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August 19, 2014
20:25 EDTGLOG, GLOG, AEO, AEO, EV, EV, HAIN, HAIN, MSG, MSG, PETM, PETM, SPLS, SPLS, SJM, SJM, TGT, TGT, LOW, LOWNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Lowe's (LOW), consensus $1.02; Target (TGT), consensus 79c; J. M. Smucker (SJM), consensus $1.37; Staples (SPLS), consensus 11c; PetSmart (PETM), consensus 94c; Madison Square Garden (MSG), consensus 20c; Hain Celestial (HAIN), consensus 89c; Eaton Vance (EV), consensus 62c; American Eagle Outfitters (AEO), consensus 0c; GasLog (GLOG), consensus 13c.
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September 30, 2015
12:00 EDTTGTTarget management to meet with Jefferies
Meeting to be held in New York on October 5 hosted by Jefferies.
11:13 EDTTGTTarget announces expansion of price matching policy
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10:00 EDTMSGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Analog Devices (ADI) upgraded to Buy from Neutral at Citi... Asbury Automotive (ABG) upgraded to Neutral from Underperform at BofA/Merrill... Brookfield (BAM) upgraded to Outperform from Market Perform at BMO Capital... CNOOC (CEO) upgraded to Buy from Hold at Jefferies... Canadian Pacific (CP) upgraded to Buy from Neutral at Goldman... Citizens Financial (CFG) upgraded to Buy from Neutral at UBS... Esperion (ESPR) upgraded to Neutral from Sell at Chardan... HSBC (HSBC) upgraded to Buy from Neutral at UBS... Hecla Mining (HL) upgraded to Outperformer from Sector Performer at CIBC... Johnson Controls (JCI) upgraded to Outperform from Market Perform at William Blair... Level 3 (LVLT) upgraded to Buy from Neutral at UBS... Madison Square Garden (MSG) upgraded on asset value, share buyback outlook at Stifel... Medivation (MDVN) upgraded to Market Perform from Underperform at Cowen... PHH Corp. (PHH) upgraded to Buy from Neutral at Compass Point... Post Holdings (POST) upgraded to Buy from Neutral at SunTrust... Ralph Lauren (RL) upgraded to Buy from Neutral at UBS... Regions Financial (RF) upgraded to Buy from Hold at Sandler O'Neill... Shire (SHPG) upgraded to Hold from Reduce at HSBC... Sinopec (SNP) upgraded to Buy from Hold at Jefferies... Verifone (PAY) upgraded to Buy from Hold at Argus.
07:27 EDTMSGMadison Square Garden upgraded on asset value, share buyback outlook at Stifel
As noted earlier, Stifel upgraded Madison Square Garden to Buy from Hold. The firm says that the company can monetize its content IP, has "attractive assets," and is likely to implement "sizable" share buybacks,. Target $190.
07:07 EDTMSGDeutsche Bank to hold a conference
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06:34 EDTMSGMadison Square Garden upgraded to Buy from Hold at Stifel
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05:33 EDTSPLSStocks with implied volatility above IV index mean; ODP SPLS
Stocks with implied volatility above IV index mean; Office Depot (ODP) 101, Staples (SPLS) 73 according to iVolatility.
September 29, 2015
09:22 EDTEVMorningstar to hold a conference
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07:11 EDTTGTWal-Mart expands pick-up service to new markets, Fortune says
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September 28, 2015
19:57 EDTTGTRetailers urge courts to reject Visa, MasterCard settlement, Reuters says
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06:42 EDTTGTPerfume makers look to Wal-Mart, Target, WSJ reports
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September 25, 2015
16:43 EDTSJMKKR no longer holds stake in Smucker, lost right to designate board observer
On September 21, The J. M. Smucker Company (SJM) entered into an underwriting agreement, dated as of September 21, with Blue Holdings and Morgan Stanley with respect to a registered underwritten public offering of 8.28M shares of the company's common shares, to be sold by the selling shareholder. The common shares sold by the selling shareholder represent 100% of the ownership interests attributable to affiliates of Kohlberg Kravis Roberts (KKR). The secondary offering was completed on September 25. Upon completion of the secondary offering, KKR ceased to be the beneficial owner of any of the common shares and lost its right to designate a board observer.
12:38 EDTSPLSOptions with increasing implied volatility
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10:48 EDTMSGMorgan Stanley cautious on media, but sees several stocks punished too hard
Morgan Stanley cut its price targets on a number of media companies, citing the impact of cord cutting and skinny bundles. The firm also reduced its outlook for the pay-TV sector due to its belief that the adoption of skinny bundles will accelerate, while the outlook for cable TV ads has deteriorated slightly, given macro pressures. The firm kept a Cautious view on the media sector, but also identified several stocks in the space that it thinks have been punished too harshly by investors recently. WHAT'S NEW: TV networks in general, and cable networks in particular, have the highest margins in media and are encountering increased top and bottom line competitive pressures, Morgan Stanley analyst Benjamin Swinburne believes. On the top line, they are being hit by ratings and ad pressures as well as cord cutting and distribution consolidation, the analyst stated. Meanwhile, their profit is being hurt by the increased need to obtain new content and intensified competition for content from new sources like Netflix (NFLX) and Google's (GOOG) YouTube, Swinburne said. However, the analyst thinks that media stocks are "starting to get" cheap, given the leverage that many of the companies carry. Swinburne cuts his price target on 21st Century Fox (FOXA) to $31 from $37, on AMC Networks (AMCX) to $86 from $88, on CBS (CBS) to $46 from $56, on Time Warner (TWX) to $72 from $87 and on Viacom (VIAB) to $48 from $60. He kept Overweight ratings on Fox, AMC and CBS, an Equal Weight rating on Time Warner and an Underweight rating on Viacom. OVERDONE DECLINES: Swinburne believes that the declines in three media stocks - CBS, 21st Century Fox, and AMC Networks - have been overdone, while the decline in Comcast's (CMCSA) stock has also been excessive. CBS and 21st Century Fox are "best positioned for the skinny bundle" and have the cheapest valuations relative to their growth rates, Swinburne believes. Meanwhile, AMC Networks has "content momentum" and its EPS can exceed expectations, the analyst believes. Comcast is gaining share in the broadband Internet market, could take share in video soon, and has sufficient scale and offerings to benefit from the increased popularity of skinny bundles, according to the analyst, who kept an Overweight rating on the stock. The media sector could benefit from consolidation going forward, added Swinburne, who recommended that investors interested in buying potential takeover targets in the space focus on AMC Networks, MSG Networks (MSG) and Dreamworks Animation (DWA). He kept Overweight ratings on all three of those stocks. OTHERS TO WATCH: Besides Comcast, other pay TV companies include DISH Network (DISH) and Charter Communications (CHTR). PRICE ACTION: In early trading, Fox A shares lost 0.5% to $25.83, AMC fell 0.3% to $73.29, CBS added 0.2% to $41, Time Warner was little changed at $67.66 and Comcast A shares added 0.6% to $57.17.
06:42 EDTSPLSStaples issues statement regarding European Commission announcemeent
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05:55 EDTSPLSEU opens investigation into Staples, Office Depot merger
The European Commission said it has opened an in-depth investigation under the EU Merger Regulation into the acquisition of Office Depot (ODP) by its competitor Staples (SPLS). The Commission "has concerns that the takeover could lead to price increases and less choice." It added, "Both Staples and Office Depot are active in the distribution of office products via a number of sales channels, including wholesale, retail, direct sales and national or international supply contracts. The Commission's preliminary investigation indicated potential competition concerns in the market for the supply of office products to business customers through international contracts in the European Economic Area, as well as in the market for the supply of office products to business customers through national contracts in the Netherlands and Sweden. The customers of office supplies include companies in the private sector and public administrations." The Commission now has 90 working days, until February 10, 2016, to take a final decision.
05:20 EDTSPLSStocks with implied volatility above IV index mean; ODP SPLS
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September 24, 2015
15:39 EDTSPLSOffice Depot, Staples advance after another merger deal clears hurdle
Office Depot (ODP) and Staples (SPLS), which are awaiting FTC approval to merge, spiked higher after a report that a Judge denied the FTC's request to temporarily halt the merger of two other unrelated companies. WHAT'S NEW: STERIS Corporation (STE) confirmed earlier reports that the U.S. District Court for the Northern District of Ohio has denied the Federal Trade Commission's request for a preliminary injunction to block STERIS's acquisition of Synergy Health. Office Depot and Staples, which announced plans to merge early last year, have been waiting for regulatory approval of their merger. According to a NY Post report from Tuesday, the proposed $11.3B merger of Staples and Office Depot may not happen due to a possible block from U.S. regulators. WHAT'S NOTABLE: The STERIS deal for Synergy Health, which was announced in October of 2014, was also closely scrutinized by the FTC. On May 29, STERIS and Synergy Health said they had been informed by the FTC that the FTC intends to seek to block their proposed combination. STERIS and Synergy said at the time that they will contest the FTC's attempted action, and that they welcome a full judicial review of the competitive effects of the combination. ANALYST TAKE: In a note out earlier in the week, Jefferies analyst Daniel Binder still expects the merger between Staples and Office Depot to win regulatory approval after the New York Post report that said Deborah Feinstein, the Federal Trade Commission Bureau of Competition head, is seeking to block the deal. Admitting he's in the minority, Binder said his work indicates that economic data for the deal "may not be damning," customer complaint activity is low and key industry player WB Mason is not in talks to be part of a solution for an FTC remedy requirement. The proposed merger could still get approved without a remedy requirement, the analyst told investors. He viewed the risk/reward on shares of Staples as favorable. If approved, enthusiasm around deal synergies could push the stock to $20, Binder wrote. If regulators deny the merger, the shares of Staples could trade between $11 and $12, the analyst added. PRICE ACTION: In late afternoon trading, shares of Office Depot are up 4% while Staples shares are higher by 2.4%.
15:06 EDTSPLSOffice Depot volatility up on uncertainty of FTC approval of merger with Staples
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14:56 EDTSPLSStaples volatility up on uncertainty of FTC approval of merger with Office Depot
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