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May 27, 2014
12:43 EDTARO, PF, S, WCG, HSH, NTLS, PPCOn The Fly: Midday Wrap
Stocks on Wall Street began the first session of the holiday shortened week in positive territory and have remained there throughout the morning. The averages found a level early in the session and have remained locked in a narrow range since, albeit at record levels for the Dow and S&P. 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), which sell packaged foods under brands including Hillshire Farm, Jimmy Dean, Ball Park, Van's Natural Foods, and Sara Lee, jumped 22% to trade over $45 per share after receiving an unsolicited $45 per share takeover proposal from chicken producer Pilgrim's Pride (PPC). Pilgrim's Pride shares rose 1.6% after it made its offer public, but shares of another company in the space, Pinnacle Foods (PF), sank nearly 7% as it had previously agreed to be acquired by Hillshire... In other M&A news, Pfizer (PFE) confirmed over the weekend that it does not intend to make an offer for AstraZeneca (AZN) after the U.K. drugmaker rejected Pfizer's final proposal to combine the two companies. MAJOR MOVERS: Among the notable gainers was apparel retailer Aeropostale (ARO), which rose 15% and was upgraded to Neutral from Underweight 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 WellCare (WCG), which rose more than 3.5% after an analyst at Leerink speculated that it may be an acquisition target for Ascension Health after the not-for-profit healthcare provider reportedly said last week that it is in talks to acquire an "unnamed insurance company that operates in 18 states." Among the noteworthy losers was NTELOS (NTLS), which fell nearly 8% after research firm Jefferies downgraded the stock and said NTELOS is much less likely to be acquired after the company struck a deal to remain the exclusive network provider for Sprint (S) in West Virginia and part of Virginia through 2022. INDEXES: Near midday, the Dow was up 55.45, or 0.33%, to 16,661.72, the Nasdaq was up 34.02, or 0.81%, to 4,219.83, and the S&P 500 was up 8.33, or 0.44%, to 1,908.86.
News For HSH;PF;PPC;WCG;ARO;NTLS;S From The Last 14 Days
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November 30, 2015
07:39 EDTPPCStephens to hold a field trip
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November 25, 2015
09:05 EDTST-Mobile offers extra $200 to customers switching from Sprint
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06:39 EDTPFBoulder Brands downgraded to Market Perform from Outperform at William Blair
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November 24, 2015
12:08 EDTPFOn The Fly: Top stock stories at midday
Stocks began the session in negative territory and remained there for most of the morning. The weakness was attributed to the worldwide travel alert issued by the U.S. State Department on the eve of the Thanksgiving holiday as well as the shooting down of a Russian plane by Turkey, both of which heightened the tension of investors. The averages have shown improvement since the European markets closed and have moved to their session highs to turn mixed near noon. 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: 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%. In other news from a high-profile activist investor, Carl Icahn revealed that he has taken a 7.13% stake in Xerox (XRXZ) 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 was not the case at midday, as Xerox shares slipped about 2% following last night's disclosure. MAJOR MOVERS: Among the notable gainers was Dollar Tree (DLTR), which rallied 6% after it reported upbeat quarterly earnings and backed its fiscal 2015 guidance. Also higher was Burlington Stores (BURL), which gained 8% after reporting quarterly results and approving a new $200M share repurchase program. In addition, Boulder Brands (BDBD) was up 8.5% after it agreed to be acquired by Pinnacle Foods (PF) for $11 per share. Pinnacle slipped 4% following the deal announcement. Another noteworthy losers was Brocade (BRCD), which fell 8% and was downgraded to Neutral from Overweight at JPMorgan following its Q4 earnings. Also lower was Microsemi (MSCC), which dropped 6% after it agreed to acquire PMC-Sierra (PMCS), which was also 6% lower, in a $2.5B transaction. INDEXES: Near midday, the Dow was up 15.57, or 0.09%, to 17,808.25, the Nasdaq was down 8.75, or 0.17%, to 5,093.73, and the S&P 500 was down 0.7, or 0.03%, to 2,085.89.
08:39 EDTWCGNew York Department approves WellCare's programs expansion
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07:51 EDTPFPinnacle Foods to acquire Boulder Brands for $11 per share
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07:40 EDTPFPinnacle Foods to acquire Boulder Brands for $11 per share
November 20, 2015
10:49 EDTAROAbercrombie & Fitch soars after reporting upbeat Q3 earnings
Abercrombie & Fitch (ANF) shares jumped in morning trading after the company reported better than expected quarterly earnings. WHAT'S NEW: Before the market open, Abercrombie & Fitch reported third quarter adjusted earnings per share of 48c on revenue of $878.6M. The consensus was for EPS of 22c on revenue of $864.65M. The company said that the adjusted EPS figure included year-over-year adverse effects from changes in foreign currency exchange rates amounting to roughly 13c. Commenting on the earnings, executive chairman Arthur Martinez said that the company's results "exceeded" expectations and "provide the strongest validation yet" that the retailer's initiatives are working. WHAT'S NOTABLE: On its Q3 earnings conference call, Abercrombie said that it is eyeing expansion outside of the U.S., aiming to roll out multiple new capabilities in the U.K. The company added that it saw growth in China in the past quarter and plans to add mobile enhancements in China in 2016. STREET RESEARCH: A day before Abercrombie's Q3 earnings release, Susquehanna analyst Thomas Filandro said that the retailer was "well positioned" for the holiday season, though weather and international unrest may lead to a higher degree of near-term uncertainty. Filandro said that his firm sees improved holiday performance as Abercrombie shifts focus on an improved in-store experience, growing U.S. outlets, closing underperforming stores, and evolving its merchandise assortment. The analyst reiterated a Positive rating and a $26 price target on the company's stock. After the retailer reported earnings, KeyBanc analyst Edward Yruma maintained an Overweight rating on Abercrombie's shares, saying that the company's better than expected quarter was "particularly impressive" in light of the recent weakness in the retail sector. Yruma said that the company's new brand initiatives are taking hold and that greater expense control and reduced promotional activity are improving the well-being of the business. PRICE ACTION: In morning trading, Abercrombie & Fitch rallied over 18% to $23.00. OTHERS TO WATCH: American Eagle Outfitters (AEO) was up just under 3%, Aeropostale (ARO) gained 0.75%, Tilly's (TLYS) rallied 3.4%, Urban Outfitters (URBN) jumped more than 4%, Buckle (BKE) was up just under 1%, and Express (EXPR) fell fractionally in morning trading.
08:26 EDTWCGManaged Medicaid names unfairly punished yesterday, says Leerink
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07:36 EDTSSprint lowers FY15 adjusted EBITDA view to $6.8B-$7.1B
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07:35 EDTSSprint signs $1.2B deal for sale and lease-back of certain leased devices
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07:33 EDTSSprint signs $1.2B deal for sale and lease-back of certain leased devices
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November 19, 2015
07:46 EDTWCGOptions expected to be active; UNH AET ANTM CI WCG HUM HNT CNC
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November 18, 2015
16:45 EDTSOn The Fly: Top stock stories for Wednesday
Stocks on Wall Street were higher from the opening bell onward despite housing starts data that was weaker than expected. Investors waited for the release of the FOMC minutes and saw what they had suspected; that the Fed was reinforcing its message that the December meeting is an option for the central bank to begin raising interest rates. The visibility on rates gave investors confidence, leading to a late-day rally that saw the averages close at their highs. ECONOMIC EVENTS: In the U.S., the minutes from the Fed's last FOMC meeting showed that most participants expect that rate hike conditions will be met by their December meeting. The Fed repeated its constant refrain, though, that the actual decision would depend on the implications for the medium-term outlook from recent economic data. Housing starts fell 11.0% to a 1.06M pace in October, weaker than the expected rate of 1.16M. Building permits, however, rose 4.1% to a 1.15M rate, versus an expected rise of 3.8%. COMPANY NEWS: Shares of Target (TGT) fell 4.3% to $69.78 after the retailer reported in-line quarterly sales and profits and narrowed the range of its fiscal year earnings view. Target, which guided for same-store sales in the new quarter to be up 1%-2%, added that it sees "indications of heavy inventory levels" at some competitors into the holiday season... Shares of Apple (AAPL) climbed 3.17% to $117.29 after Goldman Sachs added the stock to its Conviction Buy List, predicting that investors should begin to focus on the company's monetization and recurring revenue opportunities over the next year, which would be a boon to its valuation... Raymond James analyst Pavel Molchanov downgraded Exxon Mobil to Underperform, the firm's equivalent to a "Sell" rating, saying he expects a modest oil recovery in 2016 but that Exxon's limited leverage to oil prices will act as a hindrance during a recovery. Despite Molchanov predicting Exxon shares to be a source of funds for investors turning more constructive on oil in 2016, the stock rose about 1% to $80.74 today amid a rally in oil prices. MAJOR MOVERS: Among the notable gainers was Fairchild (FCS), which jumped $1.52, or 8.5%, to $19.40 after agreeing to be acquired for $20 per share by ON Semiconductor (ON), whose stock fell 7.9% to $9.89 after the news. Also higher were Canadian Pacific (CP) and Norfolk Southern (NSC), with the two railway operators advancing a respective 5.8% and 6.35% after Canadian submitted a bid to acquire Norfolk, though the latter immediately criticized the offer as "low-premium." Additionally, ConAgra (CAG) gained 4% to $40.93 after announcing plans to separate into two independent public companies. Among the noteworthy losers was Qualcomm (QCOM), which dropped $4.98, or 9.4%, to $48.00 after disclosing that Korea's Fair Trade Commission alleged the company does not "properly negotiate" aspects of its licenses and may be violating Korean competition law. Also lower was Sprint (S), which fell 9.3%, to $3.99 after announcing a 50% discount for new customers switching from competing wireless carriers. GoPro (GPRO) declined 5.1% to $19.81 after research firm Piper Jaffray noted that the company has been offering discounts on its cameras, including featuring them on "flash sale" sites, and cut its price target on the stock to $15 per share. INDEXES: The Dow rose 247.66, or 1.42%, to 17,737.16, the Nasdaq gained 89.19, or 1.79%, to 5,075.20, and the S&P 500 advanced 33.14, or 1.62%, to 2,083.58.
11:33 EDTSSprint announces launch of LTE Plus network
In celebration of the launch of its new LTE Plus network, Sprint (S) is introducing the biggest wireless offer in U.S. history - 50% off the price of most Verizon (VZ), AT&T (T) and T-Mobile (TMUS) rate plans, the company says. New customers can sign up for this offer nationwide Nov. 20 through Jan. 7, 2016. LTE Plus, available today in 77 major markets, takes advantage of Sprint's rich triband spectrum portfolio, and it uses some of the world's most advanced technologies in wireless, such as carrier aggregation and antenna beamforming. Customers who switch get 50 percent off most current rate plan prices from their current carrier. AT&T, T-Mobile and Verizon customers switching to Sprint also can take advantage of iPhone Forever, where they are eligible to upgrade every time a new iPhone launches. Customers must port one line, and can add up to 9 additional lines on the account. Customers must choose from the 50 percent off rate plans available from their current carrier. Cricket and MetroPCS customers also can switch and save 50 percent off their parent company's postpaid rates. 50 percent off pricing remains valid until Jan. 8, 2018, for activations between Nov. 20, 2015, and Jan. 7, 2016.
November 17, 2015
16:21 EDTSSprint to hold a press conference with a conference call hookup
Sprint CEO Claure makes a major announcement and will answer questions from participating journalists at a Press Conference to be held on November 18 at 12:15 pm.
08:04 EDTWCGStifel to hold a conference
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November 16, 2015
16:53 EDTSPaulson reduced stake in Valeant
Paulson & Co. gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Perrigo (PRGO), CIT Group (CIT), Precision Castparts (PCP), Cameron (CAM), and Altera (ALTR). INCREASED STAKES: Teva (TEVA), Post Holdings (POST), Starwood Hotels (HOT), LivaNova (LIVN), and Synergy Pharmaceuticals (SGYP). DECREASED STAKES: Valeant (VRX), Shire (SHPG), Whiting Petroleum (WLL), Computer Sciences (CSC), and Oasis Petroleum (OAS). LIQUIDATED STAKES: Houghton Mifflin Harcourt (HMHC), Broadcom (BRCM), and Sprint (S).

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