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Stock Market & Financial Investment News

News Breaks
July 14, 2014
10:03 EDTETP, GNC, MDLZ, SDOptions with increasing implied volatility: GNC SD MDLZ ETP
News For GNC;SD;MDLZ;ETP From The Last 14 Days
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January 26, 2015
12:23 EDTETPOn The Fly: Midday Wrap
Stocks on Wall Street opened lower and hit their session lows a short time after the opening bell rang. In addition to some jitters about a vote in Greece, investors were focused on the massive impending winter storm set to hit the Northeast. With weather pundits expecting the snowfall in feet rather than inches, a number of companies have already rescheduled their earnings announcements. The market was mixed at midday, with the Dow and Nasdaq a bit lower and the S&P up fractionally. ECONOMIC EVENTS: In the U.S., the Dallas Fed manufacturing index fell 8.5 points to -4.4 in January, versus the consensus forecast for a reading of 4.0. In Europe, Greece's far-left Syriza party swept to power, renewing concerns about the country's future as a member of the Eurozone. COMPANY NEWS: Today was a "merger Monday," with at least four deals worth more than $1B announced. Energy Transfer Partners (ETP) announced plans to acquire Regency Energy Partners (RGP) in an $18B unit-for-unit transaction that includes assuming $6.8B of net debt and other liabilities. Rock-Tenn (RKT) and MeadWestvaco (MWV) agreed to merge to create a consumer and corrugated packaging company with a combined equity value of $16B. Under the terms of the deal, the resulting ownership of the new company will be approximately 50.1% by MWV shareholders and 49.9% by RockTenn shareholders. AXIS Capital (AXS) and PartnerRe (PRE) announced a "merger of equals" that will create a specialty insurance and reinsurance company with total capital of more than $14B and cash and invested assets of more than $33B. Additionally, cereal maker Post Holdings (POST) agreed to pay $1.15B in cash and stock to buy privately-held MOM Brands, which makes Malt-O-Meal and other breakfast products. MAJOR MOVERS: Among the notable gainers was Universal Display (OLED), which gained 11% after the company announced the signing of a new OLED technology license agreement and material purchase pact with LG Display (LPL). Also higher was Ocwen Financial (OCN), which rose 17% after the California Department of Business Oversight announced a $2.5M settlement with Ocwen Loan Servicing on Friday evening over the firm’s failure for more than a year to provide loan information needed by the DBO to assess compliance with state mortgage lending laws. Also of note, Ocwen denied any basis for default under trust agreements that had been alleged by certain hedge funds and other RMBS investors to trustees and master servicers in connection with 119 RMBS trusts, which are serviced by Ocwen. Among the noteworthy losers was Brookdale Senior Living (BKD), which dropped 8% after the company lowered its forecast for FY15 Cash From Facility Operations, citing a combination of lower than expected occupancy and certain higher-than-anticipated insurance reserve adjustments. Also lower following its earnings reports was hard disk-drive maker Seagate (STX), which fell about 9%. INDEXES: Near midday, the Dow was down 1.41, or 0.01%, to 17,671.19, the Nasdaq was down 4.02, or 0.08%, to 4,753.86, and the S&P 500 was up 2.34, or 0.11%, to 2,054.16.
09:20 EDTETPEnergy Transfer Partners raises quarterly distribution 2c to 99.5c
Energy Transfer Partners announced that its board has approved a 2c increase in its quarterly distribution to 99.5c per ETP common unit for Q4. The quarterly distribution represents an increase of 30c per common unit on an annualized basis, or 8.2%, compared to Q4 of 2013, and represents an annualized distribution increase of 8c per common unit compared to Q3. The cash distribution will be paid on February 13, to unitholders of record as of the close of business on February 6.
09:11 EDTETPEnergy Transfer Partners, Regency Energy Partners to merge
Energy Transfer Partners (ETP) and Regency Energy Partners (RGP) announced they have entered into a definitive merger agreement. This merger will be a unit-for-unit transaction, plus a one-time cash payment to Regency unit holders, that collectively implies a value for Regency of approximately $18B, including the assumption of net debt and other liabilities of $6.8B. The transaction is expected to close in the second quarter of 2015. Under the terms of the merger agreement, which has been approved by the Boards of Directors and Conflicts Committees of both ETP and Regency, the unitholders of Regency will receive 0.4066 ETP common units and a cash payment of 32c for each common unit of Regency, implying an all-in price for Regency common units of $26.89 per unit based on ETP’s closing price on January 23. The consideration to be received by Regency common unitholders represents an approximately 13% premium to the closing price of Regency’s common units of $23.75 on January 23, and an approximately 15% premium to the volume weighted average price of Regency’s common units for the last 3 trading days ending January 23. In addition, Energy Transfer Equity (ETE), which owns the general partner and 100% of the incentive distribution rights of both Regency and ETP, has agreed to reduce the incentive distributions it receives from ETP by a total of $320M over a five year period. The IDR subsidy will be $80M in the first year post closing and $60M per year for the following four years. The proposed merger has been discussed with the ratings agencies and it is anticipated that the merger will have no impact to ETP’s credit ratings and that Regency’s ratings will be put on review for upgrade. Pro forma for the merger, ETP will be the second largest MLP and will be well diversified both geographically, with operations in substantially all major producing areas in the United States, and across business lines, with a unique franchise across the energy midstream value chain. Completion of the merger is subject to customary closing conditions, including approval of the respective ETP and Regency unitholders and observation of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, if applicable. The required threshold for approval of each partnerships unitholders is a simple majority of issued and outstanding units.
09:10 EDTETPRegency Energy Partners holders to receive $26.89 in cash and stock in merger
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09:07 EDTETPEnergy Transfer Partners, Regency Energy Partners to merge
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January 22, 2015
09:43 EDTSDActive equity options trading
Active equity options trading according to Track Data: AAPL DG ABX AMZN FXCM LVS FFIV INFI SD
January 21, 2015
10:47 EDTETPOptions with decreasing implied volatility
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10:01 EDTETPOn the Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Ashford Hospitality (AHT) upgraded to Outperform from Neutral at Credit Suisse... BAE Systems (BAESY) upgraded to Buy from Neutral at Goldman... Bazaarvoice (BV) upgraded to Outperform from Market Perform at Cowen... Becton Dickinson (BDX) upgraded to Outperform at Cowen... CVS Health (CVS) upgraded to Buy from Neutral at Goldman... Camden Property (CPT) upgraded to Outperform from Neutral at Credit Suisse... ConocoPhillips (COP) upgraded to Buy from Neutral at BofA/Merrill... Cornerstone OnDemand (CSOD) upgraded to Buy from Neutral at DA Davidson... Cree (CREE) upgraded to Overweight at Stephens... DDR Corp. (DDR) upgraded to Outperform from Neutral at Credit Suisse... EastGroup Properties (EGP) upgraded to Outperform from Neutral at Credit Suisse... Energy Transfer Partners (ETP) upgraded to Outperform from Neutral at Credit Suisse... Esperion (ESPR) upgraded at BofA/Merrill... Exxon Mobil (XOM) upgraded to Outperform from Market Perform at Wells Fargo... FXCM (FXCM) upgraded to Market Perform from Underperform at Keefe Bruyette... Fair Isaac (FICO) upgraded to Overweight from Equal Weight at Barclays... Golar LNG (GLNG) upgraded to Buy from Hold at Nordea... Gran Tierra (GTE) upgraded to Buy at Canaccord... Host Hotels (HST) upgraded to Outperform from Neutral at Credit Suisse... J.M. Smucker (SJM) upgraded to Overweight from Neutral at JPMorgan... Kilroy Realty (KRC) upgraded to Neutral from Underperform at Credit Suisse... Level 3 (LVLT) upgraded to Outperform from Market Perform at Wells Fargo... Lowe's (LOW) upgraded to Overweight from Equal Weight at Morgan Stanley... Michael Kors (KORS) upgraded to Outperform at Cowen... Netflix (NFLX) upgraded at Nomura... Regions Financial (RF) upgraded to Buy from Neutral at Guggenheim... Ruckus Wireless (RKUS) upgraded to Outperform from Market Perform at Northland... Santander Mexico (BSMX) upgraded to Neutral from Underperform at Credit Suisse... Scorpio Tankers (STNG) upgraded to Buy at Canaccord... Sprouts Farmers Markets (SFM) upgraded to Buy from Neutral at BofA/Merrill... Strategic Hotels (BEE) upgraded to Outperform from Neutral at Credit Suisse... The Medicines Co. (MDCO) upgraded to Outperform from Market Perform at Leerink... Whole Foods (WFM) upgraded at Sterne Agee... Wolseley (WOSYY) upgraded to Neutral from Underperform at Exane BNP Paribas.
07:13 EDTETPEnergy Transfer Partners upgraded to Outperform from Neutral at Credit Suisse
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January 20, 2015
07:31 EDTSDSandRidge Energy upgraded to Hold from Reduce at KLR Group
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January 16, 2015
07:29 EDTETPSunoco named best idea for 2015 at Stephens
Stephens made Sunoco (SUN) its 2015 best idea, citing solid visibility into sustained long-term distribution growth and the firm's estimate that the company has over $600M of EBITDA that can be dropped down from Energy Transfer Partners (ETP) over the next 18 to 30 months. Stephens has an Overweight rating and $60 price target on Sunoco.
January 15, 2015
15:06 EDTETPPioneer pipeline unit said to draw interest, Bloomberg says
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January 14, 2015
10:00 EDTSDOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: ACE Limited (ACE) downgraded to Neutral from Outperform at Macquarie... AXIS Capital (AXS) downgraded to Neutral from Outperform at Macquarie... Allstate (ALL) downgraded to Underperform from Neutral at Macquarie... Altera (ALTR) downgraded to Neutral from Overweight at JPMorgan... American Midstream Partners (AMID) downgraded to Neutral from Buy at BofA/Merrill... Argo Group (AGII) downgraded to Underperform from Neutral at Macquarie... Aspen Insurance (AHL) downgraded to Underperform from Neutral at Macquarie... Beneficial Bancorp (BNCL) downgraded to Neutral at Boenning & Scattergood... CDW Corporation (CDW) downgraded to Neutral from Buy at Goldman... CHC Group (HELI) downgraded at Raymond James... CIRCOR (CIR) downgraded to Hold from Buy at Stifel... Chesapeake (CHK) downgraded to Underweight from Equal Weight at Barclays... Commerzbank (CRZBY) downgraded to Sell from Neutral at Goldman... Continental Resources (CLR) downgraded to Equal Weight from Overweight at Barclays... Corporate Office Properties (OFC) downgraded to Market Perform at Wells Fargo... Credit Suisse (CS) downgraded to Neutral from Overweight at HSBC... Datawatch (DWCH) downgraded to Hold at Canaccord... Devon Energy (DVN) downgraded to Equal Weight from Overweight at Barclays... Dollar Tree (DLTR) downgraded to Neutral from Buy at Northcoast... Douglas Emmett (DEI) downgraded to Neutral from Buy at Mizuho... Dresser-Rand (DRC) downgraded to Underperform from Market Perform at Raymond James... Enable Midstream (ENBL) downgraded to Underperform from Neutral at BofA/Merrill... F5 Networks (FFIV) downgraded to Equal Weight from Overweight at Barclays... First Majestic (AG) downgraded to Sector Perform from Outperform at Scotia Capital... Foot Locker (FL) downgraded to Sell from Neutral at Goldman... Franklin Resources (BEN) downgraded to Neutral from Buy at Goldman... HCP (HCP) downgraded to Market Perform from Outperform at Wells Fargo... Halcon Resources (HK) downgraded to Underweight from Equal Weight at Barclays... Insulet (PODD) downgraded at Sterne Agee... J.B. Hunt (JBHT) downgraded to Market Perform from Outperform at Avondale... JPMorgan (JPM) downgraded to Underweight from Neutral at HSBC... KB Home (KBH) downgraded to Neutral from Outperform at Credit Suisse... Kosmos (KOS) downgraded to Equal Weight from Overweight at Barclays... Marathon Oil (MRO) downgraded to Equal Weight from Overweight at Barclays... Medley Management (MDLY) downgraded to Market Perform at Keefe Bruyette... MoneyGram (MGI) downgraded to Underperform from Neutral at BofA/Merrill... NPS Pharmaceuticals (NPSP) downgraded to Neutral from Overweight at JPMorgan... National Grid (NGG) downgraded to Underperform from Neutral at Credit Suisse... Navigators (NAVG) downgraded to Underperform from Neutral at Macquarie... Pioneer Energy (PES) downgraded at Raymond James... RSP Permian (RSPP) downgraded to Equal Weight from Overweight at Barclays... Rambus (RMBS) downgraded to Neutral from Overweight at JPMorgan... Realty Income (O) downgraded to Market Perform from Outperform at Wells Fargo... Red Hat (RHT) downgraded to Sell from Neutral at Goldman... Resolute Energy (REN) downgraded to Underweight from Equal Weight at Barclays... Ross Stores (ROST) downgraded to Neutral at UBS... SandRidge Energy (SD) downgraded to Underweight from Equal Weight at Barclays... Tech Data (TECD) downgraded to Sell from Neutral at Goldman... Teekay Offshore Partners (TOO) downgraded to Neutral from Buy at BofA/Merrill... Travelers (TRV) downgraded to Underperform from Neutral at Macquarie... TrueCar (TRUE) downgraded to Market Perform at Cowen... Valspar (VAL) downgraded to Neutral from Outperform at RW Baird... Verizon (VZ) downgraded at Evercore ISI... Viacom (VIAB) downgraded to Sell from Buy at Citigroup... W. R. Berkley (WRB) downgraded to Underperform from Neutral at Macquarie... Waddell & Reed (WDR) downgraded to Neutral from Buy at Goldman... Western Union (WU) downgraded to Underperform from Neutral at BofA/Merrill... Whiting Petroleum (WLL) downgraded to Equal Weight from Overweight at Barclays... Whole Foods (WFM) downgraded to Hold from Buy at Argus... Xilinx (XLNX) downgraded to Neutral from Overweight at JPMorgan... iRobot (IRBT) downgraded to Underweight from Neutral at JPMorgan.
07:41 EDTSDGlobal Hunter Securities to hold a conference
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06:14 EDTSDSandRidge Energy downgraded to Underweight from Equal Weight at Barclays
Barclays downgraded SandRidge Energy to Underweight and other names in the Exploration & Production space saying downside risk outweighs potential gains, even if oil prices recover. The firm reduced its commodity price deck assumptions and believes investor expectations for an oil price recovery could prove disappointing. It lowered its price target for shares to 50c from $1.50.
January 12, 2015
10:34 EDTMDLZFood makers slip as Citi highlights headwinds with downgrades in space
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10:00 EDTMDLZOn The Fly: Analyst Downgrade Summary
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06:16 EDTMDLZMondelez downgraded to Neutral from Buy at Citigroup
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