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News Breaks
November 16, 2011
Stocks on Wall Street were lower at mid-day, as the price of crude spiked above $101. Futures were negative in the pre-market, leading to a lower open for the broader market. The averages moved quickly to the downside right out of the gate, marking session lows and remaining in a lower range for about the first hour of trade. The report on energy inventories from the DOE, followed by the close of trading in Europe, helped spark a move higher, but the attempt to retake the baseline fell flat. Near noon, the market is down about 0.6%, but off its lowest levels of the day... ECONOMIC EVENTS: Domestically, the Consumer Price Index fell 0.08% in October, versus the consensus estimate of unchanged. The "core" CPI, which excludes food and energy, rose 0.14%, versus the consensus estimate of a 0.1% increase. The Federal Reserve said that industrial production rose 0.7% in October. Economists had expected an increase of 0.4%. Capacity utilization also beat estimates, rising to 77.8%, compared with the forecast of 77.6%. The NAHB Housing Market Index had a 20 reading, beating expectations of 18. The DOE report on energy inventories showed that crude inventories dropped by 1.06M barrels, versus the consensus of a 1.20M draw. Gasoline inventories built by 992K barrels, versus the forecast of a 1.00M barrel draw. From Europe, the European Central Bank was believed to have bought Spanish and Italian bonds, though yields on both continue to be very high despite the intervention. Also, in Greece, the country's new Prime Minister passed his first test, winning a confidence vote. In Asia, Japan's central bank lowered its assessment of its economy and kept its key interest rate at virtually zero... MARKET NEWS: An announcement from Enterprise Products Partners (EPD) and Enbridge (ENB) that they would seek regulatory permission to reverse the direction of crude oil flows on the Seaway pipeline sent oil prices higher and the share prices of refiners lower... Target (TGT) reported Q3 adjusted EPS of 87c, soundly beating analyst estimates. Dell (DELL) reported Q3 earnings above estimates, but revenue fell below expectations as the company gave up “low-value” PC opportunities to preserve margins. Among others reporting, winners included Autodesk (ADSK) and Tyco (TYC); losers included Abercrombie & Fitch (ANF) and Agilent (A)... MAJOR MOVERS: Among the notable gainers were Tessera Technologies (TSRA), following Samsung Electronics exercising its renewal option in a license agreement with the company, and Pacific Ethanol (PEIX), after the company announced that it has retired in full its $35M senior convertible notes. Noteworthy losers included Zoom Technologies (ZOOM), after its Q3 revenue missed estimates and the company cut its FY11 revenue view, and Unilife (UNIS), which priced a 8.25M share secondary offering at $4.35... INDICES: Near noon, the Dow was down 77.91, or 0.64%, to 12,018.25; the Nasdaq was down 16.23, or 0.60%, to 2,669.97; and the S&P 500 was down 7.65, or 0.61%, to 1,250.16.
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February 2, 2016
16:11 EDTTSRATessera sees Q1 adjusted EPS 41c-46c, consensus 47c
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16:10 EDTTSRATessera increases share buyback authorization by $200M
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16:09 EDTTSRATessera reports Q4 adjusted EPS 57c, consensus 51c
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January 31, 2016
20:43 EDTADSKOn The Fly: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Coca-Cola (KO) announced a minority stake in diary and juice company Chi, with plans to take full ownership within three years. 2. Billionaire investor Nelson Peltz is considering taking an activist position in Time Warner (TWX), the New York Post reported. 3. Toyota (TM) could temporarily halt domestic production after an explosion at a key supplier curbed its supply of steel, Reuters said. 4. Investigations into Herbalife (HLF), as well as investigations into Bill Ackman himself, have fizzled and criminal charges look unlikely, the Wall Street Journal revealed. 5. Virtu Financial (VIRT) and Ctrip (CTRP) were discussed positively by Barron's this week, as well as "tech bargains" Autodesk (ADSK), Akamai (AKAM), Western Digital (WDC), SanDisk (SNDK) and Lam Research (LRCX) and attractive banking stocks Citi (C), JPMorgan (JPM), Bank of America (BAC) and Wells Fargo (WFC).
12:44 EDTADSKAutodesk, Akamai among top tech picks after January selloff, Barron's says
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January 29, 2016
08:30 EDTTYCTyco sees restructuring, repositioning charges of $20M in Q2
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08:29 EDTTYCTyco sees $75M-$100M in restructuring charges in FY16
Tyco expects final resolution of the IRS settlement in the next six months.
08:28 EDTTYCTyco sees Q2 revenue about $2.3B, consensus $2.36B
Tyco sees Q2 revenue to decline approximately 4% year-over-year. The company expects a $120M foreign currency headwind in Q2.
08:21 EDTTYCTyco announces deal with IRS to 'tentatively resolve' debt issue
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06:05 EDTTYCTyco backs FY16 EPS ex-items view of $2.05-$2.20, consensus $2.10
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06:05 EDTTYCTyco sees Q2 EPS 44c-46c, consensus 46c
06:04 EDTTYCTyco reports Q1 EPS ex-items 42c, consensus 41c
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January 28, 2016
11:14 EDTTYCJohnson Controls continues to expect at least $650M in synergies from merger
Oost merger, the company expects $4.5B EBITDA, $500M operating synergies and $150M tax synergies.
11:12 EDTTYCJohnson Controls sees no hiccups, improved momentum for Tyco transaction
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06:07 EDTEPDEnterprise Products expects to invest $2.5B-$2.8B for growth projects in 2016
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06:06 EDTEPDEnterprise Products: Q4 NGL Pipelines & Services segment gross margin up 4%
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06:05 EDTEPDEnterprise Products retained $302M of distributable cash flow for Q4
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06:04 EDTEPDEnterprise Products reports Q4 EPS 34c, consensus 34c
Reports Q4 revenue $6.16B, consensus $8.01B.
January 27, 2016
17:29 EDTENBMurphy Oil: MOCL has signed pact with affiliates of Athabasca Oil
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17:18 EDTENBEnbridge acquires Montney natural gas assets from Murphy Oil
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