|April 17, 2012|
|12:16 EDT||DNN, JNJ, ZNGA, FSLR, KO, AMTG, GS||On The Fly: Midday Wrap |
Stocks on Wall Street were higher at midday, as the International Monetary Fund raised its view on U.S. and global growth prospects. Stock futures spurted higher during the pre-market trading session following the IMF’s increase in its growth projections. Also helping push the futures upward were positive earnings reports from some of the country’s largest corporations. The futures action led to a higher open for the broader market. The market pared its opening gains during the first 30 minutes of trading but then resumed it march higher and sat near its daily highs near noon... ECONOMIC EVENTS: Domestically, housing starts for the month of March decreased 5.8%, versus expectations of an increase of 1.0%. The annual run rate came in at 654,000 units, versus the consensus estimate of 750,000. The number of building permits issued, however, rose 4.5% to 747,000, versus expectations of a decrease of 0.7% to 710,000. Industrial production was reportedly flat in March, versus expectations for a 0.3% increase. Capacity utilization was in line with forecasts at at 78.6%. Also, the International Monetary Fund said it sees world output growing 3.5% in 2012, raising its projection for United States growth to 2.1%. The IMF said it sees growth in China slowing to 8.2% and real GDP in the euro area contracting in the first half of 2012 but then recovering... COMPANY NEWS: All but one Dow component was higher near noon, led by shares of Coca Cola (KO), which rose 2.7% following its better than expected earnings report. The only Dow decliner was Johnson & Johnson (JNJ), which reported adjusted earnings that beat expectations but revenues below the Street's forecast... Goldman Sachs's (GS) stock was nearly flat in spite of earnings and revenue that beat expectations and an increase in its quarterly dividend to 46c from 35c... MAJOR MOVERS: Among the notable gainers were First Solar (FSLR), up nearly 13%, after it announced plans to cut its global workforce by approximately 2,000 positions, or about 30%, in response to conditions in Europe, and Denison Mines (DNN), up almost 15%, after agreeing to sell its mining assets and operations located in the United States to Energy Fuels. Noteworthy losers included Apollo Residential Mortgage (AMTG), down 6%, after filing to sell 13.9M shares of its common stock, and Zynga (ZNGA), down over 3%, amid reports that its newly acquired Draw Something game has seen its daily active use fall off... INDICES: Near noon, the Dow was up 181.57, or 1.41%, to 13,102.98; the Nasdaq was up 50.58, or 1.69%, to 3,038.98; and the S&P 500 was up 19.24, or 1.40%, to 1,388.81.
News For KO;JNJ;GS;FSLR;DNN;AMTG;ZNGA From The Last 14 Days
|September 25, 2015|
|07:09 EDT||JNJ||Johnson & Johnson management to meet with Deutsche Bank|
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|September 24, 2015|
|08:37 EDT||JNJ||Minerva provieds update on MIN-202 development program|
Minerva Neurosciences (NERV) provided an update on two ongoing clinical trials with MIN-202, a selective orexin-2 receptor antagonist under joint development with Janssen Pharmaceutica (JNJ). Patient recruitment is ongoing in both trials, which include a Phase 2a trial in insomnia disorder and a Phase 1b trial in adjunctive major depressive disorder. "We are pleased with the progress that is being made in the development of MIN-202 in insomnia and adjunctive MDD," said Dr. Remy Luthringer, president and chief executive officer of Minerva. "The ongoing trials in these indications are designed to provide assessments of the effects of this compound in sleep and major depressive disorder. We believe that MIN-202 has the potential to physiologically regulate biological rhythm and control of the wake drive based on its unique mechanism of action as a selective orexin-2 receptor antagonist."
|08:03 EDT||KO||Coca-Cola Bottling signs LOI to acquire manufacturing facilities|
Coca-Cola Bottling Co. Consolidated (COKE) has signed a non-binding letter of intent with The Coca-Cola Company (KO) to purchase manufacturing facilities in Virginia, Maryland, Indiana and Ohio and also that it has signed a definitive agreement with an affiliate of The Coca-Cola Company to expand the bottler's franchise distribution territory to include territories located within Delaware, the District of Columbia, Maryland, North Carolina, Pennsylvania, Virginia and West Virginia. The Company has signed a non-binding Manufacturing Letter of Intent with The Coca-Cola Company to purchase and operate manufacturing facilities currently owned and operated by Coca-Cola Refreshments USA, a wholly-owned subsidiary of The Coca-Cola Company, in Sandston, Virginia; Silver Spring and Baltimore, Maryland; Indianapolis and Portland, Indiana and Cincinnati, Ohio. The transactions proposed in the Manufacturing Letter of Intent are subject to the parties reaching a definitive agreement, with a series of transaction closings for these facilities expected to begin in the first half of 2016. The Definitive Agreement represents the first phase of the proposed franchise territory expansion described in the previously-announced Letter of Intent dated May 12, 2015 between the Company and The Coca-Cola Company ("May 2015 Letter of Intent") and includes the following territories: Baltimore, Capital Heights, Cumberland, Easton, Hagerstown, La Plata and Salisbury in Maryland; Alexandria, Norfolk, Richmond, Yorktown, Fredericksburg and Staunton in Virginia; Elizabeth City in North Carolina; and Washington D.C. CCR currently serves these territories. The Company expects to begin a series of transaction closings for these distribution territories in the fall of 2015 and to complete them by mid-2016. The Company is continuing to work towards a definitive agreement with The Coca-Cola Company for the remainder of the proposed franchise territory expansion described in the May 2015 Letter of Intent, including distribution territories in parts of Ohio, Indiana, Illinois and Kentucky. The Definitive Agreement and other agreements to be entered into at closing will provide the Company the exclusive rights to distribute beverage brands owned by The Coca-Cola Company as well as certain other beverage brands not owned by The Coca-Cola Company that are currently being distributed in the territories by CCR. The transaction includes the purchase by the Company of distribution assets and certain working capital items from CCR relating to these territories and the purchase of exclusive rights to distribute certain non-Coca-Cola beverage brands in these territories. The transaction also includes the grant by CCR to the Company of exclusive rights to distribute beverage brands owned by The Coca-Cola Company in these territories under a comprehensive beverage agreement to be entered into at closing. Under such agreement, the Company will make a quarterly sub-bottling payment to CCR on a continuing basis after the closing for the grant of such exclusive rights. In addition to the transactions contemplated by the Definitive Agreement, the parties also have executed a "Territory Conversion Agreement" which provides for all of the Company's franchise distribution territories with The Coca-Cola Company, including the Company's legacy, recently-acquired and to-be-acquired distribution territories, to be governed in the future by a new and final form of comprehensive beverage agreement.
|07:47 EDT||FSLR||First Solar investors concerned about 2017 earnings, says Deutsche Bank|
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|07:32 EDT||KO||Coca-Cola signs LOI to implement national product supply system in the U.S. |
The Coca-Cola Company announces the formation of a new National Product Supply System in the United States. The mission of the NPSS will be to facilitate optimal operation of the U.S. product supply system for Coca-Cola bottlers in order to: Achieve the lowest optimal manufactured and delivered cost for all bottlers in the Coca-Cola system; Enable system investment to build sustainable capability and competitive advantage; Prioritize quality, service and innovation in order to successfully meet and exceed customer and consumer requirements. Under the new NPSS, three existing independent producing bottlers, Coca-Cola Bottling Co. Consolidated, Coca-Cola Bottling Company United, and Swire Coca-Cola USA, as well as the Company-owned Coca-Cola Refreshments along with Coca-Cola North America, will be members of Coca-Cola's National Product Supply Group. The NPSG will administer key national product supply activities for these NPSS bottlers, which currently represent approximately 95 percent of the U.S. produced volume. Under the initial terms of the Letters of Intent, it is anticipated that each NPSS bottler will acquire certain production facilities from CCR within their transitioning distribution territories. Initially, it is contemplated that CCR will divest the following nine production facilities with an estimated net book value of $380 million: Consolidated will acquire production facilities in Sandston, Va., Baltimore and Silver Spring, Md., Indianapolis and Portland, In. and Cincinnati, Oh.; United will acquire the production facility in New Orleans, La.; Swire will acquire production facilities in Phoenix, Az. and Denver, Co. The transition of these production facilities from CCR to NPSS bottlers is anticipated to take place between 2016 and 2018. The sale of additional production facilities from CCR to NPSS bottlers in previously announced transitioning distribution territories will be considered in due course. CCR's territories will continue to be refranchised as previously announced and decisions on any remaining production facilities in those territories will also be considered at that time. The new transactions announced today are subject to the parties reaching definitive agreements. The parties are committed to working together to implement a smooth transition with minimal disruption for customers, consumers and system associates.
|07:10 EDT||GS||Banks clash with regulators over energy lending, WSJ reports|
Banks are fighting with regulators over loan reviews that might compress the flow of net credit to the oil patch, the Wall Street Journal reports. The disagreement is focused on the narrow issue of loans secured by oil and gas companies' reserves, but it highlights the point of how postcrisis regulation of the financial industry impacts sectors outside of Wall Street, the report says. Caught in between banks and regulators are the small and medium exploration and production companies that rely on credit lines using their energy reserves as collateral, the report says. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
|September 23, 2015|
|07:53 EDT||JNJ||UBS medical supplies & devices analyst holds an analyst/industry conference call|
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|September 22, 2015|
|16:36 EDT||GS||On The Fly: Top stock stories for Tuesday|
Stocks on Wall Street began the session sharply lower and remained that way throughout the session. There was little in the way of buying as each of the major equity indexes slid over 1% and the market internals were decidedly negative. The auto industry and biotech sector were both notably weak, after the French government called for an investigation into the entire auto industry in the wake of the Volkswagen (VLKAY) emissions scandal and Democratic Presidential hopeful Hillary Clinton presented a plan to limit the cost of drugs for consumers. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.6% to 224.5 in July, which was better than the 0.4% rise that was expected. The Richmond Fed factory index fell to -5 in September, versus the reading of 2 that was expected. In Asia, the Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. COMPANY NEWS: Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... Bank of America (BAC) shareholders approved a proposal to ratify the 2014 amendments to the company's bylaws that permitted the board of directors to determine its leadership structure, meaning Brian Moynihan can retain his dual role as both Chairman and CEO... Shares of several fertilizer companies slid after Mosaic (MOS) announced it will reduce its potash production in response to current crop nutrient market conditions, primarily related to delayed fertilizer purchases in Brazil and North America. Shares of Mosaic finished the day down 7% at $33.87 following last night's announcement, while Potash (POT) fell 6.5% and Agrium (AGU) dropped 3.5%. MAJOR MOVERS: Among the notable gainers was Ashland (ASH), which advanced $2.78, or 2.6%, to $108.50 after announcing it will proceed with a plan to separate into two independent, publicly traded companies. Also higher was Weatherford (WFT), which gained 90c, or 10.7%, to $9.31 after cancelling plans for a public share offering, after which research firms Jefferies and Iberia both reiterated Buy-equivalent ratings on the stock. Among the noteworthy losers were Office Depot (ODP) and Staples (SPLS), which declined a respective 4% and 5.8% after the New York Post quoted a source as saying the FTC may move to block their merger plan. Also lower was Groupon (GRPN), which slipped 2.2% to $4.08 after announcing plans to cut 1,100 jobs related primarily to its international operations. ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell 7%, 5.5%, and 4.65%, respectively, following their quarterly earnings reports. INDEXES: The Dow fell 179.72, or 1.09%, to 16,330.47, the Nasdaq lost 72.23, or 1.5%, to 4,756.72, and the S&P 500 dropped 24.23, or 1.23%, to 1,942.74.
|16:16 EDT||AMTG||Apollo Residential Mortgage says CFO Covello resigns|
Apollo Residential Mortgage announced that Teresa Covello, CFO, secretary, and treasurer of the company, has resigned to pursue other interests. Covello will remain in her positions until March 15, 2016 and has agreed to assist the company as it transitions her responsibilities to a replacement. The company has initiated a search for a new CFO.
|12:14 EDT||GS||On The Fly: Top stock stories at midday|
Stocks began the session deep in negative territory and have remained there throughout the morning. There has been little in the way of buying as the downward pressure in the market has not shown any sign of letting up. There is also little in the way of explanation as to why the market is so weak other than continued disappointment in the Fed's interest rate decision and the ongoing concern over China's economic growth. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.6% to 224.5 in July, which was better than the 0.4% rise that was expected. The Richmond Fed factory index fell to -5 in September, versus the reading of 2 that was expected. COMPANY NEWS: Shares of Groupon (GRPN) slumped 2.5% after the online and mobile deal provider said it plans to cut more than 1,000 jobs relating primarily to the company's international operations. The news is the latest in a recent run of job cut announcements, after HP Enterprise said last week that it expects 25,000-30,000 people to leave the company and Johnson Controls (JCI) recently announced plans to reduce its global salaried workforce by as many as 3,000 people... Lloyd Blankfein, Goldman Sachs (GS) chairman and CEO, disclosed that he was told by doctors that he has lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank. MAJOR MOVERS: Among the notable gainers was Weatherford (WFT), which rose 9.6% after stating that it has decided not to pursue its previously announced concurrent public offerings of ordinary shares of the company and mandatorily exchangeable subordinated notes. Also higher was Vascular Biogenics (VBLT), which gained 15% to around $9.30 per share after the stock was initiated with a Buy rating and $25 price target at Chardan. Among the noteworthy losers following their earnings reports were ConAgra (CAG) and Carnival (CCL), which each fell more than 5%, and Red Hat (RHT), which slid 2%. Also lower were shares of Staples (SPLS) and Office Depot (ODP), which fell 7% and 8%, respectively, after the New York Post said a top FTC regulator may be leaning toward recommending against approving their merger agreement. INDEXES: Near midday, the Dow was down 263.77, or 1.6%, to 16,246.42, the Nasdaq was down 99.52, or 2.06%, to 4,729.44, and the S&P 500 was down 32.51, or 1.65%, to 1,934.46.
|10:08 EDT||GS||Goldman Sachs trades down, levels to watch|
Shares were last off over 1.8% to $179.98. At that price next support is at $179.13. Resistance is at $180.55.
|10:01 EDT||JNJ||On The Fly: Analyst Initiation Summary|
Today's noteworthy initiations include: ACE Limited (ACE) initiated with a Buy at Sterne Agee CRT... AXIS Capital (AXS) initiated with a Neutral at Sterne Agee CRT... Abbott (ABT) initiated with a Neutral at UBS... Adamas Pharmaceuticals (ADMS) initiated with a Buy at Aegis... Advaxis (ADXS) initiated with an Overweight at Barclays... Allstate (ALL) initiated with a Buy at Sterne Agee CRT... Aon plc (AON) initiated with a Neutral at Sterne Agee CRT... Arch Capital (ACGL) initiated with a Neutral at Sterne Agee CRT... Ardelyx (ARDX) initiated with a Buy at BTIG... Aspen Insurance (AHL) initiated with a Neutral at Sterne Agee CRT... AtriCure (ATRC) initiated with a Sell at UBS... Baxalta (BXLT) initiated with a Buy at UBS... Baxter (BAX) initiated with a Neutral at UBS... Blue Buffalo Pet Products (BUFF) initiated with an Equal Weight at Stephens... Boston Scientific (BSX) initiated with a Buy at UBS... Capstone Turbine (CPST) initiated with a Buy at Rodman & Renshaw... CenturyLink (CTL) initiated with a Sector Perform at RBC Capital... Cerulean (CERU) initiated with an Overweight at Barclays... Chubb (CB) initiated with a Buy at Sterne Agee CRT... Cogent (CCOI) initiated with an Outperform at RBC Capital... Conatus (CNAT) initiated with a Buy at H.C. Wainwright... Edwards Lifesciences (EW) initiated with a Buy at UBS... Everest Re (RE) initiated with a Neutral at Sterne Agee CRT... Farmers National Banc (FMNB) initiated with an Outperform at Keefe Bruyette... Freshpet (FRPT) initiated with an Equal Weight at Stephens... Frontier Communications (FTR) initiated with a Sector Perform at RBC Capital... Globus Medical (GMED) initiated with a Buy at UBS... Halozyme (HALO) initiated with an Overweight at Barclays... Infoblox (BLOX) initiated with a Buy at Stifel... Isis Pharmaceuticals (ISIS) initiated with an Equal Weight at Barclays... Johnson & Johnson (JNJ) initiated with a Buy at UBSK2M Group (KTWO) initiated with a Buy at UBS... LDR Holding (LDRH) initiated with a Buy at UBS... Landmark Infrastructure (LMRK) initiated with a Buy at Wunderlich... Level 3 (LVLT) initiated with an Outperform at RBC Capital... Main Street (MAIN) initiated with an Outperform at RBC Capital... Marsh & McLennan (MMC) initiated with a Neutral at Sterne Agee CRT... Medtronic (MDT) initiated with a Buy at UBS... Middlefield Banc (MBCN) initiated with a Market Perform at Keefe Bruyette... Nokia (NOK) initiated with a Buy at CLSA... NuVasive (NUVA) initiated with a Buy at UBS... Piper Jaffray (PJC) initiated with a Buy at Sandler O'Neill... Planet Fitness (PLNT) initiated with an Outperform at Wedbush... Progressive (PGR) initiated with a Neutral at Sterne Agee CRT... QTS Realty Trust (QTS) initiated with an Outperform at RBC Capital... Reliance Steel (RS) initiated with a Sell at Rosenblatt... RenaissanceRe (RNR) initiated with a Neutral at Sterne Agee CRT... Spectranetics (SPNC) initiated with a Buy at Benchmark Co.... St. Jude Medical (STJ) initiated with a Buy at UBS... Stanley Black & Decker (SWK) initiated with a Neutral at Buckingham... Stryker (SYK) initiated with a Neutral at UBS... Travelers (TRV) initiated with a Neutral at Sterne Agee CRT... Vascular Biogenics (VBLT) initiated with a Buy at Chardan... W. R. Berkley (WRB) initiated with a Neutral at Sterne Agee CRT... WPX Energy (WPX) initiated with a Neutral at Citi... Wright Medical (WMGI) initiated with a Buy at UBS... XL Group (XL) initiated with a Buy at Sterne Agee CRT... Zendesk (ZEN) initiated with a Buy at Craig-Hallum... Zimmer Biomet (ZBH) initiated with a Neutral at UBS.
|08:47 EDT||GS||Goldman Sachs' empy sixth floor illustrates lower expectations, NYT says|
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|08:15 EDT||GS||Goldman Sachs volatility flat, CEO Lloyd Blankfein says he has lymphoma|
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|08:11 EDT||GS||Goldman Sachs CEO says he has 'highly curable' lymphoma|
In a message from Lloyd Blankfein publicly shared by Goldman Sachs, the executive stated: "Late this summer after several weeks of not feeling well, I underwent a series of tests, which culminated in a biopsy last week. After the biopsy, I was told by my doctors that I have lymphoma. Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured. My treatment plan will include chemotherapy over the next several months in New York. My doctors have advised me that during the treatment, I will be able to work substantially as normal, leading the firm. I will, however, reduce some of my previously planned travel during the treatment period. I have discussed this approach with our Board of Directors and they are supportive. There are many people who are dealing with cancer every day. I draw on their experiences as I begin my own. I have a lot of energy and I'm anxious to begin the treatment. I appreciate your support and good wishes."
|07:43 EDT||JNJ||Drug stocks could be hurt by focus on pricing, says Oppenheimer|
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|07:36 EDT||KO||Coca-Cola spent almost $120M since 2010 on health programs, research, WSJ says|
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|06:51 EDT||GS||Goldman to likely keep DONG stake after listing, Reuters says|
Goldman Sachs will likely maintain a stake in DONG Energy after the company's shares are listed in the next year and a half, Reuters reports, citing a quote from a company investment banker in Borsen. The Danish government sold 18% to DONG to a consortium of investors led by Goldman in January last year, the report says. Reference Link
|06:32 EDT||JNJ||Johnson & Johnson initiated with a Buy at UBS|
|06:19 EDT||JNJ||Clinton to roll out plan to rein in prescription drug costs, USA Today reports|
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