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News Breaks
November 12, 2012
06:10 EDTVOD, DDAIF, GLNCY, TNTEY, EADSY, XSRAY, UPS, WMT, CSCOOn the Fly: Periodicals Wrap-Up
WALL STREET JOURNAL: Cisco Systems (CSCO) unveiled a new strategy for dealing with so-called patent trolls: accuse them of breaking the law, the Wall Street Journal reports...Xstrataís (XSRAY) effort to close the merger with Glencore (GLNCY) has run into another hurdle that could prove fatal. Shareholders next week will vote on the merger using an untested ballot system devised to sidestep investor opposition to retention payments that Xstrata has proposed, the Wall Street Journal reports...REUTERS: Wal-Mart Storesís (WMT) U.S. employees will pay between 8% and 36% more in premiums for its medical coverage in 2013, prompting some of the 1.4M workers to say they will forego coverage altogether, Reuters reports...The French and German governments began talks on whether to maintain their shareholder pact at EADS (EADSY) once Daimler (DDAIF) sells its entire stake in the company, according to the French daily Les Echos, Reuters reports...BLOOMBERG: UPSís (UPS) $6.6B purchase of TNT Express (TNTEY) faces growing investor skepticism as the company struggles to win EU approval, Bloomberg reports...Vodafone Group (VOD), struggling with decreasing wireless revenue in European markets such as Spain and Italy, is courting new sales partners: TV companies and newspaper publishers, Bloomberg reports.
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September 30, 2015
19:12 EDTVODU.K. minister downplays need for BT split, FT says
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08:08 EDTCSCOBroadSoft can be a 'significantly larger' company, says Jefferies
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September 29, 2015
17:03 EDTCSCOGeneral Electric, Cisco collaborate to accelerate manufacturing productivity
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12:23 EDTCSCOCisco has a conference call hosted by Deutsche Bank
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09:34 EDTUPSDetroit Economic Club to hold a luncheon meeting
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07:11 EDTWMTWal-Mart expands pick-up service to new markets, Fortune says
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September 28, 2015
14:00 EDTEADSYAirbus sales chief John Leahy plays down retirement talk, Reuters says
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11:59 EDTDDAIFGroup 1 Automotive acquires Mercedes dealership near Austin
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08:45 EDTEADSYPiS would block Airbus helicopter supply deal, Reuters says
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07:38 EDTCSCOBox to hold a user conference
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06:57 EDTDDAIFNHTSA mulls Takata air bag recall expansion, Bloomberg reports
The National Highway Traffic Safety Administration, or NHTSA, is mulling an order that would expand that recalls of Takata (TKTDY) air bags and has contacted seven manufacturers who may be affected, including Volkswagen (VLKAY) and Tesla (TSLA), Bloomberg reports. Takata had identified seven companies that it has supplied with air bag inflators that use ammonium nitrate propellant, the report says, citing NHTSA letters dated September 22. The NHTSA also contacted Mercedes-Benz (DDAIF), Jaguar Land Rover (TTM), Suzuki (SZKMF), Volvo Trucks (VOLVY), and Spartan Motors (SPAR), the report says. Reference Link
06:42 EDTWMTPerfume makers look to Wal-Mart, Target, WSJ reports
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05:07 EDTVODVodafone says asset exchange talks with Liberty Global have ended
On June 5, Vodafone Group (VOD) confirmed that it was in the early stages of discussions with Liberty Global (LBTYA) regarding a possible exchange of selected assets between the two companies. Vodafone today announced that discussions with Liberty Global have terminated.
September 27, 2015
14:04 EDTCSCOCybersecurity firms look prime for takeover, Barron's says
Cybersecurity companies like Palo Alto Networks (PANW), Fortinet (FTNT), and FireEye (FEYE) are becoming increasingly-attractive takeover targets for a Cisco (CSCO) or IBM (IBM), and any future dip in their stocks could represent a buying opportunity, Barron's contends in its 'Technology Trader' column. Reference Link
September 25, 2015
16:35 EDTCSCOStocks 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.
12:04 EDTGLNCYGlencore taps banks to help sell grains business, Bloomberg reports
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10:15 EDTEADSYAirbus presses A320 suppliers for 10% price cut, Reuters reports
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08:55 EDTDDAIFDaimler AG announces it denies 'any and all; allegations of manipulation
In response to the assertions from the Deutsche Umwelthilfe, Daimler AG announced the following statement: "We categorically deny the accusation of manipulating emission tests regarding our vehicles. A defeat device, a function which illegitimately reduces emissions during testing, has never been and will never be used at Daimler. This holds true for both diesel and petrol engines. Our engines meet and adhere to every legal requirement. In light of the written request by the DUH, which was sent to us this morning with a deadline to respond by 3:00 pm, and the seven questions they posed, we can confirm that none of the allegations apply to our vehicles. The technical programming of our engines adheres to all legal requirements. We have no knowledge of measurements that indicate our vehicles did not meet legally required standards. We actively support the work being done within Europe and Germany in order to develop new testing methods which measure emissions based on real driving conditions. We work closely and constructively with the responsible authorities in Germany, Europe and the United States and will willingly provide any vehicle for testing."
08:19 EDTCSCOCisco weakness creates buying opportunity, says Bernstein
After meeting with Cisco's CEO, Bernstein says that the company continues to perform in-line with the firm's upbeat outlook. Bernstein says that beairsh views on the company's SDN and Hyperscale businesses "continue to be proved wrong." The firm reiterates an Outperform rating on the shares.
06:29 EDTEADSYAirbus engages in wireless initiative for planes, WSJ reports
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