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May 27, 2014
11:15 EDTCNC, DRTX, HSH, WCG, FCS, MOVE, VMC, TRP, BCEIHigh option volume stocks:
High option volume stocks: MOVE HSH BCEI FCS DRTX TRP WCG CNC FXY VMC
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November 18, 2015
12:57 EDTFCSFairchild downgraded to Equal Weight from Overweight at Morgan Stanley
Morgan Stanley analyst Craig Hettenbach downgraded Fairchild Semiconductor (FCS) to Equal Weight saying the ON Semiconductor (ON) buyout is a good outcome for shareholders. Another bidder for Fairchild should not be ruled out given the "modest" premium paid by ON, Hettenbach tells investors in a research note.
12:33 EDTFCSOn The Fly: Top stock stories at midday
Stocks on Wall Street began the session in positive territory and have moved higher throughout the morning. All eyes continue to be fixed on Paris and successful police action in a raid of the dwellings of suspects from the bombing over the weekend may have added to today's positive sentiment. There was little help from the day's economic data, however, as the housing starts report for October came in with the lowest reading in seven months and the energy inventories data showed another buildup in crude. ECONOMIC EVENTS: In the U.S., housing starts fell 11.0% to a 1.06M pace in October, weaker than the expected rate of 1.16M. Building permits, however, rose 4.1% to a 1.15M rate, versus an expected rise of 3.8%. The day's big economic event may be yet to come, as investors await the minutes from the Fed's last FOMC meeting, which are scheduled for release at 2:00 pm ET. COMPANY NEWS: Shares of Target (TGT) fell more than 5% after the retailer reported in-line quarterly sales and profits and narrowed the range of its fiscal year earnings view. Target, which guided for same-store sales in its holiday quarter to be up 1%-2%, added that it sees "indications of heavy inventory levels" at some competitors into the holiday season... Shares of railroad operator Norfolk Southern (NSC) spiked in the after-hours trading after rival Canadian Pacific (CP) announced that it had sent an offer letter proposing a business combination, but failed to outline the details of its proposal. Norfolk Southern then confirmed Canadian Pacific to acquire the company for $46.72 in cash and a fixed exchange ratio of 0.348 Canadian Pacific shares per Norfolk share, calling the indication of interest "unsolicited, low-premium, non-binding and highly conditional." CNBC's David Faber, citing sources, subsequently reported that Norfolk Southern has no interest in pursuing a merger, but Norfolk shares remain up more than 6% early this afternoon, while Canadian Pacific is up nearly 6% as well... Shares of Apple (AAPL) climbed about 3% after Goldman Sachs added the stock to its Conviction Buy List, predicting that investors should begin to focus on the company's monetization and recurring revenue opportunities over the next year, which would be a boon to its valuation. MAJOR MOVERS: Among the notable gainers was Aramark (ARMK), which rallied 8% after it reported upbeat quarterly earnings and guided for fiscal 2016. Also higher was Fairchild Semicondcutor (FCS), which gained 8.5% after it agreed to be acquired for approximately $2.4B by ON Semiconductor (ON), which fell 8% following the deal announcement. Another noteworthy losers was Qualcomm (QCOM), which fell nearly 10% after it said that allegations from Korea's FTC that the company did not properly negotiate "aspects" of its licenses are "not supported by the facts." Also lower was Staples (SPLS), which was down 4% after it reported Q3 earnings and provided an earnings outlook for Q4. INDEXES: Near midday, the Dow was up 132.98, or 0.76%, to 17,622.48, the Nasdaq was up 43.00, or 0.86%, to 5,029.01, and the S&P 500 was up 15.62, or 0.76%, to 2,066.06.
12:25 EDTTRPTransCanada withdraws Keystone pipeline application in Nebraska, Bloomberg says
TransCanada is withdrawing its application for approval of the Keystone XL pipeline in Nebraska, reports Bloomberg. A company spokesman said in an emailed statement that it's inappropriate for the Nebraska Public Service Commission to move forward with a review of the route in the state while the company considers its next step. Reference Link
10:02 EDTFCSHigh option volume stocks: CIT TDC MAR JNK EIX TIF NBG DSX FCS ARG
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09:22 EDTFCSOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Vipshop (VIPS), up 8%. ALSO HIGHER: Anavex Life Sciences (AVXL), up 27.5% after announcing preparation of regulatory filings based on guidance from FDA... Universal Insurance (UVE), up 7.7% after issuing a statement saying that Lakewood Capital Management's statement was misleading... Actinium Pharmaceuticals (ATNM), up 14.9% after submitting an Investigational New Drug application with the FDA for Iomab-B... Fairchild Semiconductor (FCS), up 8.8% after being acquired by ON Semiconductor (ON)... Norfolk Southern (NSC), up 5% after confirming a merger offer from Canadian Pacific (CP). DOWN AFTER EARNINGS: SouFun (SFUN), down 2.9%... Staples (SPLS), down marginally. ALSO LOWER: GoPro (GPRO), down 4.4% after price target lowered to $15 from $20 at Piper Jaffray... Citrix Systems (CTXS), down 3.5% after announcing operational review and the spin off of its GoTo family of products.
06:21 EDTFCSON Semiconductor to host a conference call
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06:19 EDTFCSFairchild volatility elevated into ON Semiconductor acquiring for $2.4B in cash
Fairchild (FCS) November call option implied volatility is at 67, December is at 42; compared to its 52-week range of 29 to 71, suggesting large near term price movement into ON Semiconductor (ON) acquiring for $20 per share, or $2.4B in cash.
06:09 EDTFCSON Semiconductor volatility elevated into acquiring Fairchild for $2.4B in cash
ON Semiconductor (ON) November call option implied volatility is at 67, December is at 42; compared to its 52-week range of 29 to 56, suggesting large near term price movement into acquiring Fairchild (FCS) for $20 per share, or $2.4B in cash.
06:02 EDTFCSON Semiconductor to acquire Fairchild for $20 per share, or $2.4B in cash
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06:01 EDTFCSON Semiconductor to acquire Fairchild for $20 per share, or $2.4B in cash
November 17, 2015
08:54 EDTFCSMaxim could be bidder for Fairchild, says Citi
Citi analyst Atif Malik views Maxim Integrated (MXIM) as a potential acquirer Fairchild Semiconductor (FCS). Bloomberg on October 13 reported that Fairchild was seeking advice for a potential sale, and listed potential acquirers as STMicroelectronics (STM), Infineon (IFNNY) and ON Semiconductor (ON). Bids from STM and ON seem unlikely, but Infineon and Maxim could be potential acquirers of Fairchild, Malik tells investors in a research note. In a bull case scenario, Fairchild's buyout value could reach $25 per share, the analyst contends. Fairchild closed yesterday at $17.76. Malik's peer at Citi, analyst Christopher Danely, argued today in research note that Maxim Integrated (MXIM) is unlikely to get acquired despite reports of interest from Analog Devices (ADI) and Texas Instruments (TXN). Danely views Xilinx (XLNX) as a potential takeout target, potentially for Qualcomm (QCOM).
08:04 EDTWCGStifel to hold a conference
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06:24 EDTTRPEnbridge reduces workforce in Canada, U.S. by 5%, Reuters says
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November 16, 2015
10:25 EDTFCSUBS trims Apple target, says iPhone partner cut production forecast
Hon Hai, which manufactures Apple's (AAPL) iPhones, expects to assemble significantly fewer iPhones this quarter than in the same period in 2014, UBS wrote in a note to investors today. WHAT'S NEW: Hon Hai Precision Industry, also known as Foxconn, is expected to assemble 10% fewer iPhones this quarter than in the same period in 2014, said UBS analyst Steven Milunovich, citing work from fellow UBS analyst Arthur Hsieh. Previously, companies that supply force touch components for iPhones saw a 10%-15% reduction in their orders, the analyst reported. These developments "are not encouraging," but Apple had previously ordered a large number of iPhones for Q4, according to Milunovich. Overall iPhone demand "could still be decent," he believes. However, the analyst lowered his iPhone sales estimate for Apple's March quarter to 61M from 62.5M, asserting that iPhone sales on China's November 11 Singles Day holiday may have come in below expectations. Based on October search volumes, he continues to believe that demand for iPhone units in the fourth quarter of the calendar year will be 75M, in-line with the consensus outlook. Milunovich trimmed his price target on Apple to $140 from $150 but kept a Buy rating on the shares. WHAT'S NOTABLE In a note to investors on November 10, Credit Suisse reported that it was cutting its estimates for 2016 iPhone sales. The firm expects sales of the device to fall 10.4% in the first quarter versus the same period in 2015, and it predicts that iPhone sales will decline 5.5% year-over-year in 2016. Suppliers with greater than 10% exposure to Apple include Avago (AVGO), SanDisk (SNDK), Analog Devices (ADI), Broadcom (BRCM), Texas Instruments (TXN), NXP Semiconductors (NXPI) and Fairchild (FCS), Credit Suisse reported. The firm said it continues to have a negative view of the smartphone sector. PRICE ACTION: In early trading, Apple added nearly 1% to $113.34.
08:41 EDTTRPTransCanada subsidiary signs contracts
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November 11, 2015
09:46 EDTTRPTransCanada awarded contract to build $500 natural gas Tuxpan Tula pipeline
TransCanada announced that it has been chosen to build, own and operate the Tuxpan-Tula Pipeline in Mexico. Construction of the pipeline is supported by a 25-year natural gas transportation service contract with the Comision Federal de Electricidad, Mexico's state owned power company. TransCanada expects to invest approximately $500M in the 36-inch diameter pipeline and anticipates an in-service date in the fourth quarter of 2017. The pipeline will be approximately 250 kilometres long and have contracted capacity of 886 million cubic feet a day. The pipeline will originate in Tuxpan in the state of Veracruz and extend through the states of Puebla and Hidalgo, supplying natural gas to CFE combined-cycle power generating facilities in each of those jurisdictions as well as to the central and western regions of Mexico.The pipeline will serve new power generation facilities as well as those currently operating with fuel oil which will be converted to use natural gas as their base fuel. Construction is expected to start in 2016.
09:30 EDTTRPTransCanada awarded contract to build $500M pipeline in Mexico
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November 10, 2015
13:33 EDTFCSApple, suppliers fall after analyst calls out reduced iPhone component orders
Apple (AAPL) shares, as well as those of a number of its chip suppliers, are dropping following a bearish note by Credit Suisse, whose checks pointed to reduced iPhone component orders heading into 2016. DECLINING IPHONE ORDERS: Following checks on Apple's Asian supply chain over the weekend, Credit Suisse analyst John Pitzer and his team cut estimates for iPhone shipments going forward into 2016. The research firm now sees first quarter units down 10.4% year-over-year to just 55M, and calendar year 2016 unit shipments down 5.5% to 222M. The team had previously forecast a respective 63M and 242M for those periods, but cut expectations in the face of apparently reduced supplier orders from Apple for the iPhone 6s. Credit Suisse notes that chip suppliers with greater than 10% exposure to Apple include Avago (AVGO), SanDisk (SNDK), Analog Devices (ADI), Broadcom (BRCM), Texas Instruments (TXN), NXP Semiconductors (NXPI) and Fairchild (FCS). Already cautious on Apple and other smartphone plays, the research firm reiterated its bearish view on the sector due to high market penetration, saying it instead prefers chip names levered to industrial, auto, and infrastructure applications, such as Linear Technology (LLTC), Maxim (MXIM), Cypress (CY) and ON Semiconductor (ON). IVES SAYS BUY: The Credit Suisse research note comes on the heels of a more bullish take by FBR yesterday, with the firm's Daniel Ives saying many investors "are not seeing the forest through the trees" when it comes to Apple. He characterized supply chain worries as "chatter" and lackluster Apple Watch sales as "bumps in the roads." More important, said Ives, is the "major inflection point period" which the company is entering, with streaming TV, iPad Pro, the $100B iPhone market opportunity in China, and a "blockbuster" iPhone 7 all approaching on the horizon, leading Ives to reiterate an Outperform rating and $175 price target on the shares. SUPPLIER PRICE ACTION: Despite FBR's confidence in Apple, smartphone component suppliers moved broadly lower after Tuesday's note from the Credit Suisse team. Avago has declined 3.8% to $121.67, while Broadcom, Skyworks (SWKS), and Qorvo (QRVO) lost a respective 2.1%, 5.1%, and 4.2%. Meanwhile, Apple shares are down 3.3% to $116.63.
11:09 EDTTRPTransCanada to host investor day
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06:23 EDTTRPTransCanada: Alberta pipeline burst result of 'miscommunication,' Reuters says
TransCanada said that the rupture of its natural gas pipeline in Alberta two years ago was a result of "miscommunication" between staff and contractors that constructed the part of the line that burst, Reuters reports. Reference Link
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