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News For IN;HON;NXY;CEO;MCD;CLDX;ZGNX From The Last 14 Days
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July 23, 2014
17:01 EDTMCDOn The Fly: Closing Wrap
Stocks began the session mixed and remained that way throughout the trading day, with the Nasdaq the leader and the Dow the laggard. The tech-heavy Nasdaq was helped by a post-earnings rise in shares of Apple (AAPL), while the blue-chip index was weighed down by Boeing's (BA) under-performance following its own quarter report. There was little movement in the averages during the day as they remained in a narrow range, but the increase in the S&P 500 did manage to push it to a new all-time closing high. After the bell, investors will receive the next wave of earnings with AT&T (T), Facebook (FB) and Qualcomm (QCOM) scheduled to report. ECONOMIC EVENTS: In the U.S., MBA's mortgage market index rose 2.4%, with a 0.3% rise in the purchase index and a 4.1% gain in the refinance index for the week ended July 18. Also, the International Monetary Fund predicted that U.S. economic growth for 2014 as a whole will be a disappointing 1.7%. However, barring unforeseen shocks, 2015 growth should accelerate to the fastest annual pace since 2005, propelled by strong consumption growth, a declining fiscal drag, a pickup in residential investment, and easy financial conditions, said the IMF. COMPANY NEWS: Shares of Apple advanced $2.47, or 2.61%, to $97.19 after reporting third quarter earnings that beat expectations. However, the iPhone maker's revenue came in a bit short of analyst expectations for its just completed quarter and its guidance for sales in the new quarter was also below expectations. Piper Jaffray analyst Gene Munster said Apple's September quarter guidance suggests an iPhone 6 launch on September 26, versus the firm's prior expectation for a September 19 launch. Piper views Apple's Q3 results as removing the last major variable ahead of the iPhone and iWatch launches later this year and reiterates an Overweight rating on the stock. Another research firm, Janney Capital, said Apple did not address rumored new products, like the iPhone 6 and iWatch, on its earnings call, but did indicate that its wider than normal revenue guidance range was due to "many moving pieces," suggesting one or two new products may be introduced, but late in the quarter... Dow component Boeing sank $3.03, or 2.34%, to $126.71 despite reporting "core" EPS that beat expectations and raising its fiscal year earnings outlook to a range above the Wall Street consensus. Boeing's revenue missed expectations, however, and it also reported its total company backlog of $440B was unchanged from the beginning of the quarter... Another Dow member, McDonald's (MCD), fell 92c, or 0.96%, to $95.35 after the company reported weaker than expected second quarter results yesterday and its stock was downgraded by at least five research firms. MAJOR MOVERS: Among the notable gainers was Puma Biotechnology (PBYI), whose stock surged $174.40, or 295.44%, to $233.43 after the company reported positive data for its breast cancer drug and an analyst at Citigroup said that the company would probably become a takeover target. Also higher was Intuitive Surgical (ISRG), which rose $69.47, or 17.71%, to $461.63 and was upgraded at both Raymond James and Stifel after the company reported better than expected Q2 results. Among the noteworthy losers was Xilinx (XLNX), which tumbled $6.89, or 14.31%, to $41.26 after the company reported lower than expected first quarter revenue and forecast that its sales could drop as much as 4% in Q2 versus Q1. After the report, analysts at William Blair, Bank of America Merrill Lynch and BMO Capital all downgraded the stock. Also lower were shares of Juniper Networks (JNPR), which fell $2.39, or 9.63%, to $22.43 and was also downgraded at Bank of America Merrill Lynch after its Q3 guidance missed expectations. INDEXES: The Dow slid 26.91, or 0.16%, to 17,086.63, the Nasdaq rose 17.68, or 0.4%, to 4,473.70, and the S&P 500 gained 3.48, or 0.18%, to 1,987.01.
16:56 EDTZGNXZogenix competitor gets FDA approval for abuse-deterrent ER oxycodone
The FDA approved Targiniq ER, an extended-release/long-acting opioid analgesic to treat pain severe enough to require daily, around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate. Targiniq ER is the second ER/LA opioid analgesic with FDA-approved labeling describing the productís abuse-deterrent properties consistent with the FDAís 2013 draft guidance for industry, the FDA stated. The FDA is requiring postmarketing studies of Targiniq ER, to assess the serious risks of misuse, abuse, increased sensitivity to pain, addiction, overdose, and death associated with long term use beyond 12 weeks. The FDA is also requiring postmarketing studies to further assess the effects of the abuse-deterrent features on the risk for abuse of Targiniq ER. In addition, Targiniq ER is part of the ER/LA Opioid Analgesics Risk Evaluation and Mitigation Strategy. Targiniq ER is manufactured by Purdue Pharma. Zogenix has a competing pain killer drug called Zohydro ER.
12:17 EDTMCDOn The Fly: Midday Wrap
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10:30 EDTMCDMcDonald's retreats after results miss, analyst downgrades
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10:02 EDTMCDOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 21st Century Fox (FOXA) downgraded to Market Perform from Outperform at Cowen... Brinker (EAT) downgraded to Sector Perform from Outperform at RBC Capital... Cubist (CBST) downgraded to Market Perform from Outperform at JMP Securities... DiamondRock (DRH) downgraded to Neutral from Outperform at RW Baird... DuPont (DD) downgraded to Neutral from Overweight at JPMorgan... FirstMerit (FMER) downgraded to Neutral from Overweight at JPMorgan... Helmerich & Payne (HP) downgraded to Accumulate from Buy at Tudor Pickering... Hexcel (HXL) downgraded to Hold from Buy at Canaccord... Juniper (JNPR) downgraded to Neutral from Buy at BofA/Merrill... King Digital (KING) downgraded at BofA/Merrill... Lexmark (LXK) downgraded at Raymond James... McDonald's (MCD) downgraded at RW Baird... Mead Johnson (MJN) downgraded to Outperform from Buy at CLSA... National Oilwell (NOV) downgraded to Accumulate from Buy at Tudor Pickering... Nintendo (NTDOY) downgraded to Hold from Buy at Jefferies... Raytheon (RTN) downgraded to Market Perform from Outperform at Bernstein... Targa Resources (TRGP) downgraded to Accumulate from Buy at Global Hunter... Time Warner (TWX) downgraded to Market Perform from Outperform at Cowen... Timmins Gold (TGD) downgraded to Market Perform from Outperform at Cowen... United Technologies (UTX) downgraded to Market Perform from Outperform at Wells Fargo... Viacom (VIAB) downgraded to Market Perform from Outperform at Cowen... Xilinx (XLNX) downgraded at BMO Capital.
09:17 EDTMCDOn The Fly: Pre-market Movers
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09:01 EDTMCDMcDonald's downgraded at Sterne Agee
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08:37 EDTMCDMcDonald's downgraded to Equal Weight from Overweight at Stephens
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07:27 EDTMCD, MCDMcDonald's downgraded to Underperform from Outperform at CLSA
07:25 EDTMCDMcDonald's downgraded at RW Baird
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07:12 EDTMCDMcDonald's downgraded to Neutral from Buy at Sterne Agee
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06:48 EDTMCDFive people detained regarding China meat scandal investigation, Reuters says
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06:40 EDTMCDMcDonald's downgraded to Neutral from Positive at Susquehanna
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06:04 EDTMCDMcDonald's downgraded to Neutral from Outperform at RW Baird
Baird downgraded McDonald's to Neutral following disappointing Q2 results and outlook.
July 22, 2014
16:36 EDTMCDOn The Fly: Closing Wrap
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12:29 EDTMCDOn The Fly: Midday Wrap
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11:50 EDTMCDMcDonald's sees 4c-5c negative impact on EPS from currency in 2014
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11:26 EDTMCDMcDonald's sees minimal impact on Q3 EPS from currency exchange
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11:25 EDTMCDMcDonald's sees U.S. commodity costs up 1%-2% in 2014
Says first priority of cash is to invest in business. Says will be "disciplined" with price increases. Sees U.S. labor cost pressure in 2H.
11:12 EDTMCDMcDonald's doesn't see any material changes to operating environment in 2H
Doesn't see any material changes to operating environment in 2H. Says "no silver bullet" to improve results, but says pushing forward on multiple fronts. Says may bring in new ad agencies. Says moving with a "sense of urgency," but will take time to see results. Sees continued volatility across markets in 2H. Comments made on the Q2 earnings conference call.
09:36 EDTMCDActive equity options trading on open
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09:08 EDTMCDOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Chipotle (CMG), up 10.7%... Crocs (CROX), up 5%... Lockheed Martin (LMT), up 1.4%. ALSO HIGHER: GreenHunter Resources (GRH), up 10.3% after announcing intent to form MLP... TG Therapeutics (TGTX), up 9.5% after reporting Q2 results, preclinical study results, price target on shares raised to $19 from $13 at Brean Capital... FuelCell (FCEL), up 5.4% after announcing German government support, EUR 4.9M in research awards... Apache (APA), up 5.2% after Bloomberg says activist investor JANA Partners disclosed $1B position in the stock. DOWN AFTER EARNINGS: Harley-Davidson (HOG), down 4.1%... Travelers (TRV), down 3.4%... McDonald's (MCD), down 2.3%... Coca-Cola (KO), down 2.5%. ALSO LOWER: Amazon.com (AMZN), down 1% following downgrade to Neutral rating at Citigroup.
08:15 EDTMCDMcDonald's CEO: Near-term results expected to remain muted
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08:15 EDTHONGenpact signs services contract with Honeywell
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08:00 EDTMCDMcDonald's reports Q2 global comparable sales relatively flat
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07:58 EDTMCDMcDonald's reports Q2 EPS $1.40, consensus $1.44
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06:43 EDTMCDChina food scandal expands, ropes-in Starbucks, others, Reuters says
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July 21, 2014
17:50 EDTMCDMcDonald's stock doesn't look ready for gains, Barron's says
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16:22 EDTMCDOn The Fly: Closing Wrap
Stocks on Wall Street began the trading day in negative territory and remained there through nearly the whole session. The market action was influenced more by the geopolitical events in Russia and Israel than by the upcoming avalanche of earnings scheduled for release throughout the week. Despite the weak open and subsequent drop during the first hour of trading, the market drifted off its lows and managed to pare its losses, even turning mixed for a short time. The averages dipped again heading into the bell, though they closed well of their worst levels. ECONOMIC EVENTS: In the U.S., the Chicago Fed's National Activity Index dipped to 0.12 in June from a reading of 0.16 in May. COMPANY NEWS: Allergan (AGN) rose $3.74, or 2.23%, to $171.14 after the company's Q2 results and its FY14 outlook beat expectations. The company, which is working to fend off a proposed acquisition by Valeant Pharmaceuticals (VRX), also announced plans to cut its workforce by 13%, or about 1,500 employees, as part of a broader restructuring effort. In related news, Valeant announced it has contacted both the SEC and Canadian financial authorities regarding Allergan's "apparent attempt to mislead investors and manipulate the market for Valeant common shares by continuing to make false and misleading statements regarding Valeant's business." Later in the day, Bill Ackman of Pershing Square, who is partnering with Valeant in its attempt to buy Allergan, called the restructuring a "Valeant light" effort and said Valeant does not need to raise its bid for Allergan. Ackman explained that he believes that shares of Valeant will rise around $10 should the Allergan board engage in takeover talks with the company and that a $10 share rise would boost Valeant's bid for Allergan by $8 per share. MAJOR MOVERS: Among the notable gainers was Extreme Networks (EXTR), which rose 69c, or 15.79%, to $5.06 after the company raised its Q4 earnings per share outlook and narrowed its Q4 revenue view. Also higher were shares of EMC (EMC), which advanced $1.35, or 5.0%, to $28.33 after the Wall Street Journal reported, citing sources, that activist investor Elliott Management has taken a stake of over $1B in the data-storage company and plans to push it to break itself up and spin off VMware (VMW), which is 80% owned by EMC. Shares of VMware fell $2.36, or 2.48%, to $92.95 following the Journal's report. Among the other noteworthy losers was Monster Beverage (MNST), which fell $3.07, or 4.53%, to $64.74 after Morgan Stanley downgraded the stock, citing slowing U.S. trends and balanced valuation. Also lower were shares of Yum! Brands (YUM), which fell $3.29, or 4.25%, to $74.13 after Associated Press reported that the company's KFC brand and McDonald's (MCD) were sold expired beef and chicken in China from food supplier Husi Food. Shares of McDonald's, which is scheduled to report on its quarter before tomorrow's market open, slid $1.44, or 1.45%, to $97.55. INDEXES: The Dow fell 48.45, or 0.28%, to 17,051.73, the Nasdaq dropped 7.44, or 0.17%, to 4,424.70, and the S&P 500 declined 4.59, or 0.23%, to 1,973.63.
15:30 EDTMCDNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Verizon (VZ), consensus 90c; Coca-Cola (KO), consensus 63c; Comcast (CMCSA), consensus 72c; United Technologies (UTX), consensus $1.70; McDonald's (MCD), consensus $1.44; Altria Group (MO), consensus 66c; du Pont (DD), consensus $1.17; Lockheed Martin (LMT), consensus $2.66; Kimberly-Clark (KMB), consensus $1.50; Travelers (TRV), consensus $2.07; Ingersoll-Rand (IR), consensus $1.11; State Street (STT), consensus $1.26; TD Ameritrade (AMTD), consensus 34c; Harley-Davidson (HOG), consensus $1.46; Polaris Industries (PII), consensus $1.39; Crocs (CROX), consensus 31c.
15:22 EDTMCDMcDonald's technical comments before results
In the last three months the shares have traded essentially flat, off of the life high set at $103.78 earlier in the period. On a longer term basis the shares have had difficulty maintaining price above the $100 level. Going back to January 2012 there have been three distinct times this level has been attempted which have all failed. We could be seeing major topping action in the stock. How shares behave now will be critical for the next move. On stronger fundamental news, there could be a test to the old high that holds and gets built upon. That would require the shares take out at least the $105 area on the upside without retracing below $100 thereafter. On weaker news than expected the stock could enter a major decline given these three tops above $100. Triple tops often see deeper corrections follow. Support below the current price of $97.70 is at the $94.40 area. This level has held as support in the last few months. A break below would see the 52-week low at $92.22 as next support, followed by $89.85.
14:05 EDTMCDEarnings Preview: McDonald's to return up to $20B to investors from 2014-2016
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11:00 EDTMCDStarbucks China says one of its suppliers got meat from Husi, Bloomberg reports
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09:10 EDTMCDOn The Fly: Pre-market Movers
HIGHER: Allergan (AGN), up 0.5% after Q2 results, FY14 outlook beat expectations and the company announces plans to reduce workforce by about 1,500 employees as part of restructuring. Also, Valeant (VRX) announced it has contacted both the SEC and Canadian financial authorities regarding Allergan's "apparent attempt to mislead investors and manipulate the market for Valeant common shares by continuing to make false and misleading statements regarding Valeant's business"... Extreme Networks (EXTR), up 13% after raising Q4 EPS, revenue view... Gas Natural (EGAS), up 6% after confirming it rejected $13 per share unsolicited offer from Algonquin Power... EMC (EMC), up 4.5% after the WSJ says Elliot Management took a stake of over $1B in the firm and plans to push the company to break itself up... GoPro, (GPRO), up 2.8% after initiated at several firms including Citigroup, Barclays and JPMorgan... Kandi Technologies (KNDI), up 6% after China Daily said China will not to waive a sales tax on electric cars made by foreign companies. Tesla (TSLA) is down 1% following the report. UP AFTER EARNINGS: Halliburton (HAL), up 0.5%... LOWER: Reynolds American (RAI), down 2.3% after a Florida jury hit the company with $23.6B in punitive damages in a lawsuit filed by the widow of a longtime smoker. Shares of fellow tobacco companies also fell after the jury decision, as Lorillard (LO) fell 2% and Altria (MO) slid 1.6%... Yum! Brands (YUM), down 2% after AP reported that a Shanghai TV station said a food supplier sold expired beef and chicken to the company's KFC brand in China along with to McDonald's (MCD), which is down 0.7%. DOWN AFTER EARNINGS: PetMed Express (PETS), down 2.4%... Hasbro (HAS), down 1.3%.
06:22 EDTMCDMcDonald's July weekly volatility elevated into Q2
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05:59 EDTMCDMcDonald's, KFC face expired food scandal in China, AP reports
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July 18, 2014
10:24 EDTHONHoneywell says 'headwinds are nearly behind us'
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09:13 EDTHONHoneywell sees Q4 EPS $1.42-$1.47; Sees Q4 revenue $10.3B-$10.4B
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09:13 EDTHONHoneywell sees Q3 EPS $1.37-$1.42, consensus $1.42
Sees Q3 revenue $9.9B-$10.1B, consensus $10.16B; Sees Q3 organic sales growth of 3%-5%; Sees Q3 margin change of up to 50 bps.
09:13 EDTHONHoneywell is confident in 2014 outlook, with modest sales acceleratoin in 2H14
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07:03 EDTHONHoneywell: Short cycle businesses benefiting from improving end markets
Also cites new product introductions, and geographic expansion, while long-cycle businesses are growing robust backlogs supported by favorable macro trends and strong win rates.
07:03 EDTHONHoneywell raises FY14 EPS to $5.45-$5.55 from $5.40-$5.55, consensus $5.54
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07:03 EDTHONHoneywell reports Q2 EPS $1.38, consensus $1.36
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July 17, 2014
15:38 EDTHONHoneywell July volatility increases into Q2 and outlook
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15:26 EDTHONNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include General Electric (GE), consensus 39c; Honeywell (HON), consensus $1.36; Bank of New York Mellon (BK), consensus 56c; Johnson Controls (JCI), consensus 83c; V.F. Corporation (VFC), consensus 35c; Kansas City Southern (KSU), consensus $1.17; Autoliv (ALV), consensus $1.55.
11:40 EDTCEOShell plans to end investment in Qatar natural gas project, WSJ reports
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July 14, 2014
09:41 EDTHONHoneywell completes sale of FM business to Federal-Mogul
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08:36 EDTZGNXZogenix announces patent for DosePro Needle-free Delivery System
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July 10, 2014
14:56 EDTCEOCNOOC upgraded to Overweight from Neutral at JPMorgan
July 9, 2014
09:04 EDTHONHoneywell's UOP green fuels technology selected by Petrixo
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08:33 EDTZGNXZogenix reports positive development on U.S. District Court ruling
Zogenix commented on the order issued by the U.S. District Court in Massachusetts upholding its prior decision that imposing regulations to restrict access to Zohydro ER Extended-Release Capsules, CII, violates Constitutional law. The court's decision supports the importance of upholding the principle at the heart of this case, which is that the FDA is the only regulatory body that is authorized to determine the approval and access of medicines for all Americans. On October 25, 2013, the FDA approved Zohydro ER for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate, and today's decision preserves access for those in Massachusetts who may benefit from its medical attributes and sets a precedent for other states seeking to unjustly restrict access to Zohydro ER. Zogenix will continue to work to ensure patients have access to Zohydro ER in every state in a manner that is consistent with all extended-release opioids.
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