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March 12, 2012
Stocks on Wall Street were mixed at mid-day, with the Dow higher and the Nasdaq lower, but neither by a wide margin. The Dow is being led by the shares of Exxon Mobil (XOM), which are up more than 1.3% despite oil being down more than $1.00 a barrel. The averages have moved in a narrow range in a low-volatility, low-volume session. Investors are looking to tomorrow's FOMC meeting for clues as to any change in the Fed's strategy... ECONOMIC EVENTS: In the U.S., the economic calendar was light today, but will be heavier the rest of the week, with reports due on retail sales, consumer sentiment and small business optimism along with a rate meeting for the FOMC. With little domestic data, investors focused on international news, most notably China's February trade deficit of $31.5B, which was its largest in over 20 years... MARKET NEWS: Disney's (DIS) expensive sci-fi film "John Carter" opened to disappointing domestic grosses, as widely expected... Tudou Holdings (TUDO) jumped almost 150% following its acquisition by (YOKU), which also saw its shares rise about 18%. Other Chinese media and tech names also traded higher following the news, with Renren (RENN), Ku6 Media (KUTV), and Dangdang (DANG) among those advancing... MAJOR MOVERS: Among the notable gainers were ZOLL Medical (ZOLL), after agreeing to a $93 per share buyout offer from Asahi Kasei, and Pacific Capital Bancorp (PCBC), which agreed to be acquired for $46 per share by UnionBanCal, a subsidiary of Mitsubishi UFJ Financial (MTU). Noteworthy losers included Tranzyme (TZYM), after saying a Phase 3 trial of one of its drugs failed to meet its endpoints, and Anthera Pharmaceuticals (ANTH), following downgrades at Citigroup and Cowen after one of its trials was halted due to the lack of the drug's efficacy... INDICES: Near noon, the Dow was up 14.15, or 0.11%, to 12,936.17; the Nasdaq was down 11.15, or 0.37%, to 2,977.19; and the S&P 500 was down 3.34, or 0.24%, to 1,367.53.
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October 12, 2015
10:00 EDTXOMOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Bloomin' Brands (BLMN) upgraded to Strong Buy from Buy at CL King... Blue Buffalo Pet Products (BUFF) upgraded to Overweight at Morgan Stanley... Brandywine Realty (BDN) upgraded to Outperform from Neutral at Credit Suisse... CONMED (CNMD) upgraded to Buy from Neutral at Ladenburg... CVR Refining (CVRR) upgraded to Overweight from Equal Weight at Barclays... Charles River (CRL) upgraded to Market Perform from Underperform at Wells Fargo... Citizens Financial (CFG) upgraded to Buy from Neutral at Citi... Eni SpA (E) upgraded to Neutral from Reduce at Nomura... Entravision (EVC) upgraded to Outperform from Neutral at Wedbush... Exxon Mobil (XOM) upgraded to Equal Weight from Underweight at Barclays... Federated National (FNHC) upgraded to Buy from Neutral at Janney Capital... Goldman Sachs (GS) upgraded to Buy from Hold at Sandler O'Neill... Harris (HRS) upgraded to Overweight from Neutral at JPMorgan... Impala Platinum (IMPUY) upgraded to Outperform from Underperform at RBC Capital... MGIC Investment (MTG) upgraded to Outperform from Market Perform at Keefe Bruyette... Melco Crown (MPEL) upgraded to Outperform from Neutral at Credit Suisse... NetApp (NTAP) upgraded to Outperform from Neutral at Baird... Northrop Grumman (NOC) upgraded to Neutral from Underweight at JPMorgan... PBF Energy (PBF) upgraded to Equal Weight from Underweight at Barclays... PPG Industries (PPG) upgraded to Buy from Neutral at Goldman... RWE AG (RWEOY) upgraded to Buy from Hold at Societe Generale... Raytheon (RTN) upgraded to Overweight from Neutral at JPMorgan... The Advisory Board (ABCO) upgraded to Outperform from Market Perform at FBR Capital.
06:46 EDTDISSky signs new media deal with Disney, Variety reports
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05:47 EDTXOMExxon Mobil upgraded to Equal Weight from Underweight at Barclays
Barclays analyst Paul Cheng upgraded Exxon Mobil (XOM) to Equal Weight citing the oil major's relative dividend yield. Cheng raised his price target for shares to $85 from $80. The analyst, however, prefers shares of ConocoPhillips (COP) or Suncor (SU) over Exxon (XOM).
October 11, 2015
12:26 EDTDISMattel shares could advance 35% in one year, Barron's says
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October 9, 2015
16:00 EDTXOMOptions Update; October 9, 2015
iPath S&P 500 VIX Short-Term Futures up 1c to 21.29. Option volume leaders: AAPL FB NFLX GE TWTR AA TSLA BABA XOM GPRO
08:20 EDTDISTop quality video content to outperform, says Pacific Crest
Pacific Crest predicts that companies with top quality video content will outperform, taking share from those with mid-range content. It identifies this trend as positive for Netflix, AMC Networks (AMCX), Time Warner (TWX), Disney (DIS), CBS (CBS), and 21st Century Fox (FOXA). According to the firm, this trend is negative for Viacom (VIAB), Scripps Networks (SNI), Discovery (DISCA), and Comcast (CMCSA)
October 8, 2015
08:46 EDTXOMExxon Mobil favored defensive position in integrated oil space, says Cowen
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08:04 EDTDISDisney shares a 'great' investment at current levels, says JPMorgan
JPMorgan analyst Alexia Quadrani says Disney remains her top pick in Media heading into the earnings reporting season. The owner of ABC and ESPN is seeing continued strength across all segments and is positioned for "strong" results, Quadrani tells investors in a research note. She continues to view the stock as a "great investment" at current levels. The analyst reiterates an Overweight rating on Disney with a $130 price target. The stock closed yesterday down 40c to $103.37.
05:50 EDTDISMulti Screen Media, ESPN announce agreement to create digital platform in India
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October 7, 2015
17:09 EDTDISVice in talks to buy cable network, Bloomberg says
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08:43 EDTXOMExxon Mobil volatility flat as WTI oil trades above $49
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05:58 EDTDISHulu renews, expands programming deal with Viacom, Deadline Hollywood says
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October 6, 2015
16:01 EDTXOMOptions Update; October 6, 2015
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October 4, 2015
18:42 EDTDISDisney considering demand-based pricing for theme parks, WSJ says
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October 1, 2015
19:56 EDTXOMExxon Mobil filed $2.63M for Arkansas crude spill, Reuters says
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12:16 EDTXOMOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday as investors remain cautious following last quarter's rout. The Dow, Nasdaq and S&P 500 each lost 7% or more in the third quarter and yesterday's end-of-quarter rally is turning out to be very short-lived as investors brace for tomorrow's nonfarm jobs report and the Federal Reserve rate setting meeting that comes late this month. ECONOMIC EVENTS: In the U.S., Markit's manufacturing purchasing managers' index inched up to 53.1 in the final September reading, compared to the preliminary September figure of 53.0 that was flat from August. ISM's manufacturing index fell to 50.2 in September, however, versus expectations for a reading of 50.6. Construction spending grew 0.7% in August, versus the consensus expectation for a rise of 0.5% for the month. Initial jobless claims rose to 277,000 in the week of September 26, versus expectations for 271,000 first-time claims. In Asia, Chinese markets were closed for holidays, but monthly manufacturing data was still released. The government's official manufacturing PMI ticked up to 49.8, beating expectations for a 49.6 reading. The final Caixin/Markit PMI, meanwhile, fell to a fresh six-and-a-half-year low of 47.2 in September, though that was slightly improved an earlier flash estimate of 47. In Japan, the Bank of Japan's quarterly tankan survey of large manufacturers for the September quarter came in at positive 12, compared with expectations for a positive 13 reading. In Europe, Markit's final Eurozone manufacturing PMI for September came in at 52.0, consistent with the flash figure and down from August's final 52.3 reading. COMPANY NEWS: Shares of General Motors (GM) rose fractionally near midday after the company reported its U.S. sales grew 12% in September compared to the same month of last year. Additionally, the auto giant hosted a global business update event, where it announced two new car- and ride-sharing projects and confirmed its plans to jointly develop a commercially viable fuel cell vehicle with Honda (HMC) in the 2020 timeframe. Fiat Chrysler (FCAU), which reported U.S. sales increased 14% last month, and Ford (F), which said its U.S. sales rose 23% in September, both saw their shares slip fractionally near noon. MAJOR MOVERS: Among the notable gainers was Sarepta Therapeutics (SRPT), which rallied 19% after the company released additional data from its Phase IIb program of eteplirsen in patients with Duchenne muscular dystrophy. Also higher was PBF Energy (PBF), which gained 10% after agreeing to purchase the 155,000 barrel-per-day Torrance refinery, and related logistics assets, from ExxonMobil (XOM). Among the noteworthy losers was Crocs (CROX), which dropped 14% after Piper Jaffray analyst Erinn Murphy downgraded the stock to Neutral, saying adverse currency moves and China weakness could cause sales to miss expectations in Q3. Also lower were shares of Dunkin' Brands (DNKN), which fell 10% after the company projected third quarter U.S. same-store sales that fell below the prior year period and said it would close 100 stores in the U.S. in 2015 and 2016. INDEXES: Near midday, the Dow was down 195.02, or 1.2%, to 16,089.68, the Nasdaq was down 55.92, or 1.21%, to 4,564.24, and the S&P 500 was down 17.57, or 0.92%, to 1,902.46.
10:37 EDTDISBofA/Merrill's Top 10 US Ideas for Q4 2015
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September 30, 2015
16:19 EDTXOMExxon Mobil to sell Torrance refinery to PBF Energy
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05:29 EDTRENNRenren appoints Thomas Jinto Ren as CFO effective September 30
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September 29, 2015
15:19 EDTDISDiscovery drops as investor day fails to dispell cord-cutting fears
Shares of Discovery Communications (DISCA) have dropped today as the company held its first-ever investor day amid ongoing concerns about the potential decline of pay TV. NEW GUIDANCE: Discovery Chief Financial Officer Andrew Warren updated the company's full year 2015 outlook, saying he expects constant currency adjusted earnings per share to grow in the low double digits. The company expects revenue for the year to grow 9%-10%, with free cash flow up in low single digits. Meanwhile, year over year currency headwinds were seen deducting $460M from revenue and 24c-29c from adjusted EPS. Discovery also established long-term guidance, saying it sees its adjusted EPS compound annual growth rate up in low double digits from 2015 to 2018, on a constant currency basis. "Third quarter results are on track, highlighted by strong U.S. advertising growth," Warren added. THREE BILLION SUBSCRIBERS: CEO David Zaslav commented during the investor day that the company is "confident in the long-term outlook for our business," adding that Discovery expects to reach 3B cumulative worldwide subscribers by year's end. The Chief Executive highlighted what he called five differentiators for Discovery's growth potential, including its ownership of a growing and diverse portfolio of content and IP "that uniquely positions Discovery for the changing media landscape." CORD CUTTING: Multiple Discovery executives showcased the company's European products, including Eurosport and the Eurosport Player OTT service, as well as the company's apparent first-mover advantage in Latin America. The seemingly increased attention on foreign initiatives comes as U.S. cord-cutting trends continue generating headlines, with Citi analyst Jason Bazinet arguing as recently as September 18 that Disney (DIS) would be the only cable network to make more money in a bundle-free world. According to media reports of today's Discovery event, Chief Executive Zaslav said "it's not rational" that media companies are selling so much of their content to streaming services like Netflix (NFLX) that threaten the appeal of cable bundles. The CEO added that Discovery has assumed a 1%-2% decline in pay TV over "the next couple of years," though he reassured investor day attendees that the company's adjusted operating income should be roughly flat even in a worst-case scenario. PRICE ACTION: Shares of Discovery crashed as much as 7% in early morning trading before seeing hesitant moves higher. The stock is down just under 4% to roughly $26.70 heading towards session close.
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