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May 27, 2014
04:55 EDTDE, DE, DE, TM, TM, TM, CAT, CAT, CAT, HOG, HOG, HOG, AXP, AXP, AXP, TD, TD, TD, GM, GM, GM, GS, GS, GS, PRU, PRU, PRU, LEAF, LEAF, LEAF, MCO, MCO, MCO, JPM, JPM, JPMAmerican Financial Services Association to hold a summit
24th Credit Summit for Fixed Income Investors to be held in New York on May 27-29.
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September 24, 2015
09:06 EDTCATCaterpillar says key industries are 'well below prior peak levels'
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09:05 EDTCATCaterpillar expects FY16 revenue decline to occur in all three large segments
Expects FY16 revenue decline to occur in all three large segments -- Construction Industries, Energy & Transportation and Resource Industries - with the most significant decline in the oil and gas portion of our Energy and Transportation segment.
09:05 EDTCATOn The Fly: Pre-market Movers
HIGHER: Arrowhead Research (ARWR), up 35% after disclosing top-line findings from the Heparc-2001 Phase 2a clinical study of ARC-520, its candidate for the treatment of chronic hepatitis B infection... Conatus Pharmaceuticals (CNAT), up 19% after the company's Phase 2 Portal Hypertension clinical trial of emricasan met its primary endpoints... Keryx Biopharmaceuticals (KERX), up 13% after announcing that the European Commission has approved Fexeric for the control of elevated serum phosphorus levels, or hyperphosphatemia, in adults with chronic kidney disease. LOWER: Caterpillar (CAT), down 5% after announcing restructuring plans, lowering revenue guidance, and having stock initiated with a Sell rating and a $28 price target at Axiom... Twitter (TWTR), down 1.5% after Citi cut estimates below consensus and lowered its price target to $30. DOWN AFTER EARNINGS: Worthington (WOR), down 12.5%... Accenture (ACN), down 3%.
09:04 EDTCATCaterpillar expects FY15 decline in revenue outlook to impact Q3 and Q4
09:03 EDTCATCaterpillar sees FY16 revenue to be 5% below FY15, consensus $47.36B
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09:03 EDTCATCaterpillar cuts FY15 revenue $48B from $49B, consensus $48.82B
09:03 EDTGMAlcoa completes expansion of Tennessee facility
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09:03 EDTCATCaterpillar to reduce workforce by 4,000-5,000 people between now and 2016-end
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09:02 EDTCATCaterpillar announces restructuring plans to lower costs by $1.5B annually
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07:55 EDTGMVW scandal strengthens Marchionne's quest for consolidation, Bloomberg says
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07:41 EDTMCOMoody's to hold a teleconference
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07:34 EDTMCOCredit Suisse to hold a conference
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07:31 EDTCATAxiom initiates Caterpillar with a Sell, sees 60% downside potential
Axiom analyst Gordon Johnson II initiated Caterpillar with a Sell rating, saying that two of the company's three core businesses are struggling and he believes near-term strength in the company's Construction business is transient. Johnson thinks China's stimulus measures and near-zero interest rates have allowed Caterpillar to "stuff the channel" for the past five years, but with both tailwinds moderating, the analyst projects that the company's calendar 2016 EPS will fall to $2.79, far below the Street consensus view of $4.53. The analyst set a $28 price target on the stock, which represents about 60% downside from Caterpillar's closing price of $70.20 yesterday.
07:10 EDTJPM, GSBanks 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
06:50 EDTAXPAmerican Express price target lowered to $70 from $85 at Jefferies
Jefferies analyst John Hecht says that even with the recent selloff, shares of American Express do not offer "compelling rewards" at current levels. Hecht believes AmEx is nearing saturation in its core demographic, the highly-affluent consumer, and views the Costco (COST) loss as a "significant challenge to overcome." American Express remains the industry leader in terms of rewards, but the gap to competitors has narrowed, Hecht tells investors in a research note. The company faces "several discrete headwinds" over the coming quarters, the analyst concludes. He cut his price target for AmEx shares to $70 from $85 and keeps a Hold rating on the name. The credit card provider closed yesterday down 8c to $75.63. Hecht has Buy ratings on card peers Discover (DFS) and Synchrony Financial (SYF).
September 23, 2015
19:07 EDTGM, TMStudy shows U.S. cars less safe than EU vehicles, Independent says
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16:34 EDTTDOn The Fly: Top stock stories for Wednesday
Stocks began the day in quiet fashion and remained that way during the first hour of trading. Following the release of the weekly energy inventory report, the averages moved lower and looked to be possibly setting up for another selloff. Positive comments on China's economy by its President, who is visiting the U.S., brought out buyers, who pared the market's losses. The averages finished slightly in the red in a day marked by low volume as a number of market participants may have been absent in observance of the Jewish holiday of Yom Kippur. ECONOMIC EVENTS: 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. EIA inventory data showed a 1.93M barrel fall in crude oil inventories, versus expectations for a weekly drawdown of 1.25M barrels. In China, Markit's flash manufacturing PMI fell to 47.0 in September from 47.3 last month. 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: Shares of Volkswagen (VLKAY) trading in New York rebounded 6.5% to $27.10 following the resignation of Chief Executive Officer Martin Winterkorn, with the company's supervisory board subsequently praising the decision and saying it will consider his replacement at a meeting Friday. Prior to the CEO change news, the stock was downgraded at research firms JPMorgan, Deutsche Bank and Natixis to hold or equivalent ratings this morning. Accounting for today's advance, U.S.-listed shares of Volkwagen are still down nearly 29% since last Friday, when the EPA publicly accused the automaker of equipping certain diesel cars sold in the U.S. with software that circumvented emissions standards... 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 China. The deals are possibly worth tens of billions of dollars in total and represent the largest total order the planemaker has received from Chinese companies, according to Reuters. The Wall Street Journal reported, citing people familiar with the matter, that Cisco (CSCO) plans to announce a partnership with Chinese server maker Inspur Group during President Xi Jinping's visit. MAJOR MOVERS: Among the notable gainers was First Niagara (FNFG), which advanced $1.30, or 14.5%, to $10.26 following a Bloomberg report that the company is exploring a sale. DealReporter noted that potential suitors include Toronto-Dominion Bank (TD), Huntington Bancshares (HBAN) and New York Community Bancorp (NYCB). BioMed Realty (BMR) gained $2.36, or 12.3%, to $21.54 after Bloomberg reported that the company is in talks to sell itself and has attracted attention from firms including Blackstone (BX). Heron Therapeutics (HRTX) rose $7.25, or 21.6%, to $40.81 after announcing that its Phase 2 study of HTX-011 for post-operative pain met its primary endpoint. Shares of a competitor Pacira (PCRX) declined 7.65% after the news, with several analysts remarking that Heron's data compares favorably versus Pacira's Exparel drug. Summit Midstream Partners (SMLP) declined $3.90, or 18.2%, to $17.52 following a Bloomberg report that Energy Capital Partners is seeking to sell its stake in the company. Synchronoss (SNCR) fell 10.75% to $33.37 after research firm Baird said it has become "increasingly concerned" that Verizon (VZ) is "no longer fully committed" to the white-label cloud product it offers in conjunction with the cloud services provider. INDEXES: The Dow fell 50.58, or 0.31%, to 16,279.89, the Nasdaq lost 3.98, or 0.08%, to 4,752.74, and the S&P 500 declined 3.98, or 0.2%, to 1,938.76.
16:00 EDTJPMOptions Update; September 23, 2015
iPath S&P 500 VIX Short-Term Futures down 53c to 23.81 Option volume leaders: AAPL NFLX BAC FB BABA DOW RIG MU FCX PBR XOM JPM
09:18 EDTGMPaulson 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.
05:56 EDTTDFirst Niagara exploring possible sale, hires JPMorgan to advise, Bloomberg says
According to sources briefed on the situation, First Niagara (FNFG) is exploring a potential sale of the company as well as other opportunities, Bloomberg reports. The bank holding company has hired JPMorgan to advise on possible moves. A previous report from DealReporter said the bank had contacted potential suitors, including Toronto-Dominion Bank (TD), Huntington Bancshares (HBAN) and New York Community Bancorp (NYCB).
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