. When transportation items were removed, the core reading was breakeven, versus expectations for a rise of 0.1%. The third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... The Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. Markit's flash manufacturing PMI for China fell to 47.0 in September from 47.3 last month. Meanwhile, Japanese Prime Minister Shinzo Abe unveiled new economic targets, including a goal for a 20% increase in the target size of the Japanese economy to 600T yen, though he gave no timeframe for achieving this aspiration... In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Biotech stocks declined after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on its treatment for toxoplasmosis, reigniting a debate around drug prices that previously embroiled costly Hepatitis C drugs including AbbVie's (ABBV) Viekira Pak and Gilead's (GILD) Sovaldi and Harvoni. Presidential candidate Hillary Clinton sent the debate to center stage by criticizing the "outrageous" prices of specialty drugs and laying out a plan to tackle "price gouging" in the specialty drug market. The NASDAQ Biotechnology index fell roughly xxx% for the week amid the attention paid to Turing's drug and Clinton's response... Volkswagen (VLKAY) shares trading in New York fell sharply to begin the week and ended the week far from where they'd been last Friday before the EPA said it found manipulations that violate U.S. environmental standards while testing certain of the automaker's diesel cars. The EPA said Volkswagen may face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules, which could total as much as $18B, according to Reuters. In the wake of the scandal, Chief Executive Officer Martin Winterkorn resigned, with the company's supervisory board subsequently praising the decision and selecting Matthias Mueller, the former head of Porsche (POAHY), as Winterkorn's successor as the company's new CEO... Caterpillar (CAT) shares dropped after the heavy machinery maker announced plans for job cuts and lowered its revenue guidance for this year and next. Caterpillar said that it would lay off 4,000-5,000 of its employees between now and the end of 2016 and could lay off up to 10,000 employees by 2018. Caterpillar cut its fiscal year 2015 revenue forecast by $1B and said its sees its fiscal year 2016 revenue to be 5% below this year, adding that it expects revenue declines in all three large segments next year... Online and mobile deal provider Groupon (GRPN) said it plans to cut 1,100 jobs relating primarily to the company's international operations... Nike jumped after the athletic gear giant reported better than expected earnings and futures orders, prompting numerous price target hikes and at least one upgrade at Street research firms. Among other companies reporting earnings this week, BlackBerry (BBRY), ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell immediately following their quarterly reports... Apple (AAPL), which has previously been reported to be working on an electric car via its "Project Titan," is speeding up those efforts and setting 2019 as a target to ship its first vehicle, according to The Wall Street Journal... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in in the Asian nation, while Cisco (CSCO) announced a partnership with Chinese server maker Inspur Group... Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... GoPro (GPRO) finished the week about xxx% lower after Barron's contended in a feature article last weekend that the company's stock could plunge another 30% to $25 as Apple, Sony (SNE) and others pressure the company's "one-hit wonder" products... On the M&A front, Atmel (ATML) agreed to be acquired by German chipmaker Dialog Semiconductor in a deal valued at roughly $4.6B and Starwood Waypoint (SWAY) announced a stock-for-stock merger agreement with Colony American Homes. INDEXES: The Dow lost about 0.43% to close at 16,314.67, the S&P 500 fell about 1.35% to close at 1,931.34, and the Nasdaq declined about 2.89% to close at 4,686.50.
13:20 EDTGSGoldman Sachs hires Morgan Stanley trader, Business Insider reports
Goldman Sachs (GS) has hired Adam Savarese, a former trader at Morgan Stanley (MS), as a partner at its debt trading desk, Business Insider reports, citing people familiar with the matter. Savarese will work with partner Tom Tormey, the report says. Reference Link
12:39 EDTFLEXElectronic contract manufacturers advance after Jabil reports earnings
Shares of contract electronic manufacturers Flextronics International (FLEX), Sanmina (SANM), and Celestica (CLS) are advancing after peer Jabil Circuit (JBL) posted quarterly earning last night that easily surpassed analysts' estimates. WHAT'S NEW: Jabil Circuit reported better-than-anticipated profit and revenue in the fourth quarter as revenue in its Diversified Manufacturing Services segment increased 47% on a year-over-year basis, and represented 41% of total company revenue. Jabil reported Q4 earnings per share of 53c on revenue of $4.68B against analysts' estimates of 45c and $4.55B. On the company's Q4 earnings conference call, Chief Executive Officer Mark Mondello said he anticipates continued growth across its DMS business, as the company "captures additional opportunities" in the markets that DMS serves. Mondello noted that those markets include audio, healthcare, consumer packaging, mobility, wearable technologies, and accessories. WHAT'S NOTABLE: Looking ahead, the company sees DMS in the first quarter up 33% year-over-year and guided to Q1 results that were far ahead of analysts' estimates. Jabil said it sees Q1 EPS of 72c-88c on revenue of $5.1B-$5.3B. Analysts were expecting EPS of 61c on revenue of $4.91B. Jabil also guided to fiscal year 2016 EPS of $2.60 ahead of expectations of $2.37. ANALYST TAKE: After Jabil reported higher than expected Q4 EPS, Stifel notes that the company's guidance for its November quarter was significantly above expectations. The firm thinks the company is benefiting from increased purchases of its diversified manufacturing products by Apple (AAPL). Stifel says that Apple is using Jabil's products for many of its products, not just iPhones, and it expects other customers to ramp up their purchases of the company's DMS products. Stifel kept a $25 price target and Buy rating on the shares. PRICE ACTION: Shares of Jabil Circuit are advancing almost 15% to $22.43 in midday trading. OTHERS TO WATCH: Shares of other contract manufacturers are also advancing, with Flextronics up 1.5%, Sanmina jumping 2.8%, and Celestica higher by 1.35%
12:38 EDTMTGOptions with increasing implied volatility
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September 24, 2015
19:26 EDTUALUnited's pilot union says adamantly opposed to fuel monitoring
In a letter to United pilots, United Master Executive Council chairman Jay Heppner states, "Let me be very clear at the onset: The UAL MEC policy manual clearly states that we 'deem any fuel monitoring program using identified pilot information as promoting unsafe practices such as competitive flying.' While we 'endorse the most conservative fuel load, whether it is the dispatcher's fuel or the captain's fuel,' we fully support the captain's authority to plan his fuel load without undue influence from any monitoring program. Such programs have been used in the past to coerce captains to not add fuel when, in their judgment, they may have felt it prudent to do so. The tracking and scoring of captain's fuel loads can also lead to other issues; not the least of which is a degradation to safety and captain's authority. Fuel tracking can also lead to pilot pushing, intimidation and harassment by management in order to force compliance with 'fuel policy.' ALPA has worked tirelessly to ensure all captains have the tools necessary to make the safest and most appropriate decisions regarding fuel loads and all other decisions pertaining to every aspect of the preflight planning process. We are not necessarily opposed to a company fuel policy, but we are adamantly opposed to 'fuel tracking,' 'fuel monitoring' and 'competitive flying.'" Reference Link
09:25 EDTFFord to host sales conference call
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09:22 EDTFFord exec says company does not use emissions 'defeat devices,' CNBC reports
Ford President of the Americas Joe Hinrichs said, while appearing on CNBC's Squawk Box, that Ford does not use "defeat devices and we clearly understand what it means from an integrity standpoint to make sure our vehicles perform on the road like they do in the lab." Hinrichs' comments come after Volkswagen (VLKAY) was accused by the EPA of installing a device in its diesel vehicles to mask their true emissions and after a German report said that a discrepancy with on-road emissions performance was found with an SUV made by BMW (BAMXY). Reference Link
09:03 EDTFAlcoa completes expansion of Tennessee facility
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07:10 EDTGSBanks clash with regulators over energy lending, WSJ reports
Banks are fighting with regulators over loan reviews that might compress the flow of net credit to the oil patch, the Wall Street Journal reports. The disagreement is focused on the narrow issue of loans secured by oil and gas companies' reserves, but it highlights the point of how postcrisis regulation of the financial industry impacts sectors outside of Wall Street, the report says. Caught in between banks and regulators are the small and medium exploration and production companies that rely on credit lines using their energy reserves as collateral, the report says. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
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