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March 6, 2014
12:48 EDTAVH, CPACopa sinks after Maduro cuts ties with Panama
Copa Holdings (CPA), the owner of Copa Airlines and Copa Colombia, is trading sharply lower after Venezuela’s President Nicolas Maduro last night announced he had severed diplomatic and trade relations with Panama. Copa Airlines operates from Panama and Copa Colombia provides service within Colombia and international flights from various cities in Colombia to Panama, Venezuela, and other South American countries. WHAT’S NEW: In televised remarks made last night, Maduro accused Panama of being a “lackey” for the U.S. in a conspiracy plot against Venezuela, according to media reports. Maduro said he was cutting off diplomatic and political ties with the Central American nation and freezing trade relations. Maduro’s statement comes after weeks of anti-government protests in Venezuela. In a statement, Panama’s government denied Maduro’s accusations. ANALYST REACTION: In a note to investors, analysts at Citigroup called Venezuela’s decision to sever ties with Panama a “stunning turn of events.” Citi said Venezuela’s actions go against the firm’s previous belief that the country was eager to maintain international commercial air service and this new political posture materially increases operating uncertainties for Copa. As a result, the firm downgraded shares of Copa to Neutral from Buy and cut its price target on the stock to $148 from $170. PRICE ACTION: Shares of Copa opened the session lower and promptly dropped further. In early afternoon trade shares are near their worst levels, down $11.32, or 8.4%, to $123.55. Prior to today’s drop, shares of Copa were down about 15% year-to-date. OTHERS TO WATCH: U.S.-listed shares of Avianca Holdings (AVH), the largest airline in Colombia, Venezuela’s western neighbor, are also lower following Maduro’s comments. Avianca fell about 4%, to $16.51 in early afternoon trade.
News For CPA;AVH From The Last 14 Days
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November 23, 2015
10:00 EDTCPAOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Adesto Technologies (IOTS) initiated with a Buy at Roth Capital... American Farmland (AFCO) initiated with an Outperform at Oppenheimer... Blackstone (BX) initiated with a Neutral at JPMorgan... California Resources (CRC) initiated with a Buy at Ladenburg... Calumet Specialty Products (CLMT) initiated with a Neutral at Goldman... Clearfield (CLFD) initiated with a Buy at Lake Street... Coherus Biosciences (CHRS) initiated with an Overweight at Barclays... Copa Holdings (CPA) initiated with a Buy at HSBC... GOL Linhas (GOL) initiated with a Reduce at HSBC... HP Enterprise (HPE) initiated with a Hold at Maxim... Himax (HIMX) initiated with an Overweight at Morgan Stanley... Horizon Pharma (HZNP) reinstated with a Buy at Jefferies... Match Group (MTCH) initiated with a Buy at Axiom... Mirati Therapeutics (MRTX) initiated with a Neutral at Citi... Momenta (MNTA) initiated with an Equal Weight at Barclays... MyoKardia (MYOK) initiated with an Outperform at Cowen... Revance (RVNC) initiated with a Buy at Guggenheim.
09:34 EDTCPACopa Holdings initiated with a Buy at HSBC
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November 12, 2015
17:15 EDTCPACopa Holdings reports Q3 adjusted EPS 85c, consensus 83c
Reports Q3 revenue $547.2M, consensus $548.88M. Reports Q3 yield per passenger mile down 20.1% to 12.7c. Reports Q3 RASM down 19.1% to 10.1c. Q3 RPMs grew 1.8% on a 1.9% capacity expansion. Reports Q3 consolidated load factor 76.3%, or 0.1 percentage points below 3Q14. Reports Q3 operating CASM down 11.8% to 9.2c. CASM, excluding fuel, increased 0.3% to 6.4c. Reports Q3 PRASM 9.7c vs. 12.2c a year ago.
November 11, 2015
16:32 EDTCPACopa Holdings October traffic down 0.7%
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