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June 11, 2014
12:03 EDTANDE, CMP, POT, BG, MOS, IPI, CF, SYT, ADM, AGU, MON, DDU.S. lowers projected U.S. wheat supplies
Projected U.S. wheat supplies for 2014/15 are lowered this month as an increase in beginning stocks is more than offset by a reduction in forecast winter wheat production, the USDA stated in its latest World Agricultural Supply and Demand Estimates report. Projected corn production for 2014/15 is unchanged at a record 13,935 million bushels, the USDA noted. Publicly traded companies involved in agriculture and fertilizer include Agrium (AGU), Andersons (ANDE), Archer Daniels (ADM), Bunge (BG), CF Industries (CF), Compass Minerals (CMP), DuPont (DD), Intrepid Potash (IPI), Monsanto (MON), Mosaic (MOS), Potash (POT) and Syngenta (SYT). Reference Link
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September 29, 2015
06:42 EDTBGBunge upgraded to Outperform from Market Perform at BMO Capital
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06:16 EDTBGBunge upgraded to Outperform from Neutral at Credit Suisse
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September 28, 2015
12:39 EDTDDHuntsman plunges after warning of continued headwinds
Shares of chemical maker Huntsman (HUN) are plunging after warning that headwinds would impact its third quarter earnings. WHAT'S NEW: After the close on Friday, Huntsman warned that certain trends are expected to impact Q3 earnings. Trends expected to impact its earnings include lower titanium dioxide selling prices amid continued foreign currency headwinds, the company said. The company also noted continued soft demand in the Asia Pacific region. Huntsman said it also sees lower MTBE, or methyl tertiary butyl ether, margins as a result of lower oil prices and forecast continued lower MDI urethane component product margins in the Asia Pacific region. Peter Huntsman, the company's chief executive officer, said the company is "optimistic about the future" despite seeing headwinds in the short term. "Lower raw material prices impacted demand and margins in Q3, thus the accounting benefits will be delayed into the fourth quarter," added Huntsman. The company is anticipating fourth quarter adjusted EBITDA similar to Q3 at about $300M, similar to last year's level. The company is committed to a separation of the Pigments and Additives business by the end of 2016 or sooner. WHAT'S NOTABLE: On August 17, Goldman Sachs removed Huntsman from its Conviction Buy List and said investors remain skeptical on value proposition and free cash flow generation that could strengthen the balance sheet is likely several quarters away. The firm continued to rate shares a Buy with a $26 price target. PRICE ACTION: In midday trading, shares of Huntsman are down 23.08% to $10.70. OTHERS TO WATCH: Other chemical companies are trading lower, including Chemours (CC), which is down 7.8%, Kronos Worldwide (KRO), down 1.62%, Dow Chemical (DOW), falling 3.94% and DuPont (DD), down 2.06%%.
September 25, 2015
16:20 EDTCFD.E. Shaw reports 5.3% passive stake in CF Industries
07:42 EDTMONMonsanto volatility elevated as shares trend lower
Monsanto October weekly call option implied volatility is at 35, October is at 36, November is at 31; compared to its 52-week range of 14 to 34, suggesting large near term price movement.
07:33 EDTMONGlobal Interdependence Center to co-host a discussion
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September 24, 2015
07:47 EDTMONMonsanto volatility elevated as shares trend lower
Monsanto September weekly call option implied volatility is at 32, October is at 34, November is at 31; compared to its 52-week range of 14 to 34, suggesting large near term price movement.
07:20 EDTPOTPotash volatility increases as shares trend lower
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06:45 EDTMON, SYTMonsanto plans future in big data, Reuters reports
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September 23, 2015
15:44 EDTMOS, MON52-week low stocks with active options: WYNN SNCR PX MON MOS DECK
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09:57 EDTMONMonsanto initiated with an Underperform at Bernstein
Target $85.
09:18 EDTDDPaulson Institute and CCPIT to co-host U.S.-China Business Roundtable
The Paulson Institute and the China Council for the Promotion of International Trade (CCPIT) provide an opportunity for U.S. and Chinese business leaders to discuss issues facing the two countries in a roundtable being held in Seattle, Washington on September 23.
08:40 EDTMONMonsanto reinstated with a Neutral at Goldman
Target $105.
07:47 EDTMOS, POTJPMorgan cuts targets for Mosaic and Potash but still sees value
JPMorgan analyst Jeffrey Zekauskas says weakening demand and price trends for potash does not bode well for the China and India contracts for 2016. The analyst reduced his earnings expectations for Potash (POT) and Mosaic (MOS), but keeps Overweight ratings on both citing their "value characteristics." He cut his price target for Potash to $26 from $34 and for Mosaic to $40 from $52.
06:40 EDTPOTK+S investors urge company to reconsider Potash takeover, WSJ reports
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September 22, 2015
16:36 EDTMOS, AGU, POTOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street began the session sharply lower and remained that way throughout the session. There was little in the way of buying as each of the major equity indexes slid over 1% and the market internals were decidedly negative. The auto industry and biotech sector were both notably weak, after the French government called for an investigation into the entire auto industry in the wake of the Volkswagen (VLKAY) emissions scandal and Democratic Presidential hopeful Hillary Clinton presented a plan to limit the cost of drugs for consumers. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.6% to 224.5 in July, which was better than the 0.4% rise that was expected. The Richmond Fed factory index fell to -5 in September, versus the reading of 2 that was expected. In Asia, 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. COMPANY NEWS: 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... Bank of America (BAC) shareholders approved a proposal to ratify the 2014 amendments to the company's bylaws that permitted the board of directors to determine its leadership structure, meaning Brian Moynihan can retain his dual role as both Chairman and CEO... Shares of several fertilizer companies slid after Mosaic (MOS) announced it will reduce its potash production in response to current crop nutrient market conditions, primarily related to delayed fertilizer purchases in Brazil and North America. Shares of Mosaic finished the day down 7% at $33.87 following last night's announcement, while Potash (POT) fell 6.5% and Agrium (AGU) dropped 3.5%. MAJOR MOVERS: Among the notable gainers was Ashland (ASH), which advanced $2.78, or 2.6%, to $108.50 after announcing it will proceed with a plan to separate into two independent, publicly traded companies. Also higher was Weatherford (WFT), which gained 90c, or 10.7%, to $9.31 after cancelling plans for a public share offering, after which research firms Jefferies and Iberia both reiterated Buy-equivalent ratings on the stock. Among the noteworthy losers were Office Depot (ODP) and Staples (SPLS), which declined a respective 4% and 5.8% after the New York Post quoted a source as saying the FTC may move to block their merger plan. Also lower was Groupon (GRPN), which slipped 2.2% to $4.08 after announcing plans to cut 1,100 jobs related primarily to its international operations. ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell 7%, 5.5%, and 4.65%, respectively, following their quarterly earnings reports. INDEXES: The Dow fell 179.72, or 1.09%, to 16,330.47, the Nasdaq lost 72.23, or 1.5%, to 4,756.72, and the S&P 500 dropped 24.23, or 1.23%, to 1,942.74.
11:41 EDTAGU, POT, MOS, IPIFertilizer shares slide after Mosaic announces production cuts
Shares of fertilizer companies Potash (POT), Agrium (AGU) and Intrepid Potash (IPI) are sliding after peer Mosaic Company (MOS) announced it will reduce its potash production. WHAT'S NEW: Mosaic said in a press release yesterday that it will reduce its potash production in response to current crop nutrient market conditions, primarily related to delayed fertilizer purchases in Brazil and North America. The company added that since it announced guidance in August, domestic and international crop nutrient markets have softened. Currency volatility, lower grain and oilseed prices, political and economic uncertainty, as well as global equity market declines have adversely impacted market sentiment, according to Mosaic. Joc O'Rourke, Mosaic's chief executive officer, pointed out that the long-term positive outlook for crop nutrient demand is still intact, "but the industry faces some near-term challenges in the current environment." O'Rourke said the company will remain focused on looking for opportunities to create shareholder value which includes managing production levels to demand and controlling costs. WHAT'S NOTABLE: Mosaic noted that the reduced production is expected to impact per unit costs and segment margins. The company now sees third quarter phosphate volumes at the low end of the previously communicated range of 2.1M-2.4M tons, while the average DAP selling price is expected to be in the upper half of the company's previously provided range of $435-$455 per ton. The phosphates segment margin rate is expected to be in the low 20% range as previously guided, Mosaic said. Potash volumes are expected to be in the bottom half of the previously announced 1.6M-$2M ton range and the MOP average selling price is expected to be in the bottom half of the $260-$280 per ton range. As a result of these developments and lower operating rates, Mosaic now expects the potash segment gross margin rate to be in the high teens, compared to prior guidance of the low 20% range. ANALYST TAKE: In a note to investors this morning, Canaccord said it continues to prefer Agrium in the fertilizer space, citing its retail operations, its nitrogen sales to North America, volume growth in the wholesale business, free cash flow and valuation. Canaccord reiterated its Buy rating on Agrium, but lowered its price target to $112 from $115. PRICE ACTION: Shares of Mosaic fell 7.16% to $33.83 in late morning trading. Industry peers are also lower, with Agrium down 5.34%, Potash dropping 7% and Intrepid Potash falling 5.39%.
10:00 EDTDDOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Antero Midstream (AM) upgraded to Outperform from Neutral at Credit Suisse... China Southern Airlines (ZNH) upgraded to Neutral from Underperform at Macquarie... DuPont (DD) upgraded to Buy from Neutral at Citi... Entergy (ETR) upgraded to Overweight from Equal Weight at Barclays... HSBC (HSBC) upgraded to Conviction Buy from Buy at Goldman... KLA-Tencor (KLAC) upgraded to Buy from Neutral at Nomura... Total (TOT) upgraded to Buy from Hold at Societe Generale.
07:49 EDTMOS, AGU, POTAgrium preferred company in fertilizer space, says Canaccord
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05:44 EDTDDDuPont upgraded to Buy from Neutral at Citi
Citi analyst P.J. Juvekar upgraded DuPont to Buy saying the company has "tremendous value creation levers" to pull following the 30% pullback in shares year-to-date. Options available to management include additional cost cuts, returning more cash to shareholders, potentially splitting the company, and acquisitions, Juvekar tells investors in a research note. He raised his price target for shares to $63 from $58.
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