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February 17, 2012
10:27 EDTSJM, VLO, HFC, RP, ITRI, MHS, UPL, AIMC, ARTC, JWN, ACOR, HSP, MXWL, DELLOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Dell (DELL) downgraded to Neutral from Outperform at RW Baird...Maxwell Tech (MXWL) downgraded to Neutral from Outperform at RW Baird...Hospira (HSP) downgraded to Sell from Neutral at Citigroup...Acorda Therapeutics (ACOR) downgraded to Neutral from Buy at Citigroup...Nordstrom (JWN) downgraded to Underperform from Buy at CLSA...ArthroCare (ARTC) downgraded to Hold from Buy at Jefferies...Altra Holdings (AIMC) downgraded to Hold from Buy at Jefferies...Ultra Petroleum (UPL) downgraded to Hold from Buy at Jefferies...Medco Health (MHS) downgraded to Equal Weight from Overweight at Morgan Stanley...Itron (ITRI) downgraded to Hold from Buy at KeyBanc...RealPage (RP) downgraded to Sector Perform from Outperform at Pacific Crest...HollyFrontier (HFC) downgraded to Neutral from Buy at UBS...Valero Energy (VLO) downgraded to Neutral from Buy at UBS...J.M. Smucker (SJM) downgraded to Buy from Conviction Buy at Goldman.
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August 18, 2014
11:41 EDTHSPCubist rises after report sparks takeover interest speculation
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August 17, 2014
18:10 EDTJWNInvestors should buy Nordstrom over Macy's, Barron's says
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August 15, 2014
12:39 EDTJWNOn The Fly: Midday Wrap
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10:30 EDTJWNJ.C. Penney falls despite posting a narrower than expected Q2 loss
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10:18 EDTJWNNordstrom management to meet with Piper Jaffray
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10:01 EDTUPLOn The Fly: Analyst Upgrade Summary
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09:10 EDTJWN, UPLOn The Fly: Pre-market Movers
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08:58 EDTUPLUltra Petroleum upgraded to Overweight from Equalweight at Capital One
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07:03 EDTUPLUltra Petroleum upgraded at UBS
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06:14 EDTUPLUltra Petroleum upgraded to Buy from Neutral at UBS
August 14, 2014
19:08 EDTJWNOn The Fly: After Hours Movers
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16:26 EDTJWNNordstrom sees Trunk Club acquisition dilutive to FY14 EPS by 3%-5%
On July 31, Nordstrom announced that it entered into an agreement to acquire Trunk Club, a personalized clothing service for men. Trunk Club is a high-growth company and expects to achieve operational profitability and more than double its annual sales to over $100M. The company believes this acquisition represents a natural extension of its core business, aligns with its strategic priorities around a relevant customer experience and accelerates entry into this fast-growing market. The company will acquire Trunk Club for $350M in Nordstrom stock, a portion of which is retention-based and subject to future vesting. In addition, the transaction includes a long-term management incentive plan of up to $100M subject to Trunk Club's performance. The transaction is expected to be dilutive to earnings per diluted share for the next several years primarily due to share issuance, performance incentives and amortization of intangibles. The company estimates the acquisition, including Trunk Club’s projected operating performance, will reduce earnings per diluted share in FY14 by 3%-5%. Trunk Club will operate as an independent, wholly-owned subsidiary and will be managed by its current leadership. The transaction is expected to close in the third quarter, subject to closing conditions including customary regulatory and shareholder approvals.
16:09 EDTJWNNordstrom to open three full-line stores later this year
Nordstrom plans to open three full-line stores (The Woodlands, Texas; Calgary, Canada and Jacksonville, Florida) later this year. To date in fiscal 2014, the company opened 11 Nordstrom Rack stores and plans to open 16 additional stores during the remainder of the year. In the second quarter, the company opened a Nordstrom Rack store in Manhasset, New York.
16:08 EDTJWNNordstrom narrows FY14 EPS view to $3.80-$3.90 from $3.75-$3.90
FY14 consensus $3.90. Narrows FY14 net sales growth view to 6.5%-7.5% from 5.5%-7.5%, consensus $13.42B. Narrows FY14 comparable store sales growth view to 3%-4% from 2%-4%.
16:05 EDTJWNNordstrom reports Q2 EPS 95c, consensus 95c
Reports Q2 revenue $3.3B, consensus $3.39B. Total company comparable sales for the second quarter increased 3.3%.
15:03 EDTJWNNotable companies reporting after market close
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13:24 EDTJWNNordstrom August 67 straddle priced for 4.6% move into Q2
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12:05 EDTJWNNordstrom technical commentary ahead of results
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08:48 EDTUPLUltra Petroleum to host conference call
Conference call to discuss agreement to acquire Pinedale will be held on August 14 at 10 am. Webcast Link
08:31 EDTUPLUltra Petroleum announces Pinedale acquisition for $925M
Ultra Petroleum announced that the company has signed a purchase and sale agreement to acquire all Pinedale field properties from SWEPI, LP, an affiliate of Royal Dutch Shell, in exchange for a portion of Ultra's Marcellus Shale properties and cash consideration of $925M. Ultra Petroleum expects to finance the acquisition through the issuance of new debt at the subsidiary and parent level. The transaction is expected to close in the third quarter with an effective date of April 1. Ultra Petroleum is acquiring Shell's interest in the Pinedale field, which is currently producing approximately 189M cubic feet equivalent per day of natural gas and condensate. As a result of the transaction, Ultra Petroleum will operate approximately 1,577 gross wells, or about 68% of the Pinedale field. In exchange, Shell will receive $925M and approximately 155,000 net acres in the Marcellus Shale which is primarily located in Tioga and Potter counties. Shell will obtain approximately 100 MMcfe per day of natural gas production.
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