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Stock Market & Financial Investment News

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November 16, 2011
12:18 EDTEPD, ZOOM, PEIX, TSRA, A, ANF, TYC, ADSK, DELL, TGT, ENB, UNISOn The Fly: Mid-Day Wrap
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.
News For EPD;ENB;TGT;DELL;ADSK;TYC;ANF;A;TSRA;PEIX;ZOOM;UNIS From The Last 14 Days
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October 15, 2014
07:32 EDTDELLUBM Canon to hold a conference
PLASTEC Midwest Conference is being held in Chicago on October 15-16.
October 14, 2014
13:08 EDTTYCEaton rallies, Tyco falls after Barclays swaps ratings
Shares of industrial products maker Eaton (ETN) are rising while peer Tyco (TYC) is falling after analysts at Barclays upgraded the former and downgraded the latter. WHAT'S NEW: Noting that Eaton had tumbled 23.5% so far this year and Tyco had risen 1.2%, Barclays analyst Scott Davis wrote that the disparity between the stocks' valuations had become too extreme. Although Tyco faces slightly less risk and its management has been more effective than Eaton's, the two companies' profit growth is "comparable,” the analyst stated. Meanwhile, Eaton's valuation looks too low, as the stock price appears to anticipate that the company's profits will be as much as 20% below the consensus outlook, which is unlikely to occur in the near-term, Davis believes. According to Davis, the industrial sector is still in the midst of a generally positive trend although it's undergoing "a healthy correction." Stocks that have been "overly punished", such as Eaton's are likely to advance, the analyst stated. Davis upgraded Eaton to Overweight from Equal Weight and cut his rating on Tyco to Equal Weight from Overweight. He kept a $78 price target on Eaton and a $48 price target on Tyco. PRICE ACTION: In early afternoon trading, Eaton rose 2.5% to $60 and Tyco fell 3% to $40.
13:05 EDTAAgilent sees FY15 revenue declining $20M-$30M due to NMR business closure
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13:03 EDTAAgilent sees Q4 EPS 87c-91c, consenssus 89c
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13:02 EDTAAgilent to close Nuclear Magnetic Resonance business
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12:20 EDTTYCOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday after three of the nation's largest banks reported on their results in the most recent quarter of the year. The market began the session in positive territory but the move seemed tenuous and the averages were almost back in negative ground within a half hour of the opening bell. As the morning progressed and the bears were unable to gain control, the buyers emerged and pushed the Dow to a triple digit gain and the Nasdaq to an increase of nearly 1.5%. ECONOMIC EVENTS: In the U.S., the National Federation of Independent Business' small business optimism index came in at 95.3, versus the consensus expectation for a 95.8 reading. COMPANY NEWS: JPMorgan (JPM) swung to a third quarter profit, but its headline earnings per share fell below analysts’ consensus estimate. Of note, the company's press release on its results came out earlier than planned on Nasdaq's (NDAQ) Shareholder.com website, which the exchange operator attributed to an internal "human error." Wells Fargo (WFC) reported in-line earnings and stronger credit quality, but its stock slid 1.4% following the report. Citigroup (C) generated the most headlines, however, as it reported better than expected adjusted third quarter profit, announced plans to pull back from retail banking in eleven countries and said it will disband a legacy Banamex unit that provided personal security services after an investigation uncovered illegal conduct. Shares of Citi bucked the trend set by its two peers, rising 3% near noon... In addition to JPMorgan, Dow member Johnson & Johnson (JNJ) reported on its third quarter earnings. The drug and medical device giant reported better than expected profits and revenues and raised its FY14 EPS outlook, but the stock was fractionally lower near midday. MAJOR MOVERS: Among the notable gainers was Energy Transfer Equity (ETE), which gained 8.5% after the stock was among the energy industry names upgraded this morning at RW Baird. Also higher was Skyworks (SWKS), which rose 11% after the company preannounced stronger than expected results that its CEO attributed to the "broad-based strength" of its business. Among the noteworthy losers was EnerNOC (ENOC), which dropped 11% after JPMorgan downgraded the stock to Neutral citing risk to the company's Demand Response revenue at PJM given the challenge to FERC Rule 745. Also lower was Tyco (TYC), which fell nearly 4% after Barclays downgraded the stock citing valuation and coupled the ratings change with an upgrade of Eaton (ETN). INDEXES: Near midday, the Dow was up 133.38, or 0.82%, to 16,454.45, the Nasdaq was up 60.63, or 1.44%, to 4,274.29, and the S&P 500 was up 21.51, or 1.15%, to 1,896.25.
10:01 EDTTYCOn The Fly: Analyst Downgrade Summary
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10:01 EDTUNISOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AU Optronics (AUO) upgraded to Neutral from Sell at UBS... Antero Resources (AR) upgraded to Buy from Accumulate at KLR Group... BHP Billiton (BHP) upgraded to Neutral from Underperform at Credit Suisse... Bill Barrett (BBG) upgraded to Buy from Accumulate at KLR Group... BorgWarner (BWA) upgraded to Buy from Neutral at Goldman... CRH Plc. (CRH) upgraded to Buy from Neutral at Citigroup... Comstock Resources (CRK) upgraded to Buy from Accumulate at KLR Group... Cracker Barrel (CBRL) upgraded at Argus... Delphi Automotive (DLPH) upgraded to Buy from Neutral at Goldman... EOG Resources (EOG) upgraded at Bernstein... Eaton (ETN) upgraded to Overweight from Equal Weight at Barclays... Energizer (ENR) upgraded to Outperform from Market Perform at Wells Fargo... Energy Transfer Equity (ETE) upgraded to Outperform at RW Baird... Federal-Mogul (FDML) upgraded to Neutral from Sell at Goldman... Ford (F) upgraded to Neutral from Underperform at Buckingham... Gulfport Energy (GPOR) upgraded to Accumulate from Hold at KLR Group... Halcon Resources (HK) upgraded to Buy from Hold at KLR Group... HeartWare (HTWR) upgraded to Overweight from Neutral at Piper Jaffray... Helmerich & Payne (HP) upgraded to Outperform at FBR Capital... Legg Mason (LM) upgraded to Neutral from Underperform at BofA/Merrill... Level 3 (LVLT) upgraded to Buy from Hold at Gabelli... Magnum Hunter (MHR) upgraded to Buy from Hold at KLR Group... NetScout (NTCT) upgraded at DA Davidson... Netflix (NFLX) upgraded to Buy with $600 target at BTIG... Newfield Exploration (NFX) upgraded to Buy from Hold at KLR Group... Nielsen (NLSN) upgraded at Bernstein... Orbitz (OWW) upgraded to Outperform from Market Perform at FBR Capital... PDC Energy (PDCE) upgraded to Buy from Hold at KLR Group... Rackspace (RAX) upgraded to Buy from Hold at Evercore... Range Resources (RRC) upgraded to Accumulate from Hold at KLR Group... Rex Energy (REXX) upgraded to Buy from Accumulate at KLR Group... SM Energy (SM) upgraded to Buy from Accumulate at KLR Group... Sanchez Energy (SN) upgraded to Buy from Accumulate at KLR Group... Targa Resources (TRGP) upgraded to Buy from Accumulate at Tudor Pickering... Unilife (UNIS) upgraded to Buy from Neutral at Ladenburg... Universal Forest (UFPI) upgraded at Sterne Agee.
08:51 EDTUNISUnilife upgraded to Buy from Neutral at Ladenburg
Ladenburg upgraded Unilife to Buy with a $5 price target.
07:54 EDTENBEnbridge should be bought by long-term investors on weakness, says BMO Capital
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05:29 EDTTYCTyco downgraded to Equal Weight from Overweight at Barclays
Barclays downgraded Tyco (TYC) citing valuation and keeps a $48 price target for shares. The firm coupled the downgrade with an upgrade of Eaton (ETN).
05:28 EDTTYCEaton upgraded to Overweight from Equal Weight at Barclays
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October 13, 2014
07:15 EDTTGTNational Association of Corporate Directors to hold a conference
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October 12, 2014
18:23 EDTTSRAAmkor Technology announces rulings in Tessera proceedings
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October 10, 2014
16:10 EDTTSRAJudge orders Amkor to pay Tessera $128.3M
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13:06 EDTEPDEnterprise Products ups quarterly dividend by 5.8% to 36.5c
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08:52 EDTENBEnbridge appoints John Whelen as CFO
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October 9, 2014
10:50 EDTANFGap falls after announcing CEO Murphy will step down, weak September sales
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09:41 EDTANF, TGTBofA/Merrill retail analysts hold an analyst/industry conference call
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08:01 EDTTGTTarget CEO hands-on with Canadian turnaround, Globe and Mail says
Brian Cornell, the new CEO of Target, told The Globe and Mail in an interview that he is taking a hands-on approach to repairing the company’s Canadian business and that he will travel north on a “regular” basis to oversee the turnaround. Reference Link
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