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Stock Market & Financial Investment News

News Breaks
March 19, 2014
10:17 EDTMMYT, GCI, TEVA, LFL, EPD, RBC, JNPR, RIGOn The Fly: Analyst Upgrade Summary
Enterprise Products (EPD) upgraded to Outperform from Neutral at Credit Suisse... Gannett (GCI) upgraded to Equal Weight from Underweight at Barclays... Juniper (JNPR) upgraded to Outperform from Market Perform at Wells Fargo... LATAM Airlines (LFL) upgraded to Strong Buy from Outperform at Raymond James... MakeMyTrip (MMYT) upgraded to Outperform from Perform at Oppenheimer... Regal-Beloit (RBC) upgraded to Outperform from Neutral at RW Baird... Teva (TEVA) upgraded to Neutral from Sell at Goldman... Transocean (RIG) upgraded to Neutral from Sell at Citigroup.
News For EPD;GCI;JNPR;LFL;MMYT;RBC;TEVA;RIG From The Last 14 Days
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November 12, 2014
08:35 EDTEPDEnterprise Products, Oiltanking Partners enter into merger agreement
Enterprise Products Partners (EPD) and Oiltanking Partners (OILT) announced that Enterprise and Oiltanking Partners have entered into a merger agreement. Under the terms of the merger agreement, Oiltanking Partners would merge with a subsidiary of Enterprise in a unit-for-unit exchange. Unitholders of Oiltanking Partners would receive 1.3 Enterprise common units for each Oiltanking Partners common unit. This exchange ratio represents a 5.6 percent premium to Oiltanking Partners unitholders based on the respective closing prices for Enterprise and Oiltanking Partners common units on September 30, 2014, the day before the merger was originally proposed. Relative to the respective closing prices for Enterprise and Oiltanking Partners common units on November 10, 2014, the day before the parties entered into the merger agreement, the 1.3 exchange ratio represents a 10.4 percent premium to Oiltanking Partners unitholders. Based on the latest cash distribution declared by Enterprise and Oiltanking Partners with respect to the third quarter of 2014, this exchange ratio would result in a 74 percent increase in cash distributions for Oiltanking Partners unitholders. The approval and adoption of the merger agreement require approval by holders of a majority of the outstanding Oiltanking Partners common units. A subsidiary of Enterprise, which will own a sufficient number of Oiltanking Partners common units to approve the merger on behalf of all Oiltanking Partners unitholders, has executed a support agreement with Oiltanking Partners in which it has irrevocably agreed to consent to the merger. This subsidiary will own approximately 54.8 million Oiltanking Partners common units, or approximately 66 percent of the total Oiltanking Partners common units then outstanding, following the conversion of approximately 38.9 million Oiltanking Partners subordinated units into common units. The one-for-one conversion of these subordinated units into common units will occur on November 17, 2014, the business day immediately following payment of the Oiltanking Partners cash distribution scheduled to be paid on November 14, 2014. Approval and adoption of the merger agreement will be submitted to a vote of the unitholders of Oiltanking Partners. Upon completion of the merger, which is expected to occur in early 2015, the total consideration paid by Enterprise for the Oiltanking Partners general partner and related incentive distribution rights and the limited partner units would be approximately $6.0 billion. The merger terms were negotiated, reviewed and approved by the conflicts committee of the board of directors of the general partner of Oiltanking Partners and approved by the board of directors of the general partner of Oiltanking Partners.
08:34 EDTEPDEnterprise Products, Oiltanking Partners enter into merger agreement
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November 11, 2014
11:02 EDTJNPRJuniper falls after CEO change but Nomura lauds selection with upgrade
Shares of Juniper (JNPR), which provides network infrastructure products, are sinking after the company abruptly announced last night that it had chosen a new CEO. However, several analysts were upbeat on the company's decision for its new CEO. WHAT'S NEW: Juniper last night announced that its CEO, Shaygan Kheradpir, had resigned, effective immediately. The company said the CEO's resignation came in the wake of the board's review of his leadership and of his conduct during talks with a customer. Named as Kheradpir's replacement, effective immediately, was Rami Rahim, who had been serving as the executive VP and general manager of Juniper's Development and Innovation division. ANALYST REACTION: Nomura analyst Stuart Jeffrey reacted to the news by upgrading his rating on Juniper to Buy from Neutral. Jeffrey wrote that he had previously been worried that the risk facing the company was increasing, and had little confidence that its leadership team could meet its long-term targets. With Rahim at the helm, however, the company has a better chance of generating revenue growth, Jeffrey contended. Unlike his predecessor, Rahim is a Juniper veteran, has demonstrated strong expertise in the company's business during numerous presentations to investors, and has been instrumental in developing products, according to Jeffrey. The analyst raised his price target on the stock to $25 from $19.50. Janney Capital also said the CEO transition at Juniper was unexpected, but that Rami Rahim should have a fairly smooth transition since he has been a big part of creating and implementing the strategy to which the company affirmed its commitment. Janney maintained its Buy rating and $28 fair value estimate on shares of Juniper. Wells Fargo was fairly upbeat on the company's decision. Although Juniper's second CEO change in less than a year is a negative headline, Rahim is a strong choice, as he is highly respected within the organization and has played an integral role in developing the company's current strategy, according to the firm. Moreover, Rahim maintains close relationships with many of Juniper top customers, Wells Fargo reported. As a result, the change will be less disruptive than feared, according to Wells, which noted that Juniper said there would not be any changes in its strategy going forward. The firm kept an Outperform rating on the stock. PRICE ACTION: In mid-morning trading, Juniper fell 4.3% to $20.57.
10:25 EDTJNPRJuniper fall, levels to watch
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10:00 EDTJNPROn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Alcentra Capital (ABDC) upgraded to Outperform from Market Perform at Keefe Bruyette... Ambac Financial (AMBC) upgraded to Neutral from Sell at MKM Partners... Banco Bilbao (BBVA) upgraded to Buy from Reduce at Nomura... Darden (DRI) upgraded at KeyBanc... ICU Medical (ICUI) upgraded to Overweight from Neutral at Piper Jaffray... IMAX (IMAX) upgraded to Buy from Neutral at Goldman... Juniper (JNPR) upgraded to Buy from Neutral at Nomura... Michaels (MIK) upgraded to Overweight from Equal Weight at Morgan Stanley... Midcoast Energy (MEP) upgraded to Outperform from Neutral at Credit Suisse... Midstates Petroleum (MPO) upgraded to Outperform from Market Perform at Northland... Monroe Capital (MRCC) upgraded to Outperform from Neutral at RW Baird... NuVasive (NUVA) upgraded to Outperform from Market Perform at Cowen... ONEOK Partners (OKS) upgraded to Outperform from Neutral at Credit Suisse... ORBCOMM (ORBC) upgraded to Overweight from Equal Weight at First Analysis... Pattern Energy (PEGI) upgraded to Outperform from Neutral at Macquarie... Targa Resources Partners (NGLS) upgraded to Outperform from Neutral at Credit Suisse... Time Warner (TWX) upgraded to Conviction Buy from Neutral at Goldman... Tremor Video (TRMR) upgraded to Buy from Hold at Jefferies... Western Gas Partners (WES) upgraded to Outperform from Neutral at Credit Suisse... Yamana Gold (AUY) upgraded to Overweight from Neutral at HSBC... Zynga (ZNGA) upgraded to Buy from Hold at Jefferies.
08:28 EDTJNPRJuniper CEO transition should be smooth, says Janney Capital
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08:18 EDTJNPRJuniper CEO transition likely to create little disruption, says Oppenheimer
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07:49 EDTRIGTransocean needs to reduce or end its dividend, says UBS
UBS noted offshore conditions continue to weaken as oil prices dampens rig demand to anemic levels. The firm believes Transocean needs to eliminate or materially reduce its dividend to weather the cyclical downturn, which could last an estimated 1-3 years. UBS maintains its Neutral rating and lowers its price target to $28 from $38 on Transocean shares.
07:49 EDTJNPRJuniper new CEO a strong choice, says Wells Fargo
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06:28 EDTJNPRJuniper upgraded to Buy from Neutral at Nomura
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06:13 EDTRIGTransocean says 'market pause' has evolved into 'cyclical downturn'
On its Q3 earnings conference call, Transocean CEO Steve Newman said that the "market pause" has evolved into a "cycnical downturn." He commented that the industry has been through these downturns before and "Transocean is well positioned to managed through this one." Newman also said the decline in oil prices observed over the last three months could "temporarily exacerbate" the offshore rig supply imbalance that has already resulted in day rate and utilization pressures and potentially delay the cyclical recovery. Newman said his long-term bullish view of offshore drilling remains "intact."
November 10, 2014
18:32 EDTJNPROn The Fly: After Hours Movers
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17:46 EDTJNPRJuniper says changes today are unrelated to previous statements, outlook
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16:24 EDTJNPRJuniper CEO Kheradpir steps down after board review, Rami Rahim appointed CEO
Juniper Networks announced that Rami Rahim has been named CEO, effective immediately. Rahim has also been appointed to the board. Rahim previously served as executive vice president and general manager, Juniper Development and Innovation. Shaygan Kheradpir has resigned as CEO and director of the company. His resignation follows a review by the board of his leadership and his conduct in connection with a particular negotiation with a customer. The board and Kheradpir have different perspectives regarding these matters. The board's review will not result in any adjustments to the company's financial statements. The board and the executive leadership team remain fully committed to the strategy and financial targets Juniper articulated at its October 30, Investor Day including the near- and long-term outlook the company has recently disclosed.
09:20 EDTRIGOn The Fly: Pre-market Movers
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08:26 EDTLFLLATAM Airlines reports Oct. system passenger traffic up 3%
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08:22 EDTJNPRNetwork equipment makers slip after AT&T projects lower 2015 capital spending
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08:12 EDTJNPRAT&T 2015 capex reduction negative for select stocks, says JPMorgan
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05:35 EDTRIGTransocean reports Q3 net ss attributable to controlling interest was $2.22B
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05:25 EDTRIGTransocean reports Q3 adjusted EPS 96c, consensus 83c
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