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News Breaks
January 29, 2013
16:35 EDTVLO, EMC, SWIR, VMW, NTGR, HES, F, DHI, LLY, KERX, PFEOn The Fly: Closing Wrap
Stocks on Wall Street were mixed as the Dow closed only 200 or so points away from a high it has not reached since October 2007. A less-than-stellar consumer confidence reading for January stalled the advance early in the session, but the averages all rebounded and closed at or near their best levels of the day, though the Nasdaq was unable to hold in positive ground... ECONOMIC EVENTS: In the U.S., the November S&P/Case-Shiller 20-city Home-Prices Index was up a seasonally adjusted 0.6% from the prior month, versus expectations for a 0.7% increase. On a year-over-year basis, the 20-city index rose 5.5%, which was nearly in-line with consensus. The Consumer Confidence reading for January fell to 58.6, versus expectations for a smaller decline to 64.0... COMPANY NEWS: Ford (F) reported quarterly results that beat expectations on both the top and bottom lines. However, concerns over Europe, where the company said it expects to lose about $2B in 2013, sent shares down 64c, or 4.64%, to $13.14... Pharma giants Pfizer (PFE) and Eli Lilly (LLY) both reported earnings that beat consensus estimates before the market opened and both rallied. Dow-member Pfizer led that index with a 3.2%, or 86c, advance to $27.70, while Lilly gained $1.68, or 3.19%, to $54.32... MAJOR MOVERS: Higher for the second straight day were shares of Hess (HES), up $5.63, or 9.01%, to $68.11 after gaining over 6% yesterday, and Keryx Biopharmaceuticals (KERX), up $2.30, or 38.01%, to $8.36 today after rising over 76% yesterday. Also higher after earnings reports were DR Horton (DHI), which gained $2.51, or 11.78%, to $23.82, and Valero (VLO), which added $4.96, or 12.78%, to $43.77. Among the noteworthy losers was VMware (VMW), down $21.18, or 21.54%, to $77.14 after its guidance disappointed the Street and the stock was downgraded by numerous firms. EMC (EMC), which holds a majority ownership stake in VMware and also reported last night, also lost $1.02, or 4.05%, to $24.18. Also lower were shares of NetGear (NTGR), down $4.45, or 10.9%, to $36.38 after agreeing to acquire Sierra Wireless's (SWIR) AirCard business assets for $138M in cash. Sierra Wireless (SWIR) advanced $1.69, or 18.45%, to $10.85 after the news... INDICES: The Dow was up 72.49, or 0.52%, to 13,954.42; the Nasdaq was down 0.64, or 0.02%, to 3,153.66; and the S&P 500 was up 7.66, or 0.51%, to 1,507.84.
News For F;PFE;LLY;HES;KERX;DHI;VLO;VMW;EMC;NTGR;SWIR From The Last 14 Days
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January 23, 2015
07:00 EDTHESHess Corp. downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse downgraded Hess Corp to Neutral given the slowdown in onshore activity and reduced valuations in the Gulf of Mexico and Bakken. Price target cut to $72 from $85.
06:12 EDTFFord announces opening of Palo Alto engineering center
Ford (F) yesterday opened the Research and Innovation Center Palo Alto, growing its global research team and accelerating the company’s innovation in connectivity, mobility, autonomous vehicles, customer experience and big data. The all-new Research and Innovation Center Palo Alto joins Ford’s global network of research and innovation centers, including its location in Dearborn, Michigan, which focuses on advanced electronics, human-machine interface, materials science, big data and analytics; and Aachen, Germany, which focuses on next-generation powertrain research, driver-assist technologies and active safety systems. With the new facility, Ford expects to have one of the largest automotive manufacturer research centers in Silicon Valley by the end of the year, with 125 researchers, engineers and scientists. Located in Stanford Research Park, the facility also expands Ford’s physical footprint – with further expansion planned in the near future. Ford opened its first Silicon Valley office in 2012. Leading the new research center is Dragos Maciuca, an engineer who joins Ford from Apple (AAPL) with a background in consumer electronics, semiconductor manufacturing, aerospace and automotive. While Ford’s research and development in autonomous vehicles is a global effort, including ongoing work with University of Michigan and Massachusetts Institute of Technology, the Palo Alto team will expand collaboration with Stanford University that kicked off in 2013. For this next phase of research, Ford is contributing a Fusion Autonomous Research Vehicle to the Stanford engineering program to begin testing the path planning-and-prediction algorithms researchers have developed over the past year. Ford is integrating with the Nest application programming interface, targeting home energy and emergency system management while on the road through a series of research experiments.
January 22, 2015
11:23 EDTPFEPfizer says CHMP adopted positive opinion on Prevenar 13 expansion
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08:57 EDTEMCIxia slides after Oracle unveils Virtual Compute Appliance X5
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January 21, 2015
19:55 EDTKERXKeryx 9.17M share Secondary priced at $12.00
The deal size was raised to 9.17M shares from 7.2M shares. JPMorgan acted as sole book running manager for the offering.
19:18 EDTFLower oil prices could boost car and truck sales, CNBC reports
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13:53 EDTFGoldman cuts rating on auto dealers citing below consensus U.S. sales view
Goldman Sachs lowered its outlook on auto dealers to Cautious from Neutral, citing several factors, including its belief that U.S. auto sales growth will be "essentially flat" this year. The firm also downgraded its rating on one of the companies in the sector, AutoNation (AN), to Neutral from Buy and removed the stock from its Americas Buy List. WHAT'S NEW: U.S. auto sales will probably rise less than 1% this year on a seasonally adjusted basis, Goldman analyst Patrick Archambault wrote in a note to investors today. Archambault indicated that his U.S. auto sales estimate is significantly below analysts' consensus outlook. Incentive deals and sales to subprime customers last year will probably negatively affect sales growth this year, the analyst stated. Additionally, the growth of dealers' revenue from parts and service is likely to slow this year after a series of major auto recalls were carried out last year, Archambault warned. Dealers may also be hurt by the regulation of auto lenders by the Consumer Financial Protection Bureau, since lenders and dealers split the profits from interest rate markups, the analyst stated. Finally, dealers are trading at a valuation that is 13% above their ten year average, according to Archambault. The analyst cut his rating on AutoNation to Neutral from Buy, based partly on valuation and his belief that the stock's near-term catalysts have diminished after it implemented a rebranding strategy and enhanced its digital systems. Over the medium term, the company's growth prospects will be limited by weak U.S. auto sales growth this year, added Archambault. However, the analyst continues to identify AutoNation as his favorite auto dealer stock. Other auto dealers covered by the analyst include Penske (PAG), which he rates Neutral, and Group 1 (GPI) and Sonic Automotive (SAH), both of which are rated Sell by the analyst. WHAT'S NOTABLE: Automakers whose shares could be negatively affected if the analyst's forecast for anemic U.S. sales growth proves to be accurate include Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). PRICE ACTION: In mid-afternoon trading, AutoNation lost 1.2% to $57.12, Sonic Auto lost 1% to $25.18, Group 1 fell 2.5% to $77.40, and Penske climbed 1% to $47.09.
12:30 EDTPFEGlaxoSmithKline 'admired' by Pfizer CEO, FT reports
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10:16 EDTLLYLeerink biopharma analysts hold an analyst/industry conference call
Analyst Fernandez, along with Dr. Paul Gurbel and Dr. Richard Becker, discuss AstraZeneca's PEGASUS trial and the current use of Brilinta and dual antiplatelet therapy for prevention of CV disease and implications of the recently completed DAPT trial on an Analyst/Industry conference call to be held on January 21 at 1:30 pm.
09:02 EDTEMCSciQuest names Beth Hendriks as Chief Technology Officer
SciQuest (SQI) announced that EMC (EMC) executive Beth Hendriks will be joining the company as its new chief technology officer. In this role, she will be responsible for enhancing the breadth and depth of the SciQuest Spend Management Suite while accelerating technology and user experience innovation. Hendriks joins SciQuest from EMC, where she served as senior director of engineering.
07:14 EDTVLOCitgo scraps auction process, to raise debt instead, WSJ reports
The auction for Venezuela’s Citgo Petroleum, which drew interest from Marathon Petroleum (MPC), HollyFrontier (HFC), Valero Energy (VLO) and private equity firms, has been called off, said The Wall Street Journal, citing people familiar with the matter. Citgo will still seek to raise $2.5B in debt at this point and could restart its sales process later, the report added. Reference Link
06:52 EDTFRegulators deciding whether Ford should widen recall, Reuters says
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January 20, 2015
18:30 EDTKERXOn The Fly: After Hours Movers
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17:04 EDTHESOceaneering announces Hess Stampede Project umbilicals and hardware contract
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16:06 EDTKERXKeryx files to sell $100M in common stock
J.P. Morgan is acting as the sole book-running manager in the offering. Keryx intends to use the net proceeds from the sale of its common stock to fund the ongoing commercialization and development of Auryxia in the US, pre-commercial activities in Europe, to potentially in-license, acquire and develop additional drug candidates, and other general corporate purposes.
05:23 EDTFFord Mustang now available in China
For the first time in its 50-year history, Mustang will be available to customers around the world in more than 100 markets. First shipments of the highly anticipated Mustang are headed for Asia, with vehicles arriving in Europe midyear. The all-new Mustang – assembled in Flat Rock, Michigan – now joins other Ford and Lincoln vehicles exported to countries abroad. In 2013, Ford shipped more than 380,000 vehicles from the United States.
January 18, 2015
17:46 EDTFNHTSA probes Ford recall of its Super Duty pickups, Bloomberg says
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January 16, 2015
09:36 EDTDHID.R. Horton downgraded to Equal Weight from Overweight at Barclays
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08:14 EDTFFord to boost production at German assembly plants, WSJ reports
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07:40 EDTVLOWolfe Research to hold a conference
1st Annual Oil & Gas 1:1 Refining Conference is being held in Boston on January 16.
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