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January 24, 2014
11:23 EDTBA, CAM, EADSY, JNPR, AGU, EQIXJANA reports new stakes in Juniper, Cameron, Equinix, Airbus
In its most recent quarterly letter to investors, JANA Partners reported new stakes in Juniper Networks (JNPR), Equinix (EQIX), Cameron International (CAM), and Airbus (EADSY). JUNIPER STAKE: JANA's position in Juniper makes it the second noted hedge fund to take an activist stake in the company, joining Elliott Management. JANA says it sees at least $300M of potential savings the company can undertake, adding 40c to EPS, and the firm also says Juniper's balance sheet is overcapitalized. JANA noted it has engaged Juniper on its proposals for increasing shareholder value. OTHER STAKES: JANA also disclosed a new stake in data center operator Equinix. JANA says it "takes comfort" in the fact that 95% of Equinix's revenue is recurring monthly, and says it expects the company will be granted a Private Letter Response by the IRS to convert to a REIT. JANA said it made Cameron International one its largest commitments after the company reported worse-than-expected third quarter earnings in October. The firm expects Cameron to recover margins in 2014, and longer-term sees potential for normalized earning power of more than $5.00 per share. JANA also said it initiated a stake in Airbus, and favorably compared the plane manufacturer to its American-based rival, Boeing (BA). JANA says that at this time a year ago, it took a stake in Boeing, which was one of the firm's most successful investments in 2013, and believes Airbus is now the superior aerospace opportunity. JANA also noted in its letter that its 2013 overall performance of 28.2% fell short of its expectations, primarily due to a drag from an investment in Agrium (AGU), which the firm has now exited. PRICE ACTION: Reports of JANA's stake in Juniper, which broke late last night, coincided with the company's report of better-than-expected earnings. Additionally, no less than three analyst firms have upgraded Juniper's shares, which are up better than 9% in late morning trade. Shares of Equinix jumped following initial reports of JANA's stake and are up about 2% in late morning trade. Following reports of JANA's stake in Cameron, shares jumped, but have since pulled back to be just slightly positive for the session.
News For JNPR;CAM;EQIX;EADSY;BA;AGU From The Last 14 Days
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November 24, 2015
10:00 EDTEQIXOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: BB&T (BBT) initiated with a Neutral at Piper Jaffray... Citizens Financial (CFG) initiated with an Overweight at Piper Jaffray... Copsync (COYN) initiated with a Buy at Maxim... CyrusOne (CONE) initiated with a Buy at SunTrust... DuPont Fabros (DFT) initiated with a Buy at SunTrust... Equinix (EQIX) initiated with a Buy at SunTrust... Fifth Third (FITB) initiated with a Neutral at Piper Jaffray... Granite Construction (GVA) initiated with a Buy at Maxim... Huntington Bancshares (HBAN) initiated with a Neutral at Piper Jaffray... Internap (INAP) initiated with a Neutral at SunTrust... KeyCorp (KEY) initiated with an Overweight at Piper Jaffray... Merck (MRK) initiated with a Hold at Berenberg... Nucor (NUE) initiated with a Buy at BB&T... Oracle (ORCL) initiated with a Buy at SunTrust... PNC Financial (PNC) initiated with an Overweight at Piper Jaffray... PowerSecure (POWR) initiated with a Buy at Canaccord... Regions Financial (RF) initiated with a Neutral at Piper Jaffray... Steel Dynamics (STLD) initiated with a Buy at BB&T... Stellar Biotechnologies (SBOT) initiated with a Buy at Maxim... SunTrust (STI) initiated with an Overweight at Piper Jaffray... Teladoc (TDOC) initiated with an Outperform at Oppenheimer... U.S. Bancorp (USB) initiated with an Overweight at Piper Jaffray... U.S. Concrete (USCR) initiated with a Buy at Sidoti... Wells Fargo (WFC) initiated with a Neutral at Piper Jaffray... (WIX) initiated with an Outperform at JMP Securities... Zions Bancorp (ZION) initiated with a Neutral at Piper Jaffray.
05:32 EDTBABoeing and BOC Aviation announce order for 22 737s
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05:27 EDTBABoeing, EVA Airways finalize commercial airplane purchase
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November 23, 2015
17:47 EDTBABoeing awarded $261.98M government contract
Boeing has been awarded a $261.98M firm-fixed-price, undefinitized contract action for delivery order to previously awarded contract FA8213-15-D-0002 for lot 19 Joint Direct Attack Munition, or JDAM, tailkits. Contractor will provide JDAM strap-on inertial guidance kits with the capability to receive guidance updates from Global Positioning Systems to increase weapon accuracy for conventional inventory bombs. Work will be performed at St. Louis, Missouri, and is expected to be complete by Nov. 20, 2017. Fiscal 2014, 2015 and 2016 ammunition funds in the amount of $13.28M are being obligated at the time of award. Air Force Life Cycle Management Center, Hill Air Force Base, Utah, is the contracting activity.
16:21 EDTBAAerojet Rocketdyne signs contract to support new era of spaceflight in U.S.
Aerojet Rocketdyne, a subsidiary of Aerojet Rocketdyne Holdings (AJRD), has signed a contract with Boeing (BA) valued at nearly $200M that supports a new era of spaceflight - one that will carry humans to the International Space Station from American soil once again. Under its Commercial Crew Transportation Capability subcontract to Boeing, Aerojet Rocketdyne is completing the design, development, qualification, certification and initial production of the Crew Space Transportation, or CST,-100 "Starliner" service module propulsion system. A CST-100 Starliner partner and team member since 2010, Aerojet Rocketdyne's work continues the development of the service module and launch abort propulsion system from prior commercial crew contracts with Boeing.
16:15 EDTEQIXEquinix initiated with a Buy at SunTrust
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November 22, 2015
18:29 EDTBADelta CEO says Boeing offered used 777s for $10M, Bloomberg reports
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16:58 EDTEADSYAirbus CEO aims to find defense electronics buyer by year end, Reuters says
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November 20, 2015
05:54 EDTEADSYAirbus expects new model of A380 after 2022 amid slow sales, Bloomberg says
Airbus CEO Fabrice Bregier expects a newer model of the A380 won't be available until after 2022, reports Bloomberg. At a Wings Club luncheon in New York, Bregier said some carriers don't love the A380, adding that the "problem is to justify that such a big aircraft has a market. Later on, there will be an A380neo, supported by Emirates and a few other customers, but we need a business case." Reference Link
November 19, 2015
07:46 EDTEADSYThe Wings Club holds a luncheon meeting
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06:03 EDTEQIXEquinix 2.6M share Secondary priced at $288
JPMorgan, BofA/Merrill, Citi, RBC Capital, Barclays and TD Securities acted as joint book running managers for the offering.
November 17, 2015
17:33 EDTCAMSchlumberger, Cameron say Justice Department clears proposed merger
Schlumberger (SLB) and Cameron (CAM) jointly announced that the U.S. Department of Justice has cleared their proposed merger without any conditions, granting early termination of the waiting period required by the Hart-Scott-Rodino Act. The closing of the proposed merger remains subject to approval by Cameron stockholders, with a special shareholder meeting scheduled for December 17. Schlumberger and Cameron expect to close the merger in 1Q16.
07:44 EDTBAInterest rate increases usually a bullish signal for Boeing, says Canaccord
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November 16, 2015
19:40 EDTBALockheed Martin-Boeing JV won't bid for next U.S. satellite launch, Reuters says
Lockheed Martin (LMT) and Boeing's (BA) joint venture won't bid for the next U.S. GPS satellite launch due to the structure of the competition and because the venture didn't have engines for its Atlas 5 rocket. Reference Link
16:53 EDTCAMPaulson 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).
16:07 EDTEQIXEquinix files to sell $750M of common stock
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13:17 EDTBABoeing forecasts $350B market for new airplanes in Latin America
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12:02 EDTBABoeing Business Jets announces four new BBJ MAX 8 orders
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10:29 EDTEQIXInvenergy to provide clean power to Equinix
Invenergy announced that it has signed a 100 MW wind power purchase agreement, PPA, with Equinix to provide the global interconnection and data center company with renewable energy to help support all of its data centers across North America. The agreement with Equinix includes the sale of wind energy from the Wake Wind Energy Facility located in Texas. Invenergy will provide 100 MW of capacity resulting in approximately 457,000 MW hours of renewable energy annually generated in Texas and delivered into the Electric Reliability Council of Texas regional electricity grid.
08:02 EDTEQIXEquinix signs power purchase agreements with NextEra Energy and Invenergy
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