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Stock Market & Financial Investment News

News For LUFK;PACD;AXAS;FET;TDW;HAL;CLR;HERO;UNT;BAS;BRS From The Last 14 Days
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November 21, 2014
16:36 EDTHALMarket ends week higher as domestic data, foreign central banks boost shares
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November 19, 2014
09:19 EDTPACDPacific Drilling to host special shareholder meeting
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08:29 EDTHALHalliburton price target lowered to $67 from $74 at Jefferies
Jefferies lowered its price target for Halliburton (HAL) shares to $67 citing regulatory hurdles associated with the Baker Hughes (BHI) merger and potential customer backlash risks. The firm keeps a Buy rating on the stock.
November 18, 2014
09:56 EDTBASOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Allergan (AGN) downgraded to Market Perform from Outperform at William Blair... Wells Fargo (WFC) downgraded to Market Perform from Outperform at BMO Capital... Allergan downgraded to Neutral from Buy at Guggenheim... Allergan downgraded to Neutral from Buy at SunTrust... Basic Energy (BAS) downgraded to Neutral from Buy at SunTrust... CBS (CBS) downgraded to Neutral from Overweight at Atlantic Equities... Key Energy (KEG) downgraded to Neutral from Buy at SunTrust... Macy's (M) downgraded to Neutral from Buy at BofA/Merrill... Statoil (STO) downgraded to Neutral from Overweight at JPMorgan... Urban Outfitters (URBN) downgraded to Market Perform from Outperform at Telsey Advisory... Urban Outfitters downgraded to Market Perform from Outperform at William Blair... Urban Outfitters downgraded to Neutral from Overweight at Atlantic Equities... Baker Hughes (BHI) downgraded to Hold from Buy at Argus.... Precision Drilling (PDS) downgraded to Market Perform at Raymond James.
09:36 EDTHAL, HALHalliburton downgraded to Outperform from Buy at CLSA (pre-open)
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08:58 EDTHALHalliburton may only sell half of $7.5B potential divestitures, Bloomberg says
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07:49 EDTHALBaker Hughes downgraded to Hold from Buy at Argus
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06:17 EDTFETForum Energy initiated with a Buy at SunTrust
SunTrust initiated Forum Energy with a Buy rating and $35 price target and named it a Top Pick.
06:12 EDTBASBasic Energy downgraded to Neutral from Buy at SunTrust
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November 17, 2014
17:28 EDTHALHalliburton could bring 'substantial gains', Barron's says
Investors who bought the Halliburton (HAL) dip from the acquisition of Baker Hughes (BHI) could see "substantial gains," even if the company returns to the mid-$60s, Barron's contends in its 'Barron's Take' column. Halliburton shares look attractive even without the addition of Baker Hughes, the paper adds. Reference Link
16:24 EDTHALOn The Fly: Closing Wrap
Stocks on Wall Street were quiet and traded in a fairly narrow range for their sixth straight session, despite a "merger Monday" that saw over $100B in deals announced. The Dow and S&P, which began the week near record levels, passed back and forth across the flat line several times during the day, though the Nasdaq weakened early in the session and never really recovered. ECONOMIC EVENTS: In the U.S., industrial production fell 0.1% in October, missing expectations for it to have risen 0.2% from the prior month. October capacity utilization came in at 78.9%, which fell short of the expected 79.3% rate. The Empire State manufacturing index, which reflects manufacturing activity in the New York region, rose 4 points to 10.2 in November, which was generally in-line with the consensus forecast. In Asia, Japan's GDP unexpectedly shrank an annualized 1.6% last quarter, missing projections for a 2.2% gain and sinking its economy into a recession. COMPANY NEWS: Actavis (ACT) gained $4.17, or 1.71%, to $247.94 after confirming that it agreed to acquire Allergan (AGN) for a combination of $129.22 in cash and 0.3683 Actavis shares valued at approximately $66B, or $219 per Allergan share. Valeant Pharmaceuticals (VRX), which had been in a contentious fight to buy Allergan, commented that it "cannot justify to its own shareholders" paying a price of $219 or more per share for the Botox maker, whose stock rose $10.55, or 5.31%, to $209.20... Halliburton (HAL), conversely, fell $5.85, or 10.62%, to $49.23 after it agreed to acquire Baker Hughes (BHI) in a stock and cash transaction valued at $78.62 per Baker Hughes share, representing an enterprise value of $38B. When the deal talks were first reported by The Wall Street Journal last week, antitrust concerns were highlighted by analysts, but Halliburton said it had agreed to divest businesses that generate up to $7.5B in revenues, if required by regulators, and agreed to pay a fee of $3.5B if the transaction terminates due to a failure to obtain required approvals. Baker Hughes rose $5.34, or 8.92%, to $65.23 after the deal was announced. MAJOR MOVERS: Among the notable gainers was Celldex Therapeutics (CLDX), which advanced $4.09, or 28.88%, to $18.25 after the company reported it saw a statistically significant overall survival benefit, along with an increase in clinically meaningful tumor shrinkage, in a sub-group of its study of a drug to treat a specific type of brain tumor. Also higher was Amicus Therapeutics (FOLD), which rose $1.01, or 17.75%, to $6.70 after the company announced additional data on secondary endpoints from its second Phase 3 study of its treatment for Fabry disease. Among the noteworthy losers was William Lyon Homes (WLH), which fell $3.52, or 15.53%, to $19.14 after the company announced that it intends to offer, subject to market and other conditions, 1M tangible equity units, which will consist of a prepaid stock purchase contract and an amortizing note. Also lower were shares of DreamWorks (DWA), which dropped $3.71, or 14.26%, to $22.31 after multiple media outlets reported that talks about a takeover of the company by Hasbro (HAS) had ended. INDEXES: The Dow gained 13.01, or 0.07%, to 17,647.75, the Nasdaq lost 17.54, or 0.37%, to 4,671.00, and the S&P 500 added 1.50, or 0.07%, to 2,041.32.
13:07 EDTHALFollow-up: Halliburton downgraded at Cowen
As previously reported, Cowen downgraded Halliburton (HAL) to Market Perform from Outperform. The analyst said the combination of Halliburton and Baker Hughes (BHI) will be challenging in a number of ways including, antitrust, employee and customer retention, and margin improvement. Cowen does not expect any earnings benefits until 2H 2017 and reduced estimates due to lower crude oil prices.
13:00 EDTHALHalliburton downgraded to Market Perform from Outperform at Cowen
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12:27 EDTHALOn The Fly: Midday Wrap
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10:53 EDTHALHalliburton shares defended at Citigroup
09:36 EDTHALHalliburton shares under pressure on Baker Hughes purchase
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09:22 EDTHALOn The Fly: Pre-market Movers
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08:35 EDTHALHalliburton says tax synergies may come on top of other synergies outlined
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08:21 EDTHALHalliburton says has identified numerous potential buyers if divestitures needed
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07:47 EDTHALHalliburton volatility elevated into Baker Hughes acquiring for $34.6B
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07:42 EDTHALHalliburton removed from U.S. Focus List at Credit Suisse
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07:19 EDTHALBaker Hughes volatility elevated into Halliburton acquiring for $34.6B
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07:12 EDTHALBloomberg / Mayer Brown to co-host a conference
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07:12 EDTHALHalliburton and Baker Hughes host conference call
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07:08 EDTHALBaker Hughes up 18% following acquisition by Halliburton
06:56 EDTHALHalliburton subject to $3.5B break up fee
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06:56 EDTHALHalliburton CEO Lesar to remain CEO of combined company, board to expand to 15
The combined company will maintain the Halliburton (HAL) name and continue to be traded on the New York Stock Exchange under the ticker symbol “HAL.” The company will be headquartered in Houston, Texas. Dave Lesar will continue as chairman and CEO of the combined company. Following the completion of the transaction, the combined company’s board is expected to expand to 15 members, three of whom will come from the Board of Baker Hughes. Concurrently with the execution of the merger agreement, Halliburton withdrew its slate of directors nominated for the board of Baker Hughes.
06:52 EDTHALBaker Hughes holders to receive 1.12 Halliburton shares plus $19.00 cash
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06:50 EDTHALHalliburton sees nearly $2B in annual cost synergies
Dave Lesar, chairman and CEO of Halliburton (HAL) stated, "The stockholders of Baker Hughes (BHI) will immediately receive a substantial premium and have the opportunity to participate in the significant upside potential of the combined company. Our stockholders know our management team and know we live up to our commitments. We know how to create value, how to execute, and how to integrate in order to make this combination successful. We expect the combination to yield annual cost synergies of nearly $2 billion. As such, we expect that the acquisition will be accretive to Halliburton’s cash flow by the end of the first year after closing and to earnings per share by the end of the second year. We anticipate that the combined company will also generate significant free cash flow, allowing for the return of substantial capital to stockholders.”
06:47 EDTHALHalliburton to acquire Baker Hughes for $78.62 per share
Halliburton (HAL) and Baker Hughes (BHI) announced a definitive agreement under which Halliburton will acquire all the outstanding shares of Baker Hughes in a stock and cash transaction. The transaction is valued at $78.62 per Baker Hughes share, representing an equity value of $34.6B and enterprise value of $38B, based on Halliburton’s closing price on November 12, the day prior to public confirmation by Baker Hughes that it was in talks with Halliburton regarding a transaction. Upon the completion of the transaction, Baker Hughes stockholders will own approximately 36% of the combined company. The agreement has been unanimously approved by both companies’ boards. The transaction combines two highly complementary suites of products and services into a comprehensive offering to oil and natural gas customers. On a pro-forma basis the combined company had 2013 revenues of $51.8B, more than 136,000 employees and operations in more than 80 countries around the world.
06:45 EDTHALHalliburton, Baker Hughes reach agreement to combine
November 16, 2014
15:26 EDTHALBaker Hughes, Halliburton differed on pace of deal discussions, WSJ says
Before going hostile, Halliburton (HAL) indicated it would raise its mid-October bid to buy Baker Hughes (BHI), says the Wall Street Journal. According to the Wall Street Journal report, Halliburton did not come through with an improved bid before Friday, a deadline to nominate directors to Baker Hughes’s board for the company’s annual meeting in April. According to people familiar with the matter between Oct. 13, when Halliburton made its proposal to Baker Hughes, and this past Friday, Halliburton felt Baker Hughes wasn’t engaging on the offer and Baker Hughes felt pressured by its rival to act quickly under a deadline, added the Wall Street Journal. Reference Link
November 15, 2014
08:21 EDTHALBaker Hughes says Halliburton trying to replace entire board
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November 14, 2014
17:31 EDTHALBaker Hughes, Halliburton merger talks said to stall, Bloomberg reports
A possible merger between Baker Hughes (BHI) and Halliburton (HAL) stalled due to the companies failing to agree on a price and divestiture concerns, Bloomberg reports, citing people with knowledge of the matter. Halliburton could make an unsolicited tender offer for Baker Hughes and nominate a number of directors to Baker's board instead of acquiring the company, three of the people added. Reference Link
17:27 EDTHALBaker Hughes, Halliburton merger talks said to stall, Bloomberg reports
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17:07 EDTHALSoros Fund Management gives quarterly update on stakes
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16:26 EDTHALNasdaq clear leader as major averages end week higher
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10:43 EDTHALJefferies cautious on regulatory view of potential Baker Hughes-Halliburton deal
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09:16 EDTHALOn The Fly: Pre-market Movers
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08:00 EDTHALHalliburton, Baker deal would face 'intense' DOJ scrutiny, says Jefferies
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07:27 EDTHALHalliburton acquisition of Baker Hughes would make sense, says Wells Fargo
After Baker Hughes (BHI) confirmed that it was in talks about selling itself to Halliburton (HAL) , Wells Fargo thinks the deal would make sense strategically, and says that a deal could be made. The firm says the deal would benefit both companies, and could be accretive for Halliburton. Wells keeps an Outperform rating on Halliburton.
06:20 EDTHALCiti sees 10% accretion if Halliburton pays $66/share for Baker Hughes
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05:55 EDTHALStocks with implied volatility movement; AFSI HAL
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November 13, 2014
18:40 EDTHALOn The Fly: After Hours Movers
UP AFTER EARNINGS: TubeMogul (TUBE), up 12.4%... Weibo (WB), up 3.2%... Nordstrom (JWN), up 3.1%. ALSO HIGHER: Geron (GERN), up 30.7% after announcing a global strategic collaboration with Janssen Biotech... Baker Hughes (BHI), up 16.2% following reports that the company is in talks to be acquired by Halliburton (HAL)... Halliburton is up 1.4%... Pandora (P), up 4% after announcing a conference call to discuss Web IV proceeding... AmerisourceBergen (ABC), up 1.1% after being awarded a $4.06B government contract. DOWN AFTER EARNINGS: Retrophin (RTRX), down 6.6%... Phoenix New Media (FENG), down 8.4%... Voxeljet AG (VJET), down 8.6%... Intrexon (XON), down 1.1%... Youku Tudou (YOKU), down 5.7%... Applied Materials (AMAT), down 2.5%. ALSO LOWER: Puma Biotechnology (PBYI), down 6.9% following PB272 Phase II Trial results... EnLink Midstream (ENLK), down 4.8% after filing to sell 10.5M common units representing limited partners.
18:33 EDTHALBaker Hughes confirms preliminary discussions with Halliburton
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16:36 EDTHALOn The Fly: Closing Wrap
Stocks on Wall Street saw another day of relatively quiet trading in a tight range, but the major averages once again finished the session higher than where they'd began. The Dow, powered by the post-earnings advance from Wal-Mart (WMT), led and closed at a new all-time high for the third time in the last four days. ECONOMIC EVENTS: In the U.S., initial jobless claims rebounded 12K to 290K in the week ending November 8, versus expectations for 280K first-time claims. The Job Openings and Labor Turnover Survey, or JOLTs report, showed job openings fell to 4.335M in September, versus the consensus forecast for 4.8M openings. The Treasury reported a $121.7B budget deficit for October, versus the consensus deficit forecast of $117B. COMPANY NEWS: Wal-Mart led the Dow, advancing $3.74, or 4.72%, to $82.94 after the world's largest retailer's earnings beat expectations and it reported U.S. comparable store sales grew 0.5% during the just-completed quarter... Warren Buffett’s Berkshire Hathaway (BRK.A) agreed to acquire the Duracell battery business from Procter and Gamble (PG) via a stock swap. In exchange for a recapitalized Duracell company, which will include approximately $1.7B in cash at closing, P&G will receive shares of its own common stock currently held by Berkshire having a current value of approximately $4.7B, the companies announced. Shares of Procter & Gamble, which also guided to FY15 core EPS growth in a mid-single digit percentage range, fell 88c, or 0.98%, to $88.60 after the deal was announced and guidance was issued. MAJOR MOVERS: Among the notable gainers was Baker Hughes (BHI), which surged $7.77, or 15.24%, to $58.75 after The Wall Street Journal said the company is in fast-moving talks to be acquired by larger peer Halliburton (HAL), which also rose 56c, or 1.05%, to $53.79 following the report. Also higher was DreamWorks Animation (DWA), which jumped $3.15, or 14.08%, to $25.52 after several media outlets reported that the animated movie maker company was in talks about selling itself to toy maker Hasbro (HAS). Hasbro shares fell $2.49, or 4.33%, to $54.98 following the reports. Also lower were shares of Revance (RVNC), which fell $4.93, or 23.48%, to $16.07 after the company said last night that the preliminary results from its ongoing open-label study suggest it still has "some work to do" to increase the probability of success for its upcoming Phase 3 pivotal program for RT001. INDEXES: The Dow rose 40.59, or 0.23%, to 17,652.79, the Nasdaq gained 5.01, or 0.11%, to 4,680.14, and the S&P 500 added 1.08, or 0.05%, to 2,039.33.
16:07 EDTHALHalliburton spikes, retraces, levels to watch
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16:01 EDTHALBaker Hughes calls active on consolidation reports
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15:51 EDTHALHalliburton calls active on talks to acquire Baker Hughes, reports
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15:46 EDTHALHalliburton spikes higher on Baker Hughes bid talk
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15:45 EDTHALHalliburton, Baker Hughes in fast-moving merger talks, WSJ reports
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15:37 EDTHALBaker Hughes jumps 1.3%, halted for volatility after report on Halliburton talks
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15:37 EDTHALHalliburton in fast-moving talks to acquire Baker Hughes, DJ reports
15:19 EDTHALOne Halliburton employee dead, two hurt after accident, Denver Post reports
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07:38 EDTCLRBloomberg Link to hold a conference
The Year Ahead: 2015 is being held in Washington, D.C. with a pre-conference dinner on November 13 followed by company presentations on November 14,
November 12, 2014
11:48 EDTUNTUnit Corp. to host investor day
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07:59 EDTBRS, HALMitsubishi UFJ to hold a tour
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07:31 EDTBASBofA/Merrill to hold a conference
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07:17 EDTCLRContinental Resources orders construction of oil transportation system
Continental Resources has executed an agreement to be the customer of a crude oil gathering and transportation system in the fairway of the SCOOP play in central Oklahoma to be built by Velocity Midstream Partners subsidiary Velocity Central Oklahoma Pipeline. Continental is the dominant leaseholder in the SCOOP with approximately 471K net acres.
06:57 EDTTDWSnow Capital reports 6.3% passive stake in Tidewater
November 11, 2014
07:07 EDTHEROHercules Offshore promotes Troy Carson to Senior VP, CFO effective November 21
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06:17 EDTCLRContinental Resources CEO will pay nearly $1B in divorce, FT reports
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06:08 EDTBASBasic Energy reports September well servicing rig count unchanged at 421
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November 10, 2014
15:43 EDTHALAmerican Petroleum Institute to hold a conference
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15:15 EDTBAS, HERO, BRSJefferies to hold a conference
2014 Global Energy Conference is being held in New York on November 11-12.
10:47 EDTCLRContinental Resources price target lowered to $85 from $100 at Barrington
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November 7, 2014
21:11 EDTAXASAbraxas Petroleum management to meet with SunTrust
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