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Stock Market & Financial Investment News

News Breaks
January 29, 2013
10:02 EDTDLR, EQIX, FTNT, ILMN, INXN, MGM, NCR, BMCOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Digital Realty (DLR) downgraded to Neutral from Buy at BofA/Merrill... Equinix (EQIX) downgraded to Neutral from Buy at Citigroup... Fortinet (FTNT) downgraded to Hold from Buy at Wunderlich... Illumina (ILMN) downgraded to Equal Weight from Overweight at First Analysis... InterXion (INXN) downgraded to Neutral from Buy at Citigroup... MGM Resorts (MGM) downgraded to Hold from Buy at Deutsche Bank... NCR Corp. (NCR) downgraded to Neutral from Buy at Compass Point... NYSE Euronext (NYX) downgraded to Underweight from Neutral at HSBC... Netgear (NTGR) downgraded to Sector Perform from Outperform at RBC Capital... PNC Financial (PNC) downgraded to Market Perform from Outperform at Wells Fargo... Ruby Tuesday (RT) downgraded to Neutral from Outperform at Credit Suisse... Seagate (STX) downgraded to Equal Weight from Overweight at Evercore... Unilever (UN) downgraded to Hold from Buy at Jefferies... VMware (VMW) downgraded to Buy from Conviction Buy at Goldman... Pandora (P) downgraded to Neutral from Outperform at Wedbush... BMC Software (BMC) downgraded to Neutral from Outperform at Cowen... NYSE Euronext (NYX) downgraded to Underweight from Neutral at HSBC... Stanley Black & Decker (SWK) downgraded to In-Line from Outperform at Imperial Capital... Sanofi (SNY) downgraded to Equal Weight from Overweight at Barclays.
News For DLR;EQIX;FTNT;ILMN;INXN;MGM;NCR;BMC From The Last 14 Days
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October 2, 2014
06:33 EDTILMNIllumina and AB SCIEX partner in first multi-omics cloud-computing environment
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October 1, 2014
09:13 EDTMGMMGM Resorts and AEG announce $200M funding for new seat arena
MGM Resorts International and AEG announced that they have finalized a $200M bank facility to fund the development and construction of a new 20,000 seat arena. Located on the west side of the Las Vegas Strip, between New York – New York and Monte Carlo resorts, the new $375M privately funded world-class arena is currently under construction. The Las Vegas Arena is scheduled to debut in the spring of 2016.
09:01 EDTNCRNCR Corp. enters into funding agreement with respect to Fox River, future sites
On September 30, NCR entered into a Funding Agreement with Appvion, Windward Prospects, Ltd., B.A.T. Industries, p.l.c., and BTI 2014 LLC with respect to the Fox River and certain future sites. Under the Funding Agreement, NCR received an aggregate of $93.08M from BAT, Windward and Appvion on September 30, 2014 towards Fox River Costs incurred by NCR from April 2012 through October 1, 2014. These funds will be used towards satisfying a receivable to NCR from Appvion under the 1998 Confidential Settlement Agreement between NCR, B.A.T. and Appvion. NCR and Appvion have agreed to instruct the American Arbitration Association not to release the pending decision in the arbitration between NCR and Appvion relating to disputes about Appvion’s liability under the 1998 Confidential Settlement Agreement during the term of the Funding Agreement, except as specifically provided in the Funding Agreement. Under the Funding Agreement, NCR will also receive fifty percent of Fox River Costs paid or incurred after October 1, 2014. The parties to the Funding Agreement have agreed, among other things, to vigorously pursue reasonable and viable claims they may have against third parties related to the Fox River and/or future sites and to use recoveries as described in the Funding Agreement. Depending upon, among other things, the amounts of such recoveries, NCR may also receive additional payments related to Fox River Costs incurred from April 2012 to the end of site remediation at the Fox River under the Funding Agreement. In addition, the parties have agreed that any surplus of recoveries from third parties following the end of site remediation at the Fox River will be used to fund sixty percent of NCR’s costs at certain future sites, if any.
08:28 EDTILMNIllumina well positioned to beat Q3 revenue consensus, says Cowen
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September 30, 2014
17:24 EDTMGMMGM Resorts CEO says taking 'long view' on China issues
Says does not know the immediate impact of Hong Kong protests on Macau operations. Jim Murren is speaking on CNBC.
08:02 EDTNCRNCR Corp. selected by ratiopharm arena for POS solution
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September 29, 2014
08:02 EDTEQIXCisco announces partnership with Equinix
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07:23 EDTMGMUBS & Deutsche Bank to co-host a forum
Gaming Investment Forum to be held in Las Vegas on September 29-30 with webcasted company presentations to begin on September 29 at 12 pm; not all company presentations may be webcasted. Webcast Link
September 26, 2014
12:01 EDTNCRCourt overturns ruling against NCR regarding Fox River cleanup costs
The Seventh Circuit Court of Appeals overturned summary judgment rulings from 2009 and 2011 in the Whiting contribution lawsuit that had held NCR 100% liable for certain Fox River cleanup costs. The court also vacated the declaratory judgment finding NCR jointly and severally liable in the U.S. Government's enforcement action and remanded the case for further consideration of NCR’s divisibility defense. In addition, the court vacated the permanent injunction that had been entered against NCR ordering it to remediate the Fox River. Finally, the Seventh Circuit also upheld the ruling in NCR’s favor finding that NCR does not have so-called “arranger liability” at the Fox River. NCR is pleased with the Seventh Circuit’s rulings. NCR took a leadership position in cleaning up the Fox River, and believes that it has already done more than its fair share of the work. NCR has consistently advocated that a reasonable remediation project shared in by all responsible parties should be the goal of the regulatory authorities. It is now time for others to participate in the cleanup and to reimburse NCR for costs paid in excess of its divisible share. NCR intends to vigorously pursue these goals. NCR is still analyzing the impact of these rulings. NCR expects a favorable impact to NCR’s Fox River reserve, which was $95 million as of June 30, 2014, and is also examining the impact on free cash flow.
09:33 EDTMGMNevada reports August statewide gaming win down 3.66% to $920.29M
Nevada reports August Las Vegas Strip gaming win down 6.08% to $553.19M. Publicly traded companies in the space include Boyd Gaming (BYD), Caesar's (CZR), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN) and Wynn Resorts (WYNN).
06:39 EDTFTNTMost connected devices have security flaw, NY Times says
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September 23, 2014
10:02 EDTEQIXOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Analog Devices (ADI) downgraded to Neutral from Overweight at JPMorgan... Bed Bath & Beyond (BBBY) downgraded to Market Perform at William Blair... Cameco (CCJ) downgraded to Neutral from Buy at BofA/Merrill... Clorox (CLX) downgraded to Neutral from Buy at Citigroup... Concur (CNQR) downgraded to Neutral from Buy at Roth Capital... Del Frisco's (DFRG) downgraded at Sterne Agee... Dick's Sporting (DKS) downgraded to Market Perform from Outperform at William Blair... Dresser-Rand (DRC) downgraded to Hold from Buy at KeyBanc... Equinix (EQIX) downgraded to Market Perform from Outperform at Wells Fargo... Fluor (FLR) downgraded at Wells Fargo... Gordmans Stores (GMAN) downgraded at Canaccord... Jacobs Engineering (JEC) downgraded to Market Perform from Outperform at Wells Fargo... Nanometrics (NANO) downgraded to Hold from Buy at Canaccord... ON Semiconductor (ONNN) downgraded to Neutral from Overweight at JPMorgan... Siemens (SIEGY) downgraded to Equal Weight from Overweight at Barclays... Sigma-Aldrich (SIAL) downgraded to Hold from Buy at KeyBanc... Taminco (TAM) downgraded to Hold from Buy at Jefferies... Viasystems (VIAS) downgraded to Hold from Buy at Canaccord... Watsco (WSO) downgraded to Accumulate from Buy at Global Hunter.
05:28 EDTEQIXEquinix downgraded to Market Perform from Outperform at Wells Fargo
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September 22, 2014
07:37 EDTMGMLarge-Cap Gaming sector downgraded at Wells Fargo
Wells Fargo downgraded the Large-Cap Gaming sector to Market Weight from Overweight while cutting its ratings on Las Vegas Sands (LVS), Wynn Resorts (WYNN) and Melco Crown (MPEL) to Market Perform from Outperform. Wells believes near-term uncertainty in Macau has increased, making the risk/reward on shares balanced for the next 6-12 months. The firm thinks second half of 2014 and 2015 EBITDA estimates still need to come down another 10%. Wells cuts its price target range for Las Vegas Sands to $60-$70 from $80-$85, for Wynn to $180-$200 from $245-$250 and for Melco to $28-$31 from $38-$40. The firm keeps a Market Perform rating on MGM Resorts (MGM) with a slightly reduced price target range of $23-$26.
September 19, 2014
10:06 EDTMGMOn The Fly: Analyst Downgrade Summary
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07:29 EDTMGMMGM Resorts downgraded to Hold from Buy at Argus
Argus downgraded MGM Resorts based on disappointing Macau gaming revenue.
September 18, 2014
06:47 EDTMGMMacau stocks getting closer to bottom, says JPMorgan
JPMorgan says most Macau stocks have a 2:1 upside/downside ratio, making the risk/rewards favorable. The firm prefers MGM Resorts (MGM) and Wynn Resorts (WYNN) over Melco Crown (MPEL) and Las Vegas Sands (LVS) in the near-term, but keeps Overweight ratings on all four names. JPMorgan lowered its price target for Las Vegas Sands to $69 from $83, for Melco to $31 from $40, for MGM to $30 from $31 and for Wynn to $210 from $239. The firm says the stocks are getting closer to a bottom.

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