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Stock Market & Financial Investment News

News For FLIR;RTN;BA;NOC;BAESY;GD;LMIA;LLL;COL;LMT From The Last 14 Days
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October 30, 2014
17:46 EDTBABoeing awarded $307.51M government contract
Boeing, doing business as Boeing Defense, Space and Security, has been awarded a $307.51M firm-fixed-price contract for Joint Direct Attack Munition, or JDAM, tail-kits. This award is issued as an undefinitized contract action for the production of Lot 18 JDAM tailkits. Work will be performed at St. Louis, Missouri, and work is expected to be completed by October 2016. This award is the result of a sole-source acquisition. Current action includes 30% unclassified foreign military sales in support of United Arab Emirates, Morocco, and Norway. FY13 munitions procurement funds, and 2014 Air Force and Navy munitions procurement funds in the amount of $150.68M, are being obligated at time of award.
17:41 EDTLMTLockheed Martin awarded $411.11M government contract modification
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15:41 EDTCOLNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Exxon Mobil (XOM), consensus $1.73; Chevron (CVX), consensus $2.56; AbbVie (ABBV), consensus 77c; NextEra Energy (NEE), consensus $1.55; Dominion Resources (D), consensus 96c; Aon plc (AON), consensus $1.12; Weyerhaeuser (WY), consensus 30c; Clorox (CLX), consensus $1.03; Rockwell Collins (COL), consensus $1.27; Newell Rubbermaid (NWL), consensus 55c; Pinnacle West (PNW), consensus $2.15; Legg Mason (LM), consensus 0c; TECO Energy (TE), consensus 32c; Oshkosh (OSK), consensus 82c; Hilton Worldwide (HLT), consensus 17c; Genesee & Wyoming (GWR), consensus $1.17; Spirit AeroSystems (SPR), consensus 74c; Madison Square Garden (MSG), consensus 32c; Magellan Midstream (MMP), consensus 66c.
15:01 EDTGDGeneral Dynamics subsidiary receives $84M award for Ohio replacement program
The U. S. Navy has awarded General Dynamics Electric Boat a $83.8M contract modification to continue development of the Common Missile Compartment for the Ohio replacement submarine and the United Kingdom's Successor ballistic-missile submarine. Electric Boat is a wholly owned subsidiary of General Dynamics.
09:02 EDTLMTLockheed Martin to acquire Systems Made Simple
Lockheed Martin has entered into a definitive agreement to acquire Systems Made Simple, a provider of health information technology solutions to the U.S. federal government. The acquisition is expected to close within 30 days.The terms of the agreement were not disclosed and are not material to Lockheed Martin.
06:58 EDTLLLL-3 Communications lowers 2014 EPS view to $ 7.30-$7.50 from $7.90-$8.10
Consensus for 2014 EPS is $7.53. Narrows 2014 revenue view to $12.025B-$12.125B from $12.025B-$12.225B, consensus $12.13B. Backs 2014 CapEx view $195M.
06:53 EDTLLLL-3 Communications reports Q3 EPS $1.78 with items, consensus $1.85
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05:50 EDTRTNRaytheon awarded $205M Phalanx upgrade contract
Raytheon was awarded a multi-year bulk buy contract totaling over $200M to provide Phalanx Close-in Weapon Systems, or CIWS, upgrade kits, support equipment and hardware spares to the Japan Maritime Self-Defense Force, or JMSDF. The CIWS is an integral element of Japan's Ship Self-Defense Program.
October 29, 2014
17:29 EDTLLLL-3 Communications awarded $102.889M government contract modification
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15:41 EDTLLLNotable companies reporting before tomorrow's open
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08:57 EDTGDGeneral Dynamics price target raised to $164 from $138 at Sterne Agee
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06:46 EDTBAESYBAE says U.S. Air Force stopped South Korea F-16 improvements, Reuters says
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05:39 EDTBABoeing announces delivery of 100th 777-300ER to Emirates Airline
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October 28, 2014
17:49 EDTCOLRockwell Collins awarded $101.07M government contract
Rockwell Collins is being awarded a $101.07M firm-fixed-price, indefinite-delivery/indefinite-quantity contract for the procurement of AN/ARC-210 electronic protection radio equipment in support of domestic and foreign military sales, or FMS, aircraft. This contract consists of a maximum of 1,160 radios inclusive of potential FMS sales: 920 associated ancillary equipment; five training sessions; 15 FMS Have Quick software media downloads; 140 associated FMS license and royalty fees; 500 FMS standard commercial warranties; 250 receiver-transmitter conversions; 10 failure analyses; and one lot for data. Work will be performed in Cedar Rapids, Iowa, and is expected to be completed in September 2015.
17:47 EDTLMTLockheed Martin awarded $220.75M government contract modification
Lockheed Martin is being awarded a $220.75M modification to a previously awarded cost-plus-incentive-fee contract. This modification provides for the System Development and Demonstration Phase I Increment 2, to continue support of F-35A Conventional Take Off and Landing, or CTOL, air system for the government of Israel under the foreign military sales program. This modification includes the development and demonstration of the hardware and software for the Israel F-35A CTOL air system. Work will be performed at Fort Worth, Texas, and is expected to be completed in March 2019. Foreign military sales funds in the amount of $77.78M are being obligated on this award, none of which will expire at the end of the current fiscal year.
17:42 EDTLMTLockheed Martin awarded $391.61M government contract
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16:42 EDTRTNSanmina starts production for Raytheon MALD electronic assemblies
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10:28 EDTFLIRFLIR Systems management to meet with Oppenheimer
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10:04 EDTNOCNorthrop awarded $207,291,682 contract from U.S. Marine Corps
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09:17 EDTNOCNorthrop Grumman holds a media briefing hosted by the National Press Club
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07:20 EDTLMT, NOCTechAmerica Foundation to hold a conference
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October 27, 2014
17:19 EDTLMTLockheed Martin awarded $486.51M government contract modification
Lockheed Martin has been awarded a $486.51M modification to exercise an option year to previously awarded contract FA8611-08-C-2897 for F-22 sustainment activities. Work will be performed at Fort Worth, Texas, and is expected to be completed by Dec. 31, 2015.
16:23 EDTGDGeneral Dynamics Canada awarded multi-million dollar contract by Peruvian Navy
General Dynamics Canada has been awarded a multi-million dollar contract to upgrade four SH-2G Super Seasprite helicopters with an integrated mission system to enhance the operational capability of the Peruvian Navy and its ability to meet the demands of modern maritime missions. The contract, facilitated by the Canadian Commercial Corporation, or CCC, the Government of Canada's international government-to-government contracting organization, includes the acquisition of five helicopters by Peru. Four are for remanufacture and upgrade by General Dynamics Canada and the fifth one will be overhauled prior to delivery directly to Peru. The contract was awarded as a result of a Memorandum of Understanding between the Government of Peru, through the Peruvian Ministry of National Defense, and the Government of Canada, through CCC.
13:31 EDTRTNIndia rejects Raytheon anti-tank missiles, AFP reports
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10:00 EDTFLIROn The Fly: Analyst Upgrade Summary
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07:33 EDTNOCFDA and CDC to hold a meeting
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05:26 EDTFLIRFLIR Systems upgraded to Outperform from In-Line at Imperial Capital
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October 24, 2014
16:54 EDTBAMarket ends week higher as Apple leads list of earnings winners
Stocks ended the week higher as stronger than expected economic data and upbeat results from a number of companies lifted shares. MACRO NEWS: In the U.S., existing home sales for September and leading economic indicators for the month beat expectations, while weekly jobless claims were roughly in-line with expectations. Markit's “flash” manufacturing Purchasing Managers' Index for October came in at 56.2, versus the consensus forecast for a 57.0 reading... China reported that its GDP rose 7.3% in Q3, above the 7.2% growth expected by economists. HSBC's flash PMI inched up to 50.4 from a final reading of 50.2 in September, beating the consensus forecast for a 50.3 reading. The Asian country said that its industrial production jumped 8% versus the year earlier, easily beating the anticipated 7.5% increase... A euro zone purchasing managers' index increased to 52.2 in October from 52 in September. Most analysts had expected the index to decline modestly. COMPANY NEWS: Apple (AAPL), Microsoft (MSFT), Harley-Davidson (HOG), Yahoo (YHOO), Caterpillar (CAT), diversified manufacturer 3M (MMM) and chip maker Broadcom (BRCM) were among the companies that reported higher than expected profits. Conversely, the bottom lines of IBM (IBM), McDonald's (MCD), Verizon (VZ), AT&T (T), and Angie's List (ANGI) missed expectations... Shares of Amazon (AMZN) fell after the company reported weaker than expected results and provided lower than expected revenue guidance. At least two analysts downgraded the stock following its quarterly report, while a number of others cut their price targets on the shares... Boeing (BA) reported stronger than expected results and raised its full year core EPS guidance, but its stock fell as the airplane maker reduced its full year operating cash flow guidance... Pandora's (P) shares tumbled after the company's Q3 results beat expectations, but its total listener hours declined in Q3 versus Q2... Shares of drug maker Biogen Idec (BIIB) fell after the Q3 sales of its flagship multiple sclerosis treatment, Tecfidera, came in below expectations. Additionally, Biogen reported that one of the patients taking the drug had died after contracting a disease previously linked to MS treatments... BlackBerry (BBRY) rallied following renewed rumors that Chinese computer maker Lenovo (LNVGY) is looking to buy the smartphone maker... At home soda machine maker SodaStream (SODA) rallied after the company said that it would test making some of PepsiCo's (PEP) brands available on its machines. INDEXES: For the week, the Dow gained 2.58% to close at 16,805.41, the S&P 500 rose 4.12% to close at 1,964.58, and the Nasdaq advanced about 5.28% to close at 4,483.71.
14:01 EDTCOL, GDGeneral Dynamics awarded CDN$122M contract
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10:23 EDTNOCJudge refuses to dismiss Northrop Grumman FCA suit, Law360 says
Northrop Grumman's request to dismiss a $62M False Claims Act suit was partially denied by an Illinois federal judge, reports Law360. Reference Link
08:03 EDTRTNRaytheon awarded $131M contract from FAA
Raytheon announced that the Federal Aviation Administration has awarded Raytheon a $131M contract for Wide Area Augmentation System Dual Frequency Operations Segment 1. Under this contract, Raytheon will enhance overall system capability as the FAA moves toward a dual frequency system.
07:32 EDTFLIRFLIR Systems sees FY14 EPS ex-items $1.43-$1.48, consensus $1.36
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07:31 EDTFLIRFLIR Systems reports Q3 EPS 37c, consensus 35c
Reports Q3 revenue $375.4M, consensus $368.31M. FLIR's backlog of firm orders for delivery within the next twelve months was approximately $579M as of September 30, an increase of $31M, or 6%, during the quarter and an increase of $89M, or 18%, since the beginning of 2014.
07:17 EDTRTNRaytheon and Thales to upgrade UK MOD Mode 5 friend or foe capability
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06:26 EDTLMTLockheed comes to $4B agreement with Pentagon for more F-35s, Reuters says
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October 23, 2014
19:35 EDTNOCNorthrop Grumman bid to dismiss whistle-blower case denied, Bloomberg says
17:35 EDTNOCNorthrop Grumman awarded $207.29M government contract modification
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15:39 EDTFLIRNotable companies reporting before tomorrow's open
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11:11 EDTGDGeneral Dynamics unit receives $18.9M contract from U.S. Navy
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10:01 EDTGDGeneral Dynamics receives DMCC contract from NSA
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10:01 EDTBAOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 3D Systems (DDD) downgraded to Hold from Buy at Brean Capital... Angie's List (ANGI) downgraded to Hold from Buy at Needham... Avalon Rare Metals (AVL) downgraded to Neutral from Buy at Citigroup... Axiall (AXLL) downgraded at Cowen... BB&T (BBT) downgraded to Neutral from Buy at Goldman... Boeing (BA) downgraded at Credit Suisse... Boulder Brands (BDBD) downgraded to Hold from Buy at Canaccord... Citrix (CTXS) downgraded to Hold from Buy at Drexel Hamilton... ClickSoftware (CKSW) downgraded to Hold from Buy at Lake Street... DTS, Inc. (DTSI) downgraded to Underweight from Neutral at JPMorgan... GulfMark Offshore (GLF) downgraded to Market Perform from Outperform at Cowen... Home Loan Servicing (HLSS) downgraded to Neutral from Buy at Compass Point... ICON plc (ICLR) downgraded to Equal Weight from Overweight at First Analysis... IPC The Hospitalist Co. (IPCM) downgraded to Market Perform at Wells Fargo... Melco Crown (MPEL) downgraded to Neutral from Buy at Nomura... Mercer (MERC) downgraded at Credit Suisse... ONEOK Partners (OKS) downgraded to Neutral from Buy at BofA/Merrill... Owens Corning (OC) downgraded to Neutral from Overweight at JPMorgan... Regency Energy Partners (RGP) downgraded to Neutral from Buy at BofA/Merrill... The Medicines Co. (MDCO) downgraded to Neutral from Buy at BofA/Merrill... Tupperware Brands (TUP) downgraded to Neutral from Overweight at JPMorgan... Union Bankshares (UBSH) downgraded at RW Baird... VOC Energy Trust (VOC) downgraded at RBC Capital... Yelp (YELP) downgraded to Hold from Buy at Stifel.
10:01 EDTLMTOn The Fly: Analyst Upgrade Summary
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08:37 EDTLMTLockheed Martin upgraded at Argus
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08:36 EDTBAAtlas Air announces placement of two additional Boeing 747s in ACMI Service
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08:13 EDTLMTLockheed Martin upgraded to Buy from Hold at Argus
07:45 EDTBABoeing price target lowered to $150 from $160 at Canaccord
Canaccord lowered its price target on Boeing to $150 from $160, as the firm sees concerns surrounding free cash flow that its Q3 results did nothing to dispel. Canaccord maintains its Buy rating on Boeing shares.
07:09 EDTRTNRaytheon raises FY14 adjusted EPS to $5.91-$6.01 from $5.76-$5.91
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07:07 EDTRTNRaytheon reports Q3 bookings of $5.9B; Reports Q3 book-to-bill of 1.07
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07:06 EDTRTNRaytheon reports Q3 adjusted EPS $1.57, consensus $1.60
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06:33 EDTBABoeing downgraded at Credit Suisse
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06:06 EDTBABoeing downgraded to Neutral from Outperform at Credit Suisse
October 22, 2014
17:28 EDTLMTLockheed Martin awarded $110.52M government contract
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16:33 EDTBAOn The Fly: Closing Wrap
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15:37 EDTRTNNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Comcast (CMCSA), consensus 71c; Union Pacific (UNP), consensus $1.52; 3M (MMM), consensus $1.96; AbbVie (ABBV), consensus 77c; Celgene (CELG), consensus 95c; Eli Lilly (LLY), consensus 67c; Occidental Petroleum (OXY), consensus $1.57; Caterpillar (CAT), consensus $1.36; Alexion Pharmaceuticals (ALXN), consensus $1.16; Precision Castparts (PCP), consensus $3.32; Raytheon (RTN), consensus $1.60; American Electric Power (AEP), consensus $1.02; Southwest Airlines (LUV), consensus 53c; Lorillard (LO), consensus 90c; T. Rowe Price (TROW), consensus $1.15; Mead Johnson (MJN), consensus 91c; Zimmer Holdings (ZMH), consensus $1.30; Nucor (NUE), consensus 73c; Nielsen (NLSN), consensus 65c; Prologis (PLD), consensus 46c; Sigma-Aldrich (SIAL), consensus $1.06; Under Armour (UA), consensus 40c; EQT (EQT), consensus 56c; Dr Pepper Snapple (DPS), consensus 88c; Cameron International (CAM), consensus $1.10; Coca-Cola Enterprises (CCE), consensus 89c; Quest Diagnostics (DGX), consensus $1.08; CMS Energy (CMS), consensus 41c; Airgas (ARG), consensus $1.29; PulteGroup (PHM), consensus 36c; Diamond Offshore (DO), consensus 79c; Bemis (BMS), consensus 67c.
12:09 EDTBAOn The Fly: Midday Wrap
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11:34 EDTBABoeing says re-evaluates 747 production rate every quarter
11:24 EDTBABoeing says making progress on reducing 787-8 unit costs
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10:55 EDTBABoeing sees operating cash flow growth in 2015
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10:49 EDTBABoeing sees completing repurchase program over next 1-2 years
Plans to increase 737 production rate from 42 per month to 47 in 2017. Says production increases supported by strong jet demand. Says will increase 767 production rate to 2 per month from 1 by 2016. Sees demand for 777 remaining "healthy" through end of this decade. Says has 45 commitments for 777 YTD. Says production bridge from 737 to MAX "solid," says 1st MAX delivery expected in 2017. Says smooth transition from 777 to 777x a priority. Says working to reduce defense operating costs by $2B. Says expects to complete repurchase program over approximately next 1-2 years. returning cash to shareholders remains a priority. Cuts FY14 CapEx view to $2.3B. Says "confident" in long term cash generation potential. Comments made on the Q3 earnings conference call.
10:29 EDTBABoeing says global economic growth continues at moderate pace
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09:14 EDTGDGeneral Dynamics: Aerospace to enjoystrong order intake in Q4
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09:14 EDTGDGeneral Dynamics raises FY14 EPS cont ops to 7.60-$7.70 from $7.40-$7.45
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08:05 EDTBAFly Leasing purchases three new Boeing 737-800s
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08:05 EDTLMTLockheed Martin provides operational support for US border protection
Lockheed Martin is providing operational support for a Persistent Threat Detection System aerostat system that is being evaluated by the Department of Homeland Security Customs and Border Protection along the Southern border of the United States. Currently protecting coalition forces overseas, the U.S. Army uses PTDS to help troops identify threats, track insurgents, and enhance overall readiness for the men and women in theater. With the troop drawdown, more of the systems are becoming available for other uses.
07:39 EDTBABoeing backs FY14 commercial airplane deliveries view of 715-725
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07:37 EDTBABoeing reports Q3 Commercial deliveries up 9% to 186 airplanes
07:37 EDTBABoeing reports Commercial Airplanes booked 501 net orders in Q3
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07:34 EDTBABoeing raises FY14 core EPS view to $8.10-$8.30, consensus $8.28
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07:32 EDTBABoeing reports Q3 core EPS $2.14, consensus $1.98
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07:07 EDTGDGeneral Dynamics reports end Q3 backlog $74.4B
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07:06 EDTGDGeneral Dynamics reports Q3 EPS $2.06, consensus $1.91
Reports Q3 revenue $7.75B, consensus $7.58B. Company-wide operating margins for Q3 were 12.9%, 50 basis points higher than third-quarter 2013 margins.
07:05 EDTNOCNorthrop Grumman raises FY14 EPS view to $9.40-$9.50, consensus $9.35
Prior FY14 EPS view $9.15-$9.35. Sees FY14 sales about $23.8B, versus prior view of $23.5B-$23.8B, consensus $23.71B. Backs FY14 free cash flow $1.7B-$2B.
07:03 EDTNOCNorthrop Grumman reports Q3 adjusted EPS $2.26, consensus $2.14
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06:55 EDTBAAirbus aims to replace Boeing 757 with long-haul A321neo, Reuters says
In an effort to replace with Boeing's (BA) discontinued 757 jetliner, Airbus (EADSY) has started offering carriers a long-haul model of its A321neo aircraft, according to Reuters, citing comments from an Airbus representative. Reference Link
05:14 EDTBABoeing, COMAC open demonstration facility
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October 21, 2014
16:36 EDTLMTOn The Fly: Closing Wrap
Stocks on Wall Street were higher after a report showed existing homes sales hit their fastest pace in a year during September and Apple (AAPL) gave a better than expected sales forecast for its December quarter. ECONOMIC EVENTS: In the U.S., existing home sales beat estimates in September, rising 2.4% from the prior month to a 5.17M rate. In China, GDP slowed to 7.3% year-over-year growth pace in Q3 from 7.5% in Q2, though that was slightly better than expected. Chinese industrial production expanded at a 8.0% rate in September, which was well above projections and up from 6.9% growth in August. China's retail sales grew 11.6% in September compared to the prior year, which was nearly in-line with expectations. COMPANY NEWS: Shares of Apple rose $2.71, or 2.72%, to $102.47 after the company reported better than expected quarterly results and gave a better than expected forecast for its sales during the holiday quarter. Following last night's report, analysts at Cantor Fitzgerald said the iPhone maker "executed impressively" in Q4 and provided a strong outlook for Q1. The firm, which believes investors should "start thinking more boldly" about the company, raised its price target for shares to $143 from $123 and kept a Buy rating on the stock... Five of the Dow's 30 members reported on their quarterly results this morning and Coca-Cola (KO) was the clear loser in the bunch. The soda giant's shares dropped $2.61, or 6.03%, to $40.68 after its revenue missed expectations, it warned that it now expects to be below its long-term EPS growth target for 2014, and the company announced new cost-saving measures. Among the other four, McDonald’s (MCD) fell 0.63%, Verizon (VZ) added 0.43%, United Technologies (UTX) gained 0.49%, and Travelers (TRV) rose 1.12%. MAJOR MOVERS: Among the notable gainers following their earnings reports were medical equipment manufacturer Waters (WAT), which rose $9.63, or 9.87%, to $107.17, and motorcycle maker Harley-Davidson (HOG), which advanced $4.27, or 7.31%, to $62.65. Among the noteworthy losers was Ocwen Financial (OCN), which plunged $4.78, or 18.2%, to $21.48 after the company was called out by the New York Department of Financial Services for erroneously dated letters to borrowers. Benjamin Lawsky, the Superintendent for the NYDFS, stated in his letter to the company that if his department concludes it cannot trust Ocwen's systems and processes, "then it cannot trust Ocwen is complying with the law." Also lower following their earnings reports were Mexican restaurant operator Chipotle (CMG), which fell $45.48, or 6.96%, to $607.55, and defense contractor Lockheed Martin (LMT), which slid $2.92, or 1.66%, to $172.61. INDEXES: The Dow gained 215.14, or 1.31%, to 16,614.81, the Nasdaq advanced 103.40, or 2.4%, to 4,419.48, and the S&P 500 rose 37.27, or 1.96%, to 1,941.28.
15:35 EDTBA, GD, NOCNotable companies reporting before tomorrow's open
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14:19 EDTBAEarnings Preview: Boeing shares flat since Q2 earnings report
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14:01 EDTBABoeing technical comments ahead of results
The stock has performed in line with returns from the broader averages over the last three months. The trend has been range bound with the bulk of the range contained at $118 at the low and $128.50 at the high. These two bounds become the defining markers for post-earnings reactions. A breakout above $128.50 would see first resistance at $130.31 and then at $132.99 and $133.97. The latter is a prior pivot high. If the news disappoints, it isn't likely that shares would reach the low of the range unless the news was an extreme disappointment. First support of significance would be at $124.10 and then at $122.16 and $120.29.
13:31 EDTBABoeing invests over $1B in Everett site
Boeing announced the groundbreaking of its new 777X Composite Wing Center at the Everett, Washington campus. Permitting for the new 1M-square-foot facility was completed approximately seven weeks earlier than anticipated, allowing for an accelerated start to construction. Boeing is investing more than $1B in the Everett site for construction and outfitting of the new building. Completion of the new building, which is expected in May 2016, will require approximately 3.5M hours of work. At its peak, there will be approximately 1.2K contract employees working on the project. First delivery of the 777X is targeted for 2020.
08:06 EDTNOCNorthrop Grumman by Airbus Helicopters
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07:32 EDTLMTLockheed Martin reports Q3 Aeronautics sales down 2% to $3.54B
Reports Q3 Information Systems & Global Solutions sales down 5% to $1.95B; Reports Q3 Missiles and Fire Control sales down 5% to $1.91B; Reports Q3 Mission Systems and Training sales down 1% to $1.68B; Reports Q3 Space Systems sales up 4% to $2.03B.
07:28 EDTLMTLockheed Martin expects FY15 sales to decline at low single digit rate
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07:27 EDTLMTLockheed Martin raises FY14 EPS to $11.15 from $10.85-$11.15, consensus $11.14
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07:26 EDTLMTLockheed Martin reports Q3 cash from operations was $990M
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07:25 EDTLMTLockheed Martin reports Q3 EPS cont ops $2.76, consensus $2.71
Reports Q3 revenue $11.11B, consensus $11.28B
07:10 EDTBAESYBAE Systems acquires SilverSky
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06:11 EDTBAESYBAE Systems to acquire SilverSky for $232.5M on cash free, debt free basis
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October 20, 2014
15:36 EDTLMTNotable companies reporting before tomorrow's open
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13:01 EDTBABoeing partners with Kenya Airways
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07:48 EDTLMIALMI Aerospace awarded contracts to supply parts for Gulfstream business jets
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06:10 EDTBALufthansa publishes timetable in response to VC planned strike
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October 17, 2014
16:56 EDTGDLongview Asset reports 9.97% stake in General Dynamics
11:58 EDTBATextron rallies after better than expected Q3 EPS, raising FY14 profit outlook
Shares of aircraft and defense company Textron (TXT) are advancing after the firm reported better than expected third quarter earnings per share and raised its profit outlook for fiscal 2014. WHAT'S NEW: Textron this morning reported Q3 EPS from continuing operations of 57c and revenue of $3.43B, compared to consensus of 52c and $3.63B, respectively. Aviation revenue for the quarter came in at $1.08B, Bell revenue was $1.18B, Systems revenue was $358M, Industrial revenue was $785M and Finance revenue was $25M for the quarter. Chief Executive Officer Scott Donnelly said commented that the increased revenues at Aviation, Industrial and Bell primarily reflected the success of its new product investment and acquisition strategies. Donnelly said the company achieved significant margin improvement in the quarter at Textron Aviation, which reflected higher volumes and better performance. Bell also had improved performance in Q3, Donnelly said, leading to an increase in quarterly margins compared to last year. WHAT’S NOTABLE: The company raised its FY14 EPS from continuing operations view to $2.05-$2.15 from $1.92-$2.12, in line with analysts' consensus estimates of $2.07. Textron also raised its FY14 outlook for cash flow from continuing operations of the manufacturing group before pension contributions to $700M-$800M, with expected pension contributions of around $83M. On the company's earnings conference call, management said it saw a pickup of orders in September and October in the new aircraft market. The company said it is also seeing significant contributions from its M&A investments. PRICE ACTION: In late morning trading, Textron rose $4.16, or about 12.4%, to $37.82 on heavy trading volume. Including today’s advance, the stock has gained approximately 36% over the past twelve months. OTHERS TO WATCH: Other companies in the aircraft and defense business include Boeing (BA), up 2.6%, Spirit Aerosystems (SPR), up 3.8%, and Embraer SA (ERJ) up 3.9%.
07:32 EDTBABoeing volatility elevated into Q3 and outlook
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07:31 EDTBAEMC volatility elevated into Q3 results and outlook
EMC October weekly call option implied volatility is at 51, November is at 34, January is at 27; compared to its 26-week average of 23 into the expected release of Q3 results on October 22.
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