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Stock Market & Financial Investment News

News Breaks
November 4, 2011
05:19 EDTGLBLGlobal Industries Q3 project awards were $127.8M, resulting in $228.2M backlog
News For GLBL From The Last 14 Days
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November 25, 2015
16:49 EDTGLBLOn The Fly: Top stock stories for Wednesday
Stocks began Wednesday in positive territory and remained higher for much of the day before dipping slightly near close. The averages moved in a narrow range as investors digested a host of economic data, including reports on consumer confidence, jobless claims and housing, none of which moved the market in any discernible way ahead of the Thanksgiving holiday. ECONOMIC EVENTS: In the U.S., several days of economic reports were compressed into a single, busy morning. Jobless claims for the week ended November 21 fell to 260,000 against expectations for 270,000 first-time claims. Personal income rose 0.4% in October, matching expectations, while spending rose 0.1% versus estimates for a 0.3% increase. Meanwhile, durable goods orders were up 3% last month versus expectations for up 1.7%. Removing transportation items showed a core reading of up 0.5% against estimates for 0.3%. The FHFA home price index rose 0.8% in September to 226.5, while Markit's services index improved to 56.5 in the flash reading for November, topping the 55.1 forecast. New home sales rose 10.7% to a 495,000 rate in October. Consumer sentiment rose to 91.3 in the final November print of the University of Michigan survey, up from October's 90.0 reading but down from the preliminary November reading of 93.1. COMPANY NEWS: Shares of HP Inc. (HPQ) and HP Enterprise (HPE) headed in opposite directions following the final combined earnings report of the recently-split companies. HP Inc., which was downgraded to Hold at research firm Needham following last night's report, ended the session down 13.63% to $12.65. Meanwhile, HP Enterprise, which also announced a cloud partnership with Microsoft (MSFT), gained 3.14% to $14.12... Deere (DE), which reported better than expected earnings and issued a 2016 sales outlook matching estimates, gained 4.79% to $80 following its quarterly report. MAJOR MOVERS: Among the notable gainers was Tesla (TSLA), which advanced $11.39, or 5.22%, to $229.64 after research firm Credit Suisse reiterated its Outperform rating and $325 price target on the shares, saying the carmaker's January volume report should positively address investor fears over its fourth-quarter performance and Model X production ramp. Also higher was American Capital (ACAS), which gained $1.32, or 9.50%, to $15.22 after expanding its stock buyback program and announcing a strategic review of the company, including a possible sale. Additionally, Veeva (VEEV) jumped 5.01% to $28.73 following its quarterly numbers, which prompted analysts at both JPMorgan and Canaccord to raise their price targets on the stock. Among the noteworthy losers was PTC Therapeutics (PTCT), which declined $2.23, or 7.02%, to $29.52 after Jefferies analyst Gena Wang downgraded the stock to Underperform, saying yesterday's FDA panel for BioMarin's (BMRN) competing muscular dystrophy drug is a negative for PTC. BioMarin, meanwhile, slipped 1.78% to $96.06 for the day, while Sarepta (SRPT), also competing in the same therapeutic space, was up fractionally to $37.49. Also lower were SunEdison (SUNE) and TerraForm Power (TERP), which crashed a respective 21.6% and 17.67% after research firm UBS downgraded both stocks on "considerable" risks suggested by recent management changes at Terraform. TerraForm Global (GLBL), meanwhile, plunged 21.26% to $4.11. Separately, Dow Chemical (DOW) slipped 2.72% to $51.93 after the EPA withdrew approval for the company's Enlist Duo herbicide. INDEXES: The Dow rose 1.20, or 0.01%, to 17,813.39, the Nasdaq gained 13.33, or 0.26%, to 5,116.14, and the S&P 500 slipped 0.27, or 0.01%, to 2,088.87.
10:39 EDTGLBLSunEdison, TerraForm sink after UBS says sell both
The shares of solar energy company SunEdison (SUNE) and its yieldco, TerraForm Power (TERP), are falling after UBS downgraded both stocks to sell, saying that the companies face considerable risk after personnel changes at TerraForm. WHAT'S NEW: After TerraForm earlier this week announced that the CFO of SunEdison, Brian Wuebbel, had become TerraForm's CEO and implemented changes to its board, UBS analyst Julien Dumoulin-Smith says the moves suggest that SunEdison's liquidity problems may be worse than many believe. According to Dumoulin-Smith, "schisms" between TerraForm and SunEdison may indicate that the disagreements between the companies were more intense than is generally understood. Moreover, SunEdison may be caught in a catch-22, as it needs to maintain its guidance to show that it's solvent, but carrying out all its projects as planned could create liquidity risks, the analyst stated. As for TerraForm, Dumoulin-Smith believes that the changes to its management team signal that SunEdison will "extract meaningful liquidity" from it. The analyst thinks that SunEdison will take a number of "value destroying steps," including a reduction of TerraForm's value by $2.50 per share to finance Invenergy's warehouse and a $4.50 per share reduction in value to finance an additional 500 megawatts of energy production through 2020, the analyst predicted. TerraForm acquired $2B of wind energy projects from Invenergy earlier this year. The analyst downgraded SunEdison and TerraForm to Sell from Neutral while cutting his price target on SunEdison to $2 from $3 and reducing his price target on TerraForm to $6 from $14. PRICE ACTION: In early trading, SunEdison fell 11.4% to $3.65 and TerraForm tumbled 17% to $7.33. SunEdison controls another yieldco, TerraForm Global (GLBL), whose shares are down 12.6% to $4.56 this morning.
November 24, 2015
16:26 EDTGLBLOn The Fly: Top stock stories for Tuesday
Stocks began the session in negative territory as events at home and abroad escalated concerns. The downing of a Russian plane by Turkey and a worldwide travel alert by the U.S. State Department gave investors pause when the market opened, though the averages pared their losses as the European averages closed, eventually moving into positive territory in afternoon trading. The market moved in a fairly narrow range once it made it to positive ground, but given the geopolitical events, the bulls will have to consider the day's action a victory. ECONOMIC EVENTS: In the U.S., the estimate of third quarter GDP growth was boosted to 2.1% from 1.5%, matching estimates. Personal consumption growth was estimated at 3.0% in the second look, versus expectations for an increase of 3.2%. The S&P/Case-Shiller 20-city composite home price index was up a seasonally adjusted 0.6% month over month in September, versus expectations for an increase of 0.3%. The Conference Board's consumer confidence reading for November came in at 90.4, missing the consensus forecast of 99.5. COMPANY NEWS: Carl Icahn revealed last night that he has taken a 7.13% stake in Xerox (XRX) and may seek positions on the board of the company. Research firm Piper Jaffray believes that Icahn's involvement in the company can amplify the company's review and boost the stock, but that was not the case at today, as Xerox shares slipped 1.3% to $10.61 following the disclosure... In other news from a high-profile activist investor, Bill Ackman has put more funds behind his big bet in Valeant Pharmaceuticals (VRX), as filings show that Pershing Square raised its stake in the embattled drugmaker to 9.9%. The news didn't do all that much for Valeant shares, however, as the stock was unchanged from where it closed yesterday at $87.41. MAJOR MOVERS: Among the notable gainers was SunEdison (SUNE), which surged $1.12, or 37.33%, to $4.12 after entering into an agreement to sell TerraForm Global (GLBL) a series of projects located in India for the aggregate equity consideration of $231M, subject to purchase price adjustments. SunEdison utilized a portion of the proceeds from the sale to partially pay down its margin loan, said the company, which JPMorgan analyst Paul Coster called a positive for both SunEdison and TerraForm Power (TERP). Also higher was Avon Products (AVP), which gained 45c, or 15.94%, to $3.31 after Citi analyst Wendy Nicholson upgraded the stock to Buy after visiting the company's operations in Brazil. Among the noteworthy losers was Aduro Biotech (ADRO), which fell $5.18, or 16.07%, to $27.05 after disclosing that a Grade 3 serious adverse event, a single case of investigator assessed listeriosis, has been reported for a patient being treated with CRS-207 and GVAX Pancreas. Also lower were shares of Brocade (BRCD), which sunk 78c, or 7.73%, to $9.31 after the networking equipment supplier's outlook for the first quarter trailed analysts' consensus estimates. INDEXES: The Dow rose 19.51, or 0.11%, to 17,812.19, the Nasdaq gained 0.33, or 0.01%, to 5,102.81, and the S&P 500 advanced 2.55, or 0.12%, to 2,089.14.
09:29 EDTGLBLSunEdison to sell projects in India to TerraForm Global for $231M
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November 23, 2015
11:17 EDTGLBLSunEdison rallies after CFO takes over top spot at YieldCos
Shares of solar power company SunEdison (SUNE) are rallying after the company announced this morning that its chief financial officer Brian Wuebbels will take over as the president and CEO at its two "YieldCos." WHAT'S NEW: Both TerraForm Power (TERP) and TerraForm Global (GLBL) announced a series of changes to its senior management team and board aimed at aligning the company's strategic focus around acquiring projects from its sponsor, SunEdison, with less reliance on third party acquisitions. Wuebbels has been named president and CEO and Rebecca Cranna has been named CFO of both companies, effective immediately. ANALYST OPINION: SunEdison can solve its liquidity difficulties if the company acts "decisively and urgently," according to Deutsche Bank analyst Vishal Shah. SunEdison can overcome its cash problems if the company looks to quickly sell some of its backlog and operating assets, as well as assets owned by Vivint Solar (VSLR), which SunEdison had agreed to acquire, Shah wrote in a note to investors today. SunEdison can monetize Vivint's operating assets, sell projects to third parties, and complete a number of projects that are in its pipeline, Shah argues. TerraForm Power can use the proceeds from SunEdison's sale of Vivint's operating assets to fund its own acquisition of Invenergy, said Shah, or TerraForm can obtain funds by monetizing its own projects. If SunEdison does not take any action soon, however, the company does appear to face "considerable downside risk," warned the analyst. However, he reported that SunEdison "appears to be working on a number of options," including refinancing its margin loan and restructuring the Vivint deal . Shah cut his price target on SunEdison to $9 from $16 but kept a Buy rating on the shares. PRICE ACTION: In late morning trading, SunEdison surged 9.75% to $3.10. However, the stock is still down 37% over the last week and 90% over the last six months.
09:42 EDTGLBLTerraForm Power and TerraForm Global mentioned positively at Avondale
07:05 EDTGLBLTerraForm Global appoints SunEdison CFO Wuebbels as CEO
TerraForm Global (GLBL) announced a series of changes to its senior management team and board aimed at aligning the company's strategic focus around acquiring projects from its Sponsor, SunEdison, with less reliance on third party acquisitions. Brian Wuebbels has been named president and CEO and Rebecca Cranna has been named CFO, effective immediately. They will succeed Carlos Domenech and Alejandro Hernandez, respectively, who are departing TerraForm Global. Domenech will no longer serve on the company's board. Wuebbels currently serves as executive vice president and chief financial officer of SunEdison (SUNE) and will continue in that capacity. Cranna most recently served as senior vice president and CFO, Global Asset Management for SunEdison which she joined in 2014.
November 17, 2015
14:57 EDTGLBLSunEdison has sufficient cash to see through commitments, says Oppenheimer
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November 16, 2015
16:43 EDTGLBLGreenlight Capital added Apple, sold some SunEdison
Greenlight Capital gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: CNX Coal Resources (CNXC), Garmin (GRMN), Terraform Global (GLBL), and Liberty Global (LILA). INCREASED STAKES: Apple (AAPL), Michael Kors (KORS), Dillard's (DDS), UIL Holdings (UIL), and Twenty-First Century Fox (FOXA). DECREASED STAKES: SunEdison (SUNE), Micron (MU), Voya (VOYA), Applied Materials (AMAT), and SunEdison Semiconductor (SEMI). LIQUIDATED STAKES: Citizens Financial (CFG), Lam Research (LRCX), Spirit AeroSystems (SPR), Hertz (HTZ), and Macy's (M).
09:59 EDTGLBLOmega bought Valeant in Q3, sold some SuneEdison
Leon Cooperman's Omega Advisors gave a quarterly update on its stakes in a filing this morning, disclosing its positions as of September 30. NEW STAKES: Pfizer (PFE), Valeant (VRX) Walgreens Boots Alliance (WBA), TerraForm Global (GLBL), Cigna (CI). INCREASED STAKES: Google Class A (GOOGL), Facebook (FB), Delta Air Lines (DAL). DECREASED STAKES: SunEdison (SUNE), Shire (SHPG), Citi (C), KAR Auction (KAR), LyondellBasell (LYB). LIQUIDATED STAKES: McKesson (MCK), 21st Century Fox (FOXA), General Motors (GM), QEP Resources (QEP), eBay (EBAY).

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