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News Breaks
September 24, 2012
10:25 EDTTFX, ASGN, CP, GNW, SAASOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Genworth (GNW) initiated with a Neutral at Macquarie... On Assignment (ASGN) initiated with an Outperform at Wells Fargo... On Assignment initiated with a Buy at BofA/Merrill... inContact (SAAS) initiated with an Overweight at Piper Jaffray... Canadian Pacific (CP) coverage resumed with an Overweight at Morgan Stanley... Teleflex (TFX) initiated with an Equal Weight at Barclays.
News For GNW;ASGN;SAAS;CP;TFX From The Last 14 Days
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October 9, 2015
05:19 EDTGNWGenworth Australia reaffirms FY15 outlook
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October 8, 2015
09:08 EDTSAASinContact's cloud solution adopted by large retail company
inContact announced that a major retail company is moving its contact center operations to inContact's unified cloud platform. With the company's more than 1,000 stores nationwide, the inContact implementation will include more than 200 agents in two contact centers with plans to further expand their customer service operations.
October 1, 2015
09:30 EDTCPRails sector upgraded to Market Weight from Market Weight at Wolfe Research
Wolfe Research upgraded the Rails Sector to Market Overweight citing limited downside in earnings and valuations at current levels. The firm recommends investors aggressively buy rail stocks again given below market multiples and double-digit earnings growth next year. As part of the sector upgrade, the analyst raised Norfolk Southern to Outperform from Peer Perform.
September 30, 2015
18:02 EDTGNWGenworth to sell certain blocks of term life policies to Protective Life
Genworth Financial announced that Genworth Life and Annuity Insurance Company, a wholly-owned indirect subsidiary of the company, has entered into an agreement to sell, via reinsurance, certain blocks of term life insurance to Protective Life Insurance Company. The majority of the term life insurance blocks included in this transaction are currently reinsured to River Lake Insurance Company and River Lake Insurance Company II, which previously had not been consolidated in the statutory financial statements of the U.S. life insurance companies. Genworth will continue to administer and service the policies, which represent approximately $108.7B of term life insurance in force backed by approximately $2.3B of statutory reserves as of June 30. The transaction represents another step toward increasing Genworth's financial flexibility and strength by generating capital from low return blocks. The company expects to generate initial capital of approximately $100M-$150M in aggregate to Genworth. The transaction will utilize all of the net operating losses in the U.S. life insurance companies resulting in expected inter-company tax payments over time to the holding company and other entities for the use of tax benefits. The impacts will likely be favorable for some legal entities and unfavorable for others and will vary based upon utilization of net operating losses and tax sharing arrangements, among other factors. In addition to the aggregate capital and tax benefits associated with the sale, the company anticipates a minimal impact to income and a modest improvement to return on equity. The company expects to record an after-tax GAAP loss of approximately $275M-$325M in the third quarter of 2015 primarily related to the write-off of deferred acquisition costs associated with the term life insurance blocks being sold. The transaction is expected to close during the first quarter of 2016 and is subject to customary conditions, including requisite regulatory approvals. Genworth will provide further details regarding the transaction on its earnings conference call for the third quarter of 2015.
12:26 EDTCPRails advance after Goldman says rate of volume declines improving
Shares of railroad operators are advancing after Goldman Sachs moved its Rails coverage view to Attractive from Neutral. WHAT'S NEW: In a note to investors, Goldman Sach's Tom Kim and team said while rail volumes continue to contract, the rate of change has begun to improve and the firm sees this as an early inflection indicator. The negatives in the rail sector appear to be well known as the sector has been under "significant" selling pressure since peaking in the fourth quarter of 2014, added Goldman Sachs. The firm sees structural improvement in the profitability of the rail sector as operating margins for 2015 are estimated to have expanded to 35% from 29% in 2010. Goldman thinks the negative earnings per share revisions cycle for rails is over and that investor expectations are achievable. The firm sees earnings as a catalyst for sector performance and believes carloads will grow again in 2016 with 4% year-over-year growth in intermodal. WHAT'S NOTABLE: Kim upgraded Canadian Pacific (CP) to Buy from Neutral and reiterated its Buy rating on Union Pacific (UNP). The firm sees upside potential for Canadian National Railway (CNI), CSX (CSX), Kansas City Southern (KSU), and Norfolk Southern Corporation (NSC), but it maintained its Neutral ratings on those names as the firm expects these stocks to trade in-line with its broader Transportation coverage universe. PRICE ACTION: In afternoon trading, shares of Canadian Pacific are up nearly 3%, while Union Pacific is higher by almost 1%. CSX is advancing 2.2%, while Canadian National Railway, Kansas City Southern, and Norfolk Southern Corporation are each up over 1%.
10:00 EDTCPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Analog Devices (ADI) upgraded to Buy from Neutral at Citi... Asbury Automotive (ABG) upgraded to Neutral from Underperform at BofA/Merrill... Brookfield (BAM) upgraded to Outperform from Market Perform at BMO Capital... CNOOC (CEO) upgraded to Buy from Hold at Jefferies... Canadian Pacific (CP) upgraded to Buy from Neutral at Goldman... Citizens Financial (CFG) upgraded to Buy from Neutral at UBS... Esperion (ESPR) upgraded to Neutral from Sell at Chardan... HSBC (HSBC) upgraded to Buy from Neutral at UBS... Hecla Mining (HL) upgraded to Outperformer from Sector Performer at CIBC... Johnson Controls (JCI) upgraded to Outperform from Market Perform at William Blair... Level 3 (LVLT) upgraded to Buy from Neutral at UBS... Madison Square Garden (MSG) upgraded on asset value, share buyback outlook at Stifel... Medivation (MDVN) upgraded to Market Perform from Underperform at Cowen... PHH Corp. (PHH) upgraded to Buy from Neutral at Compass Point... Post Holdings (POST) upgraded to Buy from Neutral at SunTrust... Ralph Lauren (RL) upgraded to Buy from Neutral at UBS... Regions Financial (RF) upgraded to Buy from Hold at Sandler O'Neill... Shire (SHPG) upgraded to Hold from Reduce at HSBC... Sinopec (SNP) upgraded to Buy from Hold at Jefferies... Verifone (PAY) upgraded to Buy from Hold at Argus.
08:08 EDTCPRails sector upgraded to Attractive from Neutral at Goldman
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07:50 EDTCPCanadian Pacific upgraded to Buy from Neutral at Goldman
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05:32 EDTSAASRingCentral adds cloud contact centre in UK
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September 29, 2015
16:36 EDTCPCanadian Pacific acquires Steelcare, terms not disclosed
Canadian Pacific has acquired Steelcare, Canada's largest steel transload facility. Steelcare is a transload and distribution hub providing superior transloading, warehousing and distribution services of steel products. Steelcare's Plant Six facility in CP's Aberdeen yard in Hamilton, Ontario, is a 168,000-square-foot facility featuring two drive-through rail and truck loading and unloading areas. Steelcare is able to handle up to 1.5M tons of rail transload product in a given year. The transaction includes TransCare Logistics Corporation, Prometheus Six Inc. and East Port Warehousing & Distribution. Projected yearly revenue as a result of the transaction is approximately $10M. The intent is to keep the current management structure and employees in place. Clements will also serve as Steelcare's Executive Vice President.
09:10 EDTSAASinContact to hold a user conference
11th Annual User Conference: ICUC 2015 Legendary Journeys Ahead will be held in Salt Lake City, Utah on September 29-October 1.

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