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January 22, 2013
10:00 EDTGCOM, STRZA, ET, OVTI, LNKD, SANW, CCI, IMO, LPSN, AMT, VRNTOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: ExactTarget (ET) initiated with an Outperform at Credit Suisse... LivePerson (LPSN) initiated with a Neutral at Credit Suisse... S&W Seed (SANW) initiated with an Overweight at Piper Jaffray... Verint Systems (VRNT) initiated with a Neutral at Credit Suisse... Imperial Oil (IMO) initiated with a Hold at Canaccord... LinkedIn (LNKD) initiated with a Neutral at Sterne Agee... American Tower (AMT) initiated with an Outperform at Pacific Crest... Crown Castle (CCI) initiated with an Outperform at Pacific Crest... OmniVision (OVTI) initiated with a Sector Perform at Pacific Crest... Starz (STRZA) initiated with an Equal Weight at Morgan Stanley... Globecomm (GCOM) initiated with a Buy at Sidoti.
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December 19, 2014
16:20 EDTSANWS&W Seed to acquire DuPont Pioneer's alfalfa production, research assets
S&W Seed and DuPont Pioneer announced the acquisition by S&W of all of DuPont Pioneer's alfalfa production and research facility assets, as well as all conventional alfalfa germplasm, for a purchase price of up to $42M. The purchase price consists of $27M in cash, a promissory note payable by S&W to DuPont Pioneer in the principal amount of $10M and a potential earn-out payment of up to $5M based on sales of the acquired germplasm in the three-year period following the closing. The promissory note bears interest at 3% per annum and is payable on December 31, 2017. The sale is expected to be completed on December 31, 2014, and is conditioned on S&W obtaining sufficient additional financing to consummate the purchase and other customary closing conditions. There can be no assurances that S&W will be successful in securing financing. As part of the acquisition, S&W will acquire: Over 15 DuPont Pioneer alfalfa seed varieties in the market today, including varieties designed for high yields, forage quality, leafhopper resistance, and stem nematode resistance; More than 60 varieties that are currently in DuPont Pioneer's development pipeline; A seed cleaning and production facility located in Nampa, Idaho and research facilities in Arlington, Wisconsin; and 31 employees from the alfalfa group at DuPont. S&W has also agreed, subject to the satisfaction of certain conditions, to purchase DuPont Pioneer's GMO alfalfa germplasm and related assets for an additional $7M in cash. The closing for the second acquisition, if all conditions to closing are satisfied, will occur on December 29, 2017. If the second acquisition is completed, the total purchase price for both acquisitions would be up to $49M.
09:01 EDTSTRZAStarz poised to outperform in next several quarters, says Sterne Agee
Sterne Agee believes that Starz can beat consensus estimates, and offers valuation protection. The firm think that factors weighing on the stock recently appear to be dissipating, and it keeps a $36 price target and Buy rating on the shares.
December 18, 2014
10:01 EDTLNKDOn The Fly: Analyst Initiation Summary
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07:08 EDTLNKDLinkedIn initiated with an Outperform at Wells Fargo
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December 16, 2014
12:26 EDTIMOOn The Fly: Midday Wrap
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10:57 EDTIMOCanadian energy stocks rise after Talisman acquired by Repsol
Shares of Canadian energy companies are higher this morning after Repsol (REPYY) announced plans to buy Talisman Energy (TLM) for $8 per share in cash. WHAT'S NEW: Canada-based Talisman announced that it has agreed to be acquired by Spain's Repsol in a transaction valued at approximately $13B, including debt. Under the terms of the agreement, Repsol will buy all outstanding common shares of Talisman for $8 per share in cash. Also under the deal, Talisman will pay aggregate cash dividends of 18c per common share prior to closing. The Talisman board is recommending shareholders accept the deal at a special meeting to be held in mid-February 2015. The transaction is expected to close in the second quarter of 2015, Talisman said. Talisman Chairman Chuck Williamson noted that the deal will create "significant and immediate value" for the company's investors. WHAT'S NOTABLE: Repsol first explored a bid for Talisman in July, but talks slowed in late August. Earlier this month, Bloomberg reported the companies revived talks and The Wall Street Journal said "talks moved quickly" from there. Canada Pension Plan Investment Board, which initially considered buying parts of Talisman, was also weighing a bid for the whole company, according to Bloomberg, citing people with knowledge of the matter. ANALYST REACTION: Talisman Energy was downgraded this morning to Market Perform from Outperform at Bernstein. PRICE ACTION: Talisman Energy is up $2.43, or 47.5%, to $7.55 in morning trading and Repsol shares trading in New York are down 1.5% to $19.15. OTHERS TO WATCH: Other Canadian energy companies traded in New York include Encana (ECA), Suncor (SU), Canadian Natural Resource (CNQ) and Imperial Oil (IMO). Of note, Encana this morning announced a 2015 capital program of $2.7B-$2.9B, with about 80% directed to the Montney, Duvernay, Eagle Ford and Permian, its highest margin growth plays. The company expects total cash flow between $2.5B-$2.7B, reflecting the impact of higher margin production and continued cost efficiencies, partially offset by anticipated lower commodity prices. In morning trading, Encana shares rose 9.2% to $12.69, Suncor gained 5.3% to $28.33, Canadian Natural Resource added 4.8% to $28.62 and Imperial Oil advanced 2.5% to $40.88.
09:17 EDTLNKDInternet sector upgraded to Attractive from Neutral at Goldman
Goldman upgraded the Americas Internet sector to Attractive to Neutral based on more reasonable valuations, reduced expectations, and strong sector growth. As part of the sector change, the firm upgraded GrubHub (GRUB) to Buy from Neutral, downgraded Shutterfly (SFLY) to Neutral from Buy, and lowered Priceline (PCLN) to Buy from Conviction Buy.
06:03 EDTLNKDLinkedIn implied volatility of 37 at lower end of index mean range
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December 15, 2014
15:22 EDTLNKDLinkedIn management to meet with Evercore ISI
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06:08 EDTLNKDStocks with implied volatility below IV index mean; LNKD PCLN
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December 12, 2014
06:16 EDTLNKDLinkedIn implied volatility of 34 at lower end of index mean range
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December 11, 2014
11:10 EDTLNKDLinkedIn participates in a conference call with Sterne Agee
Conference call with Investor Relations to be held on December 11 at 12 pm hosted by Sterne Agee.
08:04 EDTSANWS&W Seed appoints Mark Harvey as Chairman of the Board
S&W Seed has appointed alfalfa seed industry veteran and current member of the board of directors Mark Harvey as chairman of the board, effective December 9. Harvey was appointed following the retirement of current board chairman Grover Wickersham who will remain a member of the Board of Directors.
December 10, 2014
10:00 EDTCCIOn The Fly: Analyst Downgrade Summary
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08:00 EDTCCICrown Castle downgraded to Perform from Outperform at Oppenheimer
Oppenheimer downgraded Crown Castle as the firm expects the company to be negatively impacted by more disciplined capex spending by the carriers.
07:53 EDTAMTUBS to hold a conference
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07:24 EDTVRNTImperial Capital to hold a conference
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December 9, 2014
08:16 EDTSANWS&W Seed files patent for for stevia plant variety "SW201"
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07:32 EDTSTRZAUBS to hold a conference
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December 8, 2014
14:01 EDTSANWS&W Seed announces retirement of Chairman Grover Wickersham
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