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June 26, 2014
10:10 EDTWEC, TTWO, PRXL, IM, EXFO, HAWK, TBBK, POWR, NUVA, HRC, CJES, ZU, TNC, PF, NBR, FMS, BLTOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Blackhawk (HAWK) upgraded to Neutral from Negative at Susquehanna... Blount (BLT) upgraded to Outperform from Market Perform at William Blair... C&J Energy (CJES) upgraded to Neutral from Sell at Guggenheim... EXFO Inc. (EXFO) upgraded to Sector Performer from Underperformer at CIBC... Fresenius Medical (FMS) upgraded to Outperform from Neutral at Credit Suisse... Hill-Rom (HRC) upgraded to Buy from Neutral at Goldman... Ingram Micro (IM) upgraded to Buy from Hold at Cross Research... Nabors Industries (NBR) upgraded to Neutral from Sell at Guggenheim... NuVasive (NUVA) upgraded to Buy from Neutral at Goldman... PAREXEL (PRXL) upgraded to Outperform from Neutral at RW Baird... Pinnacle Foods (PF) upgraded at RBC Capital... PowerSecure (POWR) upgraded to Buy from Hold at Lake Street... Take-Two (TTWO) upgraded to Buy from Hold at Benchmark Co.... Tennant (TNC) upgraded to Buy from Hold at Dougherty... The Bancorp (TBBK) upgraded to Buy from Neutral at BTIG... Wisconsin Energy (WEC) upgraded to Neutral from Sell at UBS... zulily (ZU) upgraded at RBC Capital.
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March 24, 2015
16:17 EDTEXFOEXFO Inc. reports Q2 EPS 2c, consensus 2c
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16:10 EDTNBR, CJESC&J Energy, Nabors Industries complete combination transaction
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11:40 EDTPFMcCormick hits 52-week high after Q1 results top expectations
Shares of spices, seasonings and condiments maker McCormick & Company (MKC) are advancing after the company's first quarter results surpassed analysts' consensus estimates. WHAT'S NEW: This morning, McCormick reported Q1 adjusted earnings per share of 70c excluding a 15c impact of special charges on revenue of $1.01B, topping analysts' consensus estimates of 64c and $985.12M, respectively. McCormick's Q1 sales rose 2% from the year-ago period and in constant currency, the increase was 6%. Consumer business sales rose 5% in constant currency in Q1 due to increased volume and product mix driven by product innovation, brand marketing support and expanded distribution. Industrial business sales grew 7% in constant currency, with higher volume and product mix, as well as pricing actions. WHAT’S NOTABLE: Looking ahead, the company forecast fiscal year 2015 adjusted EPS of EPS $3.44-$3.51, below its prior view of $3.51-$3.58 given in January and analysts' estimates for FY15 of $3.53. The company continues to expect 4%-6% sales growth in constant currency for FY15. Based on year-to-date results and prevailing exchange rates, currency is now expected to lower this sales growth range by 5 percentage points, which is more than the previous projection of 3 percentage points. In constant currency, adjusted operating income is expected to grow 6%-7% from adjusted operating income of $608M in 2014. McCormick also raised its anticipated special charges for the year to $30M from $20M due to a higher response rate to its voluntary retirement program and additional actions in EMEA. McCormick is also targeting cost reductions of at least $85M in FY15, which are expected to help offset higher material costs. The company sees its Comprehensive Continuous Improvement program delivering at least $65M in 2015, and sees savings from reorganization actions of $20M. Chairman and Chief Executive Officer Alan Wilson commented that Q1 operating income was unfavorably impacted by several factors including special charges, unfavorable currency rates and higher material costs. Wilson said the company anticipates that these headwinds will continue in 2015, but expect the benefit of pricing actions and cost reduction efforts to build in the upcoming quarters. PRICE ACTION: In late morning trading, McCormick rose $2.90 or 3.96% to $76.10 on more than twice its average daily trading volume. The stock hit a fresh 52-week high of $77.79 earlier in the session. Including today's advance, the shares have gained nearly 13% over the past 12 months. OTHERS TO WATCH: Other companies in the food space include TreeHouse Foods (THS), down 0.8%, B&G Foods (BGS), up 1.2%, and Pinnacle Foods (PF), up 0.1%.
08:03 EDTNBRAppleseed Fund requests Nabors Industries publish sustainability report
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07:34 EDTNUVACanaccord to hold a conference
Musculoskeletal Conference is being held in Las Vegas on March 24.
06:35 EDTZUZulily shifts policy, will keep inventory on site, WSJ says
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March 23, 2015
09:45 EDTFMSUBS to hold a field trip
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March 22, 2015
14:59 EDTPFPinnacle Foods enters bidding for meatless food company Quorn, Telegraph says
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March 20, 2015
16:09 EDTNBR, CJESC&J Energy shareholders approve pending merger with Nabors Industries
C&J Energy Services (CJES) announced that at a special stockholder meeting, C&J stockholders approved, among other matters, the proposed merger contemplated by the Agreement and Plan of Merger, dated as of June 25, 2014, by and among C&J, Nabors Industries (NBR), Nabors Red Lion Limited, Nabors CJ Merger Co. and CJ Holding Co. If the merger of C&J with Nabors' completion and production services business is completed, Nabors CJ Merger Co., a direct wholly-owned subsidiary of Red Lion, will merge with and into C&J, with C&J surviving as a wholly-owned subsidiary of Red Lion. In connection with the closing of the Merger, Red Lion will change its name to "C&J Energy Services Ltd." and will be listed on the New York Stock Exchange under the ticker "CJES".
08:55 EDTNBR, CJESC&J Energy to host special shareholder meeting
Special Shareholder Meeting to consider and vote on the proposed merger with Nabors Industries will be held in Houston, Texas on March 20 at 10 am.
07:19 EDTNBRWhite House expected to unveil fracking rules today, WSJ says
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March 18, 2015
09:03 EDTIMIngram Micro acquires Tech Data's Peruvian and Chilean businesses
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07:30 EDTFMSDeutsche Bank to hold a conference
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March 17, 2015
10:00 EDTBLTOn The Fly: Analyst Downgrade Summary
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07:38 EDTBLTBlount downgraded at KeyBanc
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07:06 EDTPOWRPowerSecure awarded $50M in new business
PowerSecure International announced it has been awarded $50M in new business, including approximately $26M of new distributed generation, or DG, business, approximately $16M of new utility infrastructure business and approximately $8M of new energy efficiency business.
07:06 EDTBLTBlount downgraded to Sector Weight from Overweight at KeyBanc
March 16, 2015
16:50 EDTTBBKThe Bancorp files to delay Form 10-K
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11:36 EDTPOWRPowerSecure management to meet with Craig-Hallum
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08:03 EDTIMFrontier Communications unit announces alliance with DistiNow
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