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May 27, 2014
12:43 EDTS, WCG, HSH, NTLS, PPC, ARO, PFOn 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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May 5, 2015
07:34 EDTSSprint reports Q4 Sprint platform net additions of 1.2M
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07:32 EDTSSprint reports Q4 EPS (6c), consensus (6c)
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May 4, 2015
16:49 EDTPFPinnacle Foods files to sell 5M shares of common stock for holders
Pinnacle Foods (PF) announced that certain of its stockholders, which are entities affiliated with Blackstone (BX), intend to offer for sale in an underwritten secondary offering 5M shares of the company's common stock, pursuant to the company shelf registration statement filed with the SEC. Upon successful completion of the offering, Blackstone will no longer beneficially own any of Pinnacle's common stock. BofA Merrill Lynch is acting as bookrunner for the offering.
15:01 EDTSNotable companies reporting before tomorrow's open
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07:29 EDTST-Mobile on pace to overtake Sprint as third among U.S. carriers, Bloomberg says
T-Mobile's (TMUS) subscriber growth rate puts it on pace to overtake Sprint (S) as the third largest U.S. carrier behind Verizon (VZ) and AT&T (T) in terms of subscriber count, reported Bloomberg, which noted that T-Mobile's spot as number three in the U.S. could be confirmed when Sprint reports on its earnings on Tuesday. Reference Link
May 3, 2015
12:52 EDTPPCAmerican Airlines, United among companies that may reward traders, Barron's says
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May 1, 2015
14:20 EDTSSprint volatility flat into Q3 and outlook
Sprint overall option implied volatility of 48 compares to its 26-week average of 50 according to Track Data, suggesting non-directional price movement into the expected release of Q3 results on May 5.
06:12 EDTNTLSNTELOS sees FY15 adjusted adjusted EBITDA $100M-$108M
For the year ending December 31, NTELOS (NTLS) expects its FY15 Adjusted EBITDA to be between $100.0M-$108.0M, unchanged from the company's guidance provided on February 26. This Adjusted EBITDA excludes restructuring costs and results from Eastern Markets business. FY15 capital expenditures are still expected to be between $95.0M-$105.0M, with expenditures to increase progressively throughout the remainder of the year. On December 2, 2014, the company announced a strategic refocus of its business operations on its Western Markets, where it has experienced strong operating performance, has a favorable competitive position for its branded retail offering and benefits operationally and financially from its Strategic Network Alliance with Sprint (S). The company is currently in the process of winding down its operations in its Eastern Markets, which it expects to complete by November 15.
06:08 EDTNTLSNTELOS reports Q1 EPS 65c with items, may not compare to consensus (24c)
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April 30, 2015
08:17 EDTPFPinnacle Foods backs FY15 EPS ex-items view $1.86-$1.91, consensus $1.89
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08:16 EDTPFPinnacle Foods reports Q1 EPS ex-items 39c, consensus 39c
Reports Q1 revenue $665.3M, consensus $661.79M.
April 29, 2015
18:24 EDTPPCPilgrim's Pride reports Q1 adjusted EPS 82c, consensus 78c
Reports Q1 revenue $2.05B, consensus $2.08B.
April 27, 2015
15:42 EDTPPCIowa Department of Agriculture reports four more cases of probable bird flu
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April 24, 2015
09:02 EDTSSprint volatility at low end of historic range into Q3
Sprint overall option implied volatility of 44 compares to its 26-week average of 50 according to Track Data, suggesting decreasing price movement into the expected release of Q3 results on May 5.
April 23, 2015
16:17 EDTAROAeropostale announces changes to board
Aéropostale announced future changes to the composition of its board. Robert Chavez has advised the company that he will not seek re-election to the company's board at the 2015 Annual Stockholder Meeting due to his responsibilities and time commitments as president and CEO of Hermes of Paris. Chavez will continue to serve until the 2015 Annual Meeting. Stefan Kaluzny has also advised the company that he will not seek re-election as a Director at the 2015 Annual Stockholder Meeting. Kaluzny, a Managing Director of Sycamore Partners, has served as a designated Series B Director since May 2014. He will also continue to serve until the 2015 Annual Meeting.
14:20 EDTSEarnings Watch: Google up close to 8.5% since last earnings report
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10:05 EDTSSprint introduces Command Center 2.0 for enterprises
Sprint (S) announced it has launched its next-generation Command Center 2.0, which provides a centralized management platform across multiple technologies and simplifies the job of device management, in more than 200 countries. Sprint said its parent company, Softbank (SFTBF), not only supports the Command Center 2.0’s global extension but is also working with Sprint to use certain components of Command Center 2.0 for their customers.
April 22, 2015
13:37 EDTSGoogle introduces Project Fi, to partner with Sprint, T-Mobile
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07:28 EDTPPCMexico halts imports of poultry products from Iowa due to bird flu, Reuters says
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06:01 EDTSGoogle could launch wireless service today, WSJ reports
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