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Stock Market & Financial Investment News

News Breaks
July 21, 2014
12:10 EDTEZPW, ITRI, VMW, EXTR, VRX, EMC, KNDI, AGNOn The Fly: Midday Wrap
Stocks on Wall Street began the session in negative territory and have remained there throughout the morning. The focus has been on the events in both Israel and Russia, which have pushed earnings into the background for now. The President spoke this morning and called for an immediate ceasefire in Gaza and for the Russian separatists to stop tampering with evidence. The losses remain moderate as investors remain concerned about the world stage but are bracing for a number of huge earnings reports this week, including the latest sales figures from Apple (AAPL), Microsoft (MSFT) and Verizon (VZ). ECONOMIC EVENTS: In the U.S., the Chicago Fed's National Activity Index dipped to 0.12 in June from a reading of 0.16 in May. The index has been in positive territory, reflecting above trend growth, since February. COMPANY NEWS: Shares of EMC (EMC) advanced 4% after the Wall Street Journal reported, citing sources, that activist investor Elliott Management has taken a stake of over $1B in the data-storage company and plans to push it to break itself up. Elliott reportedly believes EMC's stock would get a boost from spinning off VMware (VMW), in which it owns an 80% stake. Shares of VMware were down a bit over 1% following the Journal's report... Allergan (AGN) rose about 2% after the company's Q2 results and its FY14 outlook beat expectations. The company, which is working to fend off a proposed acquisition by Valeant Pharmaceuticals (VRX), also announced plans to cut its workforce by about 1,500 employees as part of a broader restructuring effort. In related news, Valeant announced it has contacted both the SEC and Canadian financial authorities regarding Allergan's "apparent attempt to mislead investors and manipulate the market for Valeant common shares by continuing to make false and misleading statements regarding Valeant's business." MAJOR MOVERS: Among the notable gainers was Extreme Networks (EXTR), which rose 15% after the company raised its Q4 earnings per share outlook and narrowed its Q4 revenue view. Also higher were shares of Chinese electric car maker Kandi Technologies (KNDI), which gained 10% after a Chinese newspaper reported that electric cars made outside of China would not qualify for a key tax break in the country, though domestically-made ones would. Among the noteworthy losers was EZCORP (EZPW), which dropped 12% after it appointed CFO Mark Kuchenrither as its interim CEO and President and its stock was downgraded to Neutral from Buy at Sidoti. Also lower were shares of Itron (ITRI), which fell 8% after Bank of America Merrill Lynch downgraded the stock two notches to Underperform from Buy, citing its view that meter deployments will not support the stock's current valuation given continued delays and lower than expected margins. INDEXES: Near midday, the Dow was down 72.05, or 0.42%, to 17,028.13, the Nasdaq was down 17.99, or 0.41%, to 4,414.15, and the S&P 500 was down 8.27, or 0.42%, to 1,969.95.
News For EMC;VMW;AGN;VRX;ITRI;KNDI;EXTR;EZPW From The Last 14 Days
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July 21, 2015
16:04 EDTVMWVMware reports Q2 license revenue $638M
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16:03 EDTVMWVMware reports Q2 EPS 93c, consensus 91c
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15:02 EDTEMCNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Coca-Cola (KO), consensus 60c... Boeing (BA), consensus $1.42... Abbott Laboratories (ABT), consensus 50c... Thermo Fisher Scientific (TMO), consensus $1.78... EMC (EMC), consensus 41c... Illinois Tool Works (ITW), consensus $1.28... St. Jude Medical (STJ), consensus $1.00... Northern Trust (NTRS), consensus 96c... Check Point Software (CHKP), consensus 95c... Polaris Industries (PII), consensus $1.58... Interpublic Group (IPG), consensus 27c... New York Community Bancorp (NYCB), consensus 26c... B/E Aerospace (BEAV), consensus 76c... Owens Corning (OC), consensus 54c... Knight Transportation (KNX), consensus 37c.
15:02 EDTVMWNotable companies reporting after market close
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14:24 EDTVMW, EMCEarnings Watch: EMC reports amid M&A speculation in sector
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13:59 EDTEMCEMC technical notes ahead of earnings
The key feature on a long-term chart is a potential compound bearish head and shoulders pattern. Shares are directly on the neckline of that pattern ahead of earnings. A move below $24 would confirm that the pattern is active. Downside potential would be to the $16 area over time, presuming the pattern was not interrupted. If the news is a bullish surprise, resistance levels to watch as potential upside objectives are at $26.17, $27.73, and $29.04. A move above $27.50 that sustained for several months would void the head and shoulders pattern.
10:50 EDTVMWVMware technical notes ahead of earnings news
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10:01 EDTVRXOn The Fly: Analyst Initiation Summary
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09:00 EDTEMCEMC July weekly volatility elevated into Q2 and outlook
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08:05 EDTVMWVMware July weekly volatility elevated into Q4 and outlook
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July 20, 2015
16:15 EDTVRXValeant initiated with a Buy at BTIG
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08:39 EDTITRIItron weakness a buying opportunity, says Baird
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08:38 EDTVRXAnalyst predicts Zoetis merges with Bayer unit, not Valeant
Zoetis (ZTS) in recent months has been the subject of takeover speculation, possibly for Valeant (VRX), but a Jefferies analyst told investors today in a research note that he views a deal with a unit of healthcare giant Bayer (BAYRY) as "highly likely" for the animal medicine company. BACKGROUND: Bill Ackman of Pershing Square, who owns stakes in both Zoetis and Valeant, said in early May while speaking on CNBC that Zoetis is a "great” business on a standalone basis, but he also spoke of the company's strategic value. Ackman added, however, that he was "not sure" that Valeant was the best acquirer of Zoetis. Subsequently, in late June, The Wall Street Journal reported that Valeant made a preliminary approach regarding a potential deal to buy Zoetis. CNBC's David Faber said the next day, citing his own sources, that Valeant reached out to Zoetis as a courtesy to common shareholder Ackman and was unlikely to pursue an acquisition of the company, though he cautioned then Valeant could change its approach and pursue a deal. BAYER: Jefferies analyst Jeffrey Holford said in a note today that he views a tie-up between Zoetis and Bayer's Animal Health business in 2016 as "highly likely." He sees Mylan's (MYL) acquisition of Abbott's (ABT) non‑U.S. developed markets specialty and branded generics business as a potential proxy for how a transaction could be structured, adding that such a "spinversion" could achieve up to 36% long-term earnings accretion for Zoetis. Holford reiterated a Buy rating on Zoetis with a $60 price target, while downgrading Bayer to Hold, citing valuation following the recent outperformance of its shares. IDEXX: While being discussed as a target, some analysts have also opined on companies that Zoetis could pursue as a buyer. On June 29, Canaccord said that in investor meetings with IDEXX (IDXX) executives declined to comment on Zoetis' potential interest in scaling up its animal health diagnostics business. Canaccord added that it thought Zoetis could make a bid for IDEXX. The firm reiterated its Buy rating and $80 price target on IDEXX shares at that time. PRICE ACTION: Since June 25, the day the Journal first reported on Valeant's preliminary takeover approach to Zoetis, the animal health company's shares have dropped nearly 4%. Zoetis closed down 20c to $47.80 on Friday.
08:19 EDTVMWSentiment towards VMware overly negative, says RBC Capital
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07:33 EDTVRXValeant price target raised to $285 from $275 at Canaccord
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07:05 EDTAGNAllergan Q2 to alleviate competitive concerns, says JPMorgan
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July 17, 2015
10:05 EDTAGNOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Accretive Health (ACHI) downgraded to Market Perform from Outperform at Cowen... Allergan (AGN) downgraded to Outperform from Top Pick at RBC Capital... Best Buy (BBY) downgraded to Underperform from Buy at BofA/Merrill... Cablevision (CVC) downgraded to Hold from Buy at Jefferies... Credit Suisse (CS) downgraded to Hold from Buy at Deutsche Bank... Domino's Pizza (DPZ) downgraded to Sector Weight from Overweight at KeyBanc... First Quantum Minerals (FQVLF) downgraded to Neutral from Outperform at Credit Suisse... First Republic (FRC) downgraded to Market Perform from Outperform at FBR Capital... Fresenius SE (FSNUY) downgraded to Neutral from Buy at Goldman... Golden Minerals (AUMN) downgraded to Neutral from Buy at Roth Capital... JD Wetherspoon (JDWPY) downgraded to Reduce from Neutral at Nomura... NV5 Holdings (NVEE) downgraded to Neutral from Accumulate at Global Hunter... National Oilwell (NOV) downgraded to Sell from Neutral at UBS... Natural Gas Services (NGS) downgraded to Neutral from Buy at Global Hunter... Primoris (PRIM) downgraded to Neutral from Accumulate at Global Hunter... Receptos (RCPT) downgraded to Hold from Buy at Evercore ISI... SKF AB (SKFRY) downgraded to Hold from Buy at Deutsche Bank... STAG Industrial (STAG) downgraded to Sell from Neutral at UBS... SolarWinds (SWI) downgraded to Hold from Buy at Deutsche Bank... Syntel (SYNT) downgraded to Market Perform from Outperform at William Blair... TECO Energy (TE) downgraded to Neutral from Buy at UBS... Tangoe (TNGO) downgraded to Underweight from Equal Weight at Barclays... Tegna (TGNA) downgraded to Hold from Buy at Evercore ISI.
09:39 EDTEZPWEZCORP to restate certain financial results
EZCORP announced that it will restate its financial statements for FY14, including the interim periods within that year, and Q1 of FY15. This decision to restate was made by the company's board, upon the recommendation of management and the audit committee and in consultation with the company’s independent registered public accounting firms. The restatement adjustments, all of which are non-cash, will correct certain errors relating to the accounting for Grupo Finmart’s structured asset sales in FY14 and the Q1 of FY15. Following a comprehensive review of the terms and conditions of each of the structured asset sales, management has determined that the asset sales should not have been accounted for as sales, principally due to certain control rights that Grupo Finmart retained as servicer of the loans. Because of these control rights, the trusts to which the loans were sold should be accounted for as “variable interest entities” and consolidated pursuant to ASC 810-10 , and therefore, the sales should not have been recognized for accounting purposes. As a result of the consolidation, the prior gains on sale will be eliminated, the assets and liabilities of the trusts will be included in the company’s consolidated balance sheet and interest income will be recognized over the life of the loans. This process will result in a reduction in net income in the periods during which a structured asset sale occurred and an increase in net income thereafter. Although the company has not yet quantified the effect of reversing the sale accounting treatment, it should be noted that, as a result of the asset sales, the company previously recognized $39.6M of gain, $33.0M in FY14 and $6.6M in Q1 of FY15. That gain will be eliminated, but interest income in the periods subsequent to the asset sales will be increased. Grupo Finmart’s Mexican GAAP financial statements are unaffected by this adjustment.
08:02 EDTVRXValeant agrees to acquire Amoun Pharmaceutical
Valeant announced that it has entered into a definitive agreement under which Valeant will acquire Mercury Holdings, the holding company of Amoun Pharmaceutical, for consideration of approximately $800M, plus contingent payments. Amoun Pharmaceutical currently expects to reach EGP 1.75B by 2015, with annual growth of approximately 20%. Valeant intends for Amoun to serve as a platform for further expansion in the broader Middle East and North Africa pharmaceutical market and expects the transaction to close in the third quarter, subject to customary closing conditions.
06:39 EDTAGNAllergan downgraded to Outperform from Top Pick at RBC Capital
RBC Capital downgraded Allergan to Outperform and maintained its $361 price target. The firm sees few catalysts and is less confident near-term in P&L upside, but has left estimates unchanged. RBC Capital said there are several important products subject to competitive threats that could pressure sentiment but said valuation remains attractive against solid mid-teens multi-year earnings growth.
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