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July 21, 2014
10:31 EDTEZPW, EXTR, OREX, STLD, NIHD, FL, LCI, BBT, CROX, SIALHigh option volume stocks:
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October 2, 2015
07:01 EDTBBTCRC Insurance Services to acquire Connecticut Underwriters
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05:42 EDTFLFinish Line upgraded to Neutral from Sell at Goldman
Goldman Sachs analyst Taposh Bari upgraded Finish Line (FINL) to Neutral citing two years of share underperformance. Since Bari downgraded the shoe retailer to Sell on October 1, 2013, the stock is down 24% versus a gain of 13% for the S&P 500 Index. More negative estimate revisions are likely already being priced into shares at current levels, Bari tells investors in a research note. The analyst sees greater risk at Sell-rated Foot Locker (FL). He keeps a $20 price target for shares of Finish Line. The stock closed yesterday down 38c to $18.92.
October 1, 2015
14:23 EDTBBTBB&T partners with Willis Group, Miller Insurance Services
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12:16 EDTCROXOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday as investors remain cautious following last quarter's rout. The Dow, Nasdaq and S&P 500 each lost 7% or more in the third quarter and yesterday's end-of-quarter rally is turning out to be very short-lived as investors brace for tomorrow's nonfarm jobs report and the Federal Reserve rate setting meeting that comes late this month. ECONOMIC EVENTS: In the U.S., Markit's manufacturing purchasing managers' index inched up to 53.1 in the final September reading, compared to the preliminary September figure of 53.0 that was flat from August. ISM's manufacturing index fell to 50.2 in September, however, versus expectations for a reading of 50.6. Construction spending grew 0.7% in August, versus the consensus expectation for a rise of 0.5% for the month. Initial jobless claims rose to 277,000 in the week of September 26, versus expectations for 271,000 first-time claims. In Asia, Chinese markets were closed for holidays, but monthly manufacturing data was still released. The government's official manufacturing PMI ticked up to 49.8, beating expectations for a 49.6 reading. The final Caixin/Markit PMI, meanwhile, fell to a fresh six-and-a-half-year low of 47.2 in September, though that was slightly improved an earlier flash estimate of 47. In Japan, the Bank of Japan's quarterly tankan survey of large manufacturers for the September quarter came in at positive 12, compared with expectations for a positive 13 reading. In Europe, Markit's final Eurozone manufacturing PMI for September came in at 52.0, consistent with the flash figure and down from August's final 52.3 reading. COMPANY NEWS: Shares of General Motors (GM) rose fractionally near midday after the company reported its U.S. sales grew 12% in September compared to the same month of last year. Additionally, the auto giant hosted a global business update event, where it announced two new car- and ride-sharing projects and confirmed its plans to jointly develop a commercially viable fuel cell vehicle with Honda (HMC) in the 2020 timeframe. Fiat Chrysler (FCAU), which reported U.S. sales increased 14% last month, and Ford (F), which said its U.S. sales rose 23% in September, both saw their shares slip fractionally near noon. MAJOR MOVERS: Among the notable gainers was Sarepta Therapeutics (SRPT), which rallied 19% after the company released additional data from its Phase IIb program of eteplirsen in patients with Duchenne muscular dystrophy. Also higher was PBF Energy (PBF), which gained 10% after agreeing to purchase the 155,000 barrel-per-day Torrance refinery, and related logistics assets, from ExxonMobil (XOM). Among the noteworthy losers was Crocs (CROX), which dropped 14% after Piper Jaffray analyst Erinn Murphy downgraded the stock to Neutral, saying adverse currency moves and China weakness could cause sales to miss expectations in Q3. Also lower were shares of Dunkin' Brands (DNKN), which fell 10% after the company projected third quarter U.S. same-store sales that fell below the prior year period and said it would close 100 stores in the U.S. in 2015 and 2016. INDEXES: Near midday, the Dow was down 195.02, or 1.2%, to 16,089.68, the Nasdaq was down 55.92, or 1.21%, to 4,564.24, and the S&P 500 was down 17.57, or 0.92%, to 1,902.46.
10:00 EDTCROXOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AGCO (AGCO) downgraded to Sell from Neutral at UBS... Banco Santander (SAN) downgraded to Neutral from Overweight at JPMorgan... Crocs (CROX) downgraded to Neutral from Overweight at Piper Jaffray... EZchip (EZCH) downgraded to Hold from Buy at Brean Capital... Illumina (ILMN) downgraded to Market Perform from Outperform at Leerink... ServisFirst (SFBS) downgraded to Hold from Buy at Sandler O'Neill.
08:51 EDTBBTOversold bank stocks due for a bounce, says Baird
Following the worst quarter for the S&P 500 and for the KBW Nasdaq Bank Index since the third quarter of 2011, Baird analyst David George contends that "broadly oversold" bank stocks are due for a bounce. The analyst believes that even in-line results should help improve the bearish sentiment on the sector and could see bouncebacks for defensive names like JPMorgan (JPM), PNC (PNC) and BB&T (BBT) as well as for higher-beta names like Bank of America (BAC) and Capital One (COF).
08:46 EDTOREXOrexigen announces submission of Contrave NDA in South Korea
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06:42 EDTCROXCrocs downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray analyst Erinn Murphy downgraded Crocs to Neutral saying adverse currency moves and China weakness could cause sales to miss expectations in Q3. She also notes the company's long-term guidance was pushed out further than anticipated at its analyst day. Murphy cut her price target for shares to $12 from $17.
September 30, 2015
16:18 EDTFLFoot Locker provides pension plan litigation update
Foot Locker announced that it intends to appeal a U.S. District Court decision issued late yesterday in favor of the plaintiff in the case of Osberg v. Foot Locker, Inc., et al., which involves claims related to the conversion of the company's pension plan in 1996 to a defined benefit plan with a cash balance formula. The company disagrees with the decision. Although it cannot predict the outcome of any appeal, the company continues to believe, as previously indicated in its public filings on Forms 10-Q and 10-K, that the potential plan funding implications of this decision will not have a material adverse effect on the company's consolidated financial position, liquidity, or results of operations, as a whole. Given the company's intention to appeal, no further comments on this case from the company or its executives will be available until further notice.
10:00 EDTSTLDBofa/Merrill global metals/mining analysts hold analyst/industry conference call
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09:12 EDTCROXCrocs lowers Q3 revenue guidance to $270M-$280M from $280M-$290M
Consensus $286.69M. Crocs is hosting an Investor Day meeting in Boston beginning at approximately 9:00 am Eastern Time and ending at approximately 12:30 pm Eastern Time. In the presentation, the company is updating its Q3 consolidated revenue guidance to a range of $270M-$280M, reflecting unfavorable changes in foreign currency exchange rates totaling approximately $4M and the company's decision to hold back approximately $6M of orders to select China distributors in Q3. Also in the presentation, the company is reaffirming its mid-term operating margin target range of 10%-12% as early as 2018.
08:03 EDTCROXCrocs to host investor day
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September 28, 2015
07:02 EDTSIALSigma-Aldrich and Merck GaA 'making progress' toward completing acquisition
Sigma-Aldrich (SIAL) announced it is making progress toward closing the planned acquisition of the Company by Merck KGaA (MKGAY), Darmstadt, Germany. The closing is now expected within the next two months. On August 11, 2015, Sigma-Aldrich and Merck announced they had obtained all necessary antitrust approvals, with the approval of the European Commission (EC) being conditional upon the sale of parts of Sigma-Aldrich's solvents and inorganics business in Europe. Negotiations with potential buyers are in the final stage. Once a binding agreement has been signed, the EC must approve the buyer before Merck can complete the Sigma-Aldrich acquisition. On September 22, 2014, Merck and Sigma-Aldrich announced they had entered into a definitive agreement under which Merck, will acquire Sigma-Aldrich for $17 billion - $140 cash per share, establishing one of the leading players in the $130 billion global life science industry.
September 27, 2015
13:33 EDTBBTBB&T shares could reach $42 in two years, Barron's says
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September 25, 2015
12:10 EDTCROXCrocs volatility elevated into to host investor day
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07:33 EDTSIALGlobal Interdependence Center to co-host a discussion
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September 24, 2015
19:52 EDTFLAthletic footwear stocks higher after Nike's earnings report
Athletic footwear makers Skechers USA (SKX) and adidas (ADDYY), sports apparel maker Under Armour (UA), and shoe retailers Foot Locker (FL) and Finish Line (FINL) were all higher in after-hours trading after Nike (NKE) reported better-than-expected first quarter results. WHAT'S NEW: After the bell, Nike reported Q1 earnings per share and revenue of $1.34 and $8.4B, respectively, versus analyst expectations of $1.19 and $8.22B. The company added that it saw mid-single digit revenue growth in both the second quarter and for fiscal year 2016, as well as Q2 gross margins expanding by 25 bps and FY16 gross margins expanding by 50 bps. PRICE ACTION: Nike rose about 8% in after-hours trading, while Skechers USA gained just over 2%, adidas rose fractionally, Under Armour was higher by 2%, Foot Locker gained 1.5%, and Finish Line was up almost 6%.
September 23, 2015
13:30 EDTBBTFirst Niagara buyout would likely be around $12/share, says Boenning
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08:39 EDTOREXOrexigen receives payments for $22M from U.S. and Korean partners
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07:03 EDTFLFoot Locker management to meet with Citi
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