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Stock Market & Financial Investment News

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May 27, 2014
16:27 EDTHSH, PF, PPC, DYAX, BAC, DRTX, FROOn The Fly: Closing Wrap
Stocks on Wall Street were higher as investors returned from their holiday weekend. The major averages were higher from the outset of the trading day and most of the market action happened shortly after the opening bell. By mid-morning the averages found a level and settled into a narrow trading range for the remainder of the session. The Nasdaq was the clear leader as it tacked on gains of more than 1%. Though the Dow and S&P 500 rose more modestly, both closed at new record levels. ECONOMIC EVENTS: In the U.S., durable orders rose 0.8% in April, beating expectations for them to have fallen 0.7% in the month. The Case Shiller 20-city home price index rose 1.2% in March, which was more than expected. Markit's flash services PMI climbed to 58.4 in May from 55.0 in April. The Richmond Fed manufacturing index for May held at 7 for a second straight month. A reading of consumer confidence improved to 83.0 in May, as expected, after slipping to 81.7 last month. COMPANY NEWS: Shares of Hillshire Brands (HSH) surged $8.17, or 22.07%, to $45.19 after receiving an unsolicited $45 per share takeover proposal from chicken producer Pilgrim's Pride (PPC). Pilgrim's Pride shares rose 42c, or 1.67%, to $25.52 after it made its offer public. However, Pinnacle Foods (PF) sank $1.79, or 5.38%, to $31.48, as it had previously agreed to be acquired by Hillshire and the new bid from Pilgrim's Pride potentially puts that deal in doubt... Shares of Bank of America (BAC) gained 50c, or 3.4%, to $15.22 after it disclosed that it has resubmitted its requested capital actions to the Federal Reserve. As previously announced, the requested capital actions contained in the resubmission are less than the 2014 capital actions to which the Fed previously did not object. MAJOR MOVERS: Among the notable gainers was apparel retailer Aeropostale (ARO), which rose 51c, or 14.96%, to $3.92 and was upgraded to Neutral at Piper Jaffray after entering into definitive agreements with respect to its previously announced strategic partnership and $150M credit facilities with Sycamore Partners. Also higher was Dyax (DYAX), which jumped $1.81, or 27.42%, to $8.41 after another drug company, BioCryst (BCRX), reported positive data on its inherited angioedema treatment. In a note to investors earlier today, research firm Jefferies wrote that BioCryst's data bodes well for Dyax's own hereditary angioedema treatment. BioCryst shares also gained 98c, or 10.94%, to close at $9.99, but the stock was off about 1% in after-hours trading after the company filed to sell $100M in common stock. Among the noteworthy losers was Durata Therapeutics (DRTX), which fell $1.84, or 10.89%, to $15.05, giving back all of the 5.5% increase the stock saw last Friday after the FDA announced late in the day that it approved the company's Dalvance drug for the treatment of certain acute bacterial skin and skin structure infections. Also lower were shares of shipping company Frontline (FRO), which fell 47c, or 16.43%, to $2.39 after reporting on its first quarter results and warning that it sees weaker operational result to come in the current quarter. INDEXES: The Dow was up 69.23, or 0.42%, to 16,675.50, the Nasdaq was up 51.26, or 1.22%, to 4,237.07, and the S&P 500 was up 11.38, or 0.6%, to 1,911.91.
News For HSH;PF;PPC;DYAX;BAC;DRTX;FRO From The Last 14 Days
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July 29, 2014
08:42 EDTPPCPilgrim's Pride price target raised to $30 from $25 at Stephens
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06:06 EDTBACBank of America, DOJ talks hit snag, WSJ reports
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July 28, 2014
12:21 EDTHSH, PPCOn The Fly: Midday Wrap
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11:58 EDTHSH, PPCPoultry leaders Tyson, Cal-Maine diverge after quarterly reports
Shares of two leaders in the poultry industry, Tyson Foods (TSN) and Cal-Maine Foods (CALM), are moving in opposite directions following their respective quarterly reports. Tyson, a food production company specializing in chicken and other proteins, were up after the company reported better than expected third quarter revenues, while shares of egg provider Cal-Maine are cracking after the company said it was "cautiously optimistic" about having a good start to full-year 2015. TYSON: Tyson Foods' adjusted Q3 earnings per share was 75c, which fell below analysts' consensus of 78c. The food provider's Q3 revenue was $9.68B, which exceeded analysts' consensus of 9.47B. In terms of guidance, Tyson guided fiscal year 2014 revenue to grow to $38B, compared to analysts' estimates of $36.85B. Tyson expects FY15 EPS growth of at least 10%. Analysts are expecting the company's FY15 EPS to be $3.16. The company sees FY15 revenue of $42B, above the analysts' consensus of $38.75B. Tyson Foods said that it expects fiscal year 2015 domestic protein production to increase 1% and also expects grain supplies to increase during the fiscal year, which should result in lower input costs as well as decreased costs for cattle and hog producers. U.S. chicken production is expected to increase around 2% in FY15 compared to FY14. The company expects lower feed costs for chicken in FY15 and said the Chicken segment's operating margin should be at or above 10% in FY15. Tyson also announced that has reached a definitive agreement with to sell its poultry businesses in Mexico and Brazil to Pilgrim's Pride (PPC), whose majority owner is a wholly owned subsidiary of JBS SA (JBSAY). On its earnings conference call, Tyson backed its FY14 EPS view of "at least" $2.78, versus analysts' estimates of $2.91, and called 2015 earnings guidance "conservative." The company said the Hillshire Brands (HSH) acquisition is on-track to close in Q4 and sees synergies reaching $225M in 2015. CAL-MAINE: Meanwhile, Cal-Maine reported fourth quarter EPS of $1.30, which surpassed the consensus forecast of $1.15 from the two analysts covering the stock, according to First Call. The company's Q4 revenue was $371.6M, which was over $46M higher than the revenue it reported a year ago in the same period. Cal-Maine reported that it produced 195.63M total dozen eggs in Q4 and sold 249.44M total dozen eggs in the quarter. The company said its results reflect strong demand for shell eggs throughout the year from all the major market segments including retail, egg product and exports. Looking ahead to its FY15, Cal-Maine said that it is "cautiously optimistic" about a good start to the upcoming year. The company said current USDA projections for harvested acres and yields for both crops should be favorable for end users and help reduce feed costs in FY15. ANALYST REACTION: Sidoti downgraded Cal-Maine to Neutral from Buy due to valuation. The firm maintained its price target of $87 on the shares. PRICE ACTION: Near midday, shares of Tyson Foods rose $1.70, or 4.3%, to $41.24 and CalMaine foods fell $4.70. or 6%, to $74.59.
08:57 EDTPPCPilgrim's Pride to acquire Tyson Foods Mexican poultry business for $400M
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08:31 EDTHSHTyson Foods raises view of synergies from Hillshire deal to $500M
08:28 EDTPPCTyson Foods to sell Mexico, Brazilian poultry businesses to JBS S.A. for $575M
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08:23 EDTHSHTyson Foods sees Hillshire Brands synergies reaching $225M in 2015
06:05 EDTHSHTyson Foods: Hillshire Brands acquisition on track to close in Q4
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July 24, 2014
11:12 EDTBACBank of America to pay $16.6M to resolve U.S. sanctions violations, Reuters says
The Treasury Department said Bank of America has agreed to say $16.6M to resolve allegations it processed transactions for drug traffickers subject to U.S. sanctions, reports Reuters. The bank processed around $91,000 in transactions for six designated narcotics traffickers between 2005 and 2009, and failed to file timely reports on accounts owned by four others. Reference Link
10:37 EDTHSHOptions with increasing implied volatility: TLM IP HSH
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07:16 EDTFROShip Finance announces sale of 3 older VLCCs to Frontline
Ship Finance (SFL) announced that it has agreed to sell the 1999 built VLCCs Front Opalia, Front Comanche and Front Commerce to an unrelated third party. The company has simultaneously agreed to terminate the corresponding charter parties with a subsidiary of Frontline (FRO). The vessels are expected to be delivered to the new owners in the Q4 and Ship Finance expects to receive cash proceeds of approximately $77.5M, including approximately $10.5M upfront payment from Frontline. In addition, we will receive approximately $48.3M in 7.25% amortizing notes from Frontline. The amortization profile and maturity of the notes will match the current charters for the three vessels, with reduced rates until 2015 and full rates from 2016. Divesting of older vessels is a part of the company's strategy to renew and diversify the fleet, and the proceeds is expected to be reinvested in other assets. Following this sale, the number of vessels on charter to Frontline will be reduced to 17 vessels, including 12 VLCCs and five Suezmax crude oil carriers.
07:14 EDTFROFrontline announces termination of charter-in contracts of VLCCs
Frontline (FRO) has agreed with Ship Finance International (SFL) to terminate the long term charter parties for the 1999 built VLCCs Front Opalia, Front Comanche and Front Commerce and Ship Finance has simultaneously sold the vessels to unrelated third parties. The charter parties are expected to terminate in Q4. The decision to terminate the long term charter parties was taken in view of the required investment to take the vessels through the 15 year special survey. Frontline has agreed an aggregate compensation payment to Ship Finance of approximately $58.8M for the early termination of the charter parties, of which approximately $10.5M will be paid upon termination and the balance will be recorded as notes payable, with similar amortisation profiles to the current lease obligations, with reduced rates until December 2015 and full rates from 2016. As of June 30, the company has capital lease obligations to Ship Finance of $101.5M and $608.3M for these three vessels and the remaining 12 VLCCs and five Suezmax tankers, respectively.
July 23, 2014
08:05 EDTDYAXDyax announces publication of DX-2930 scientific data
Dyax announced the online publication of scientific data for DX-2930 in two peer-reviewed journals. Dyax, a biopharmaceutical company focused on hereditary angioedema (HAE) and other plasma-kallikrein-mediated disorders, is developing DX-2930 as a subcutaneous injection for prevention of HAE attacks. The first paper titled “A Phase 1 Study Investigating DX-2930 in Healthy Subjects” by Chyung et al. was published online in the Annals of Allergy, Asthma and Immunology. These data indicate that DX-2930 has a long half-life in humans and thus the potential for prophylactic inhibition of pKal activity for the therapeutic treatment of HAE. DX-2930 is now being evaluated in a Phase 1b study in patients with HAE. The second paper titled “Inhibition of Plasma Kallikrein by a Highly Specific, Active Site Blocking Antibody” by Kenniston et al. was published online in The Journal of Biological Chemistry. The paper describes the discovery and preclinical evaluation of DX-2930 as a long-acting inhibitor of pKal proteolytic activity. This paper is expected to appear in the September 2014 print issue of the journal. The company said, "These data, combined with data that will be obtained from the ongoing Phase 1b study, will inform and guide the future clinical development of DX-2930.”
July 22, 2014
07:17 EDTBACNational Association for Business Economics to hold a seminar
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July 21, 2014
07:29 EDTBACAIG settlement with BofA takes crisis claw back total up to $2B, FT says
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July 18, 2014
16:47 EDTBACMarket ends week higher as earnings, M&A offset geopolitical tensions
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08:06 EDTDRTXDurata Therapeutics announces U.S. launch of Dalvance
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06:45 EDTBACDocument reveals SEC examining firms in HFT probe, Reuters says
An internal document from the U.S. Securities and Exchange Commission revealed that the regulator has been looking for data on 10 registered broker dealers as part of an ongoing probe into high-frequency trading strategies, according to Reuters, citing the document. The firms in question include Allston Trading, Hudson River Trading, Jump Trading, Latour Trading, which is an affiliate of Tower Trading, Merrill Lynch, Pierce, Fenner & Smith, owned by Bank of America (BAC), Octeg, which has been merged into a unit of KCG (KCG), Tradebot Systems, Two Sigma Investments, Two Sigma Securities and Virtu Financial. Reference Link
July 17, 2014
06:38 EDTBACStudy says UBS largest private bank with assets near $2T, Reuters says
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