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Stock Market & Financial Investment News

News Breaks
June 27, 2014
12:56 EDTNKE, DD, FINL, MTW, DG, LITB, ROCKOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday with DuPont's (DD) slide weighing down the blue-chip Dow more than Nike's (NKE) advance is helping it. Stocks began the session in negative territory but soon turned mixed, where they have remained, with the Nasdaq the leader and the Dow the laggard. The averages have stalled, but they still remain on track to be positive for the month of June, though the month does not end until after Monday's session. ECONOMIC EVENTS: In the U.S., the final University of Michigan consumer sentiment index for June rose to 82.5, which beat the consensus expectation for a reading of 81.9. COMPANY NEWS: Shares of athletic apparel and footwear giant Nike and sports shoe retailer Finish Line (FINL) climbed after both companies reported better than expected quarterly sales and profits. Near midday, Dow member Nike rose 1.6%, while Finish Line advanced 1.4%... Another member of the Dow Jones Industrial Average, DuPont, moved in the opposite direction, falling over 4.5% after the chemical company cut its earnings outlook for its second quarter and its current fiscal year. MAJOR MOVERS: Among the notable gainers was LightInTheBox (LITB), which jumped 20% after the company raised its Q2 revenue outlook. Also higher was Manitowoc (MTW), which gained 9% and was upgraded to Hold at Jefferies after activist Relational Investors took an 8.5% stake in the company and urged for a spin-off of its food business. Among the noteworthy losers was Gibraltar Industries (ROCK), which dropped nearly 10% after cutting its Q2 outlook, stating that end market demand in the quarter did not rebound as expected. Also lower were shares of discount retailer Dollar General (DG), which fell over 7% after Chief Executive Officer Rick Dreiling announced plans to retire. INDEXES: Near midday, the Dow was down 36.58, or 0.22%, to 16,809.55, the Nasdaq was up 7.41, or 0.17%, to 4,386.45, and the S&P 500 was down 1.60, or 0.08%, to 1,955.62.
News For NKE;DD;FINL;MTW;DG;LITB;ROCK From The Last 14 Days
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September 16, 2014
16:34 EDTNKENike assumed with a Neutral at Piper Jaffray
Target $77.
September 15, 2014
12:31 EDTMTWTerex hits 52-week low after cutting fiscal 2014 profit outlook
Shares of Terex (TEX), a diversified global equipment manufacturer of machinery products, are falling after the company cut its fiscal year 2014 earnings per share outlook. The company's third quarter EPS view of 55c-65c also came in far below analysts' consensus estimates of 79c. WHAT'S NEW: This morning, Terex lowered its FY14 EPS view to $2.35-$2.50 from $2.50-$2.80, below analysts' consensus of $2.56. The company said the primary driver of the lowered guidance is weakness in the Cranes segment. Despite a positive trend in book-to-bill ratios over the first half of 2014, the Cranes order rate dropped significantly in July and August. Additionally, Cranes customers in developing markets are struggling to secure financing for orders scheduled for delivery in the second half of 2014. Ron DeFeo, Terex Chairman and CEO said, ďWe do not take lightly the need to adjust market expectations. Admittedly, the global Cranes marketplace has been challenging to forecast. During 2014, we have certainly seen more muted end markets in Cranes than we originally contemplated back in February. While we do see positive trends in certain aspects of our other segments, this has been more than offset by the recent weakness in Cranes end markets. The balance of our guidance remains intact, including our guidance for Free Cash Flow of between $200M-$250M in 2014. We also remain positive on the longer term prospects for EPS growth in our business, driven in no small part by the internal improvement initiatives underway throughout our company." ANALYST REACTION: This morning, UBS placed a Neutral rating and 12-month price target of $41 on shares of Terex. UBS believes that Terex could be gearing up to announce order cancellations. UBS said the deterioration in the Cranes segment, in addition to new questions over first half 2014 bookings, will be disappointing to investors. Despite that, UBS expects progression of projects in the Gulf Coast to drive a delayed Crane cycle, one that will result in improved order patterns in 2015 and 2016. UBS expects Terex' guidance to weigh on Manitowoc Company (MTW) and H&E Equipment Services (HEES), both of which are exposes to Crane markets. PRICE ACTION: In early afternoon trading, Terex fell $2.32, or about 6.7%, to $32.38 on more than twice its average daily trading volume. Earlier in the session, the stock hit a 52-week low of $32.00. OTHERS TO WATCH: Terex' peers also fell, with Manitowoc Company (MTW) down over 3.3%, and H&E Equipment Services (HEES) down about 1.2%.
09:16 EDTMTWOn The Fly: Pre-market Movers
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08:50 EDTMTWManitowoc down 3% after peer Terex cuts FY14 earnings guidance
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September 12, 2014
10:00 EDTDGOn The Fly: Analyst Initiation Summary
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06:31 EDTDGDollar General initiated with a Buy at UBS
Target $81.
06:15 EDTDGDollar General waiting on FTC feedback for Family Dollar deal, NY Post reports
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September 11, 2014
12:03 EDTDDUSDA raises U.S. corn yield forecast to record
In its monthly World Agricultural Supply and Demand Estimates, or WASDE, report, the U.S. Department of Agriculture's corn yield forecast is raised 4.3 bushels per acre to a record 171.7 bushels. Corn production for 2014/15 is forecast 363 million bushels higher at a record 14,395 million bushels. Total 2014/15 corn usage is projected at 13,605 million bushels, up 170 million from last month. Although a record, usage is expected up just 5 million bushels from 2013/14 as export prospects remain constrained by large foreign carryin stocks, the USDA wrote. Publicly traded companies in the agriculture space include Agrium (AGU), Andersons (ANDE), Archer Daniels (ADM), Bunge (BG), CF Industries (CF), Compass Minerals (CMP), DuPont (DD), Intrepid Potash (IPI), Monsanto (MON), Mosaic (MOS), Potash (POT) and Syngenta (SYT).
07:46 EDTDGFamily Dollar should drop opposition to Dollar General deal, WSJ says
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September 10, 2014
13:03 EDTDGOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday, with the Nasdaq comfortably the leader among the major averages. The market opened relatively quietly as investors digested the bevy of research reports surrounding apple (AAPL) and the companies effected by its new products and services announced yesterday. The averages crossed into negative ground early in trading, made it back to positive territory just before the lunch hour, and now are all in the black. ECONOMIC EVENTS: In the U.S., wholesale inventories rose 0.1% in July, which was below expectations for an increase of 0.5%. Wholesale sales rose 0.7%, which was above the 0.6% increase that was forecast. COMPANY NEWS: The strength in the Nasdaq was largely attributable to Apple, which rose about 2.5% the day after unveiling two new, larger iPhone 6 models, the Apple Watch and a new payment system, named Apple Pay... Dollar General (DG) "went hostile" in its pursuit of peer Family Dollar (FDO), commencing a tender offer to acquire all of the company's outstanding shares for $80.00 per share in cash. Family Dollar confirmed the unsolicited offer, noting that the terms are the same as those in the previously rejected proposal made by Dollar General on September 2. Family Dollar said its board will review and consider Dollar Generalís tender offer, but added that the board has not changed its recommendation in support of the company's merger with Dollar Tree (DLTR). MAJOR MOVERS: Among the notable gainers was NPS Pharmaceuticals (NPSP), which rose 21% after several analysts said FDA briefing documents for an advisory panel meeting on its Natpara drug were more favorable than expected. Also higher was clothing and accessories retailer Land's End (LE), which gained nearly 17% after the company's second quarter results beat the estimate of the only analyst that covers it. Among the noteworthy losers was eBay (EBAY), which fell for a second straight day after Apple announced its new mobile payment system, Apple Pay, that could come in direct competition with eBay's PayPal service. Shares of PayPal's parent were downgraded to Neutral this morning at Piper Jaffray and fell 3% near noon. Also lower following yesterday's presentation by Apple was partner GT Advanced (GTAT), which was downgraded at Goldman, Piper Jaffray and Dougherty and dropped more than 14% after it was revealed that sapphire will be used in the display cover of Apple Watch but not the iPhone 6. INDEXES: Near midday, the Dow was up 16.02, or 0.09%, to 17,029.89, the Nasdaq was up 21.10, or 0.46%, to 4,573.38, and the S&P 500 was up 2.62, or 0.13%, to 1,991.06.
10:08 EDTDGFamily Dollar confirms Dollar General unsolicited tender offer
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10:06 EDTDGFamily Dollar confirms Dollar General unsolicited tender offer
09:27 EDTDGDollar General tender for Family Dollar a logical next step, says Wells Fargo
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06:19 EDTDGDollar General commences tender offer to acquire Family Dollar for $80/share
Dollar General (DG) announced that it has commenced a tender offer to acquire all outstanding shares of Family Dollar Stores (FDO) for $80.00 per share in cash. The offer is scheduled to expire at 5:00 p.m., New York City time, on October 8, 2014, unless the offer is extended. The full terms, conditions and other details of the tender offer are set forth in the offering documents that Dollar General will file today with the SEC. Dollar General also will promptly file for clearance under the Hart-Scott-Rodino Act, which will allow the company to begin the antitrust approval process with the FTC. Dollar Generalís all-cash offer of $80.00 per share provides Family Dollar shareholders with a "superior valuation" to the $74.50 per share cash / stock offer announced by Dollar Tree (DLTR) on July 28, 2014. Dollar Generalís offer provides Family Dollarís shareholders with approximately $640M of additional aggregate value over Dollar Treeís offer. As part of a definitive merger agreement with Family Dollar, Dollar General would be willing to agree to divest up to 1,500 stores if required by the FTC and to pay Family Dollar a $500M reverse break-up fee if the transaction did not close for reasons related to antitrust approvals.
06:01 EDTDGDollar General commences tender offer to acquire Family Dollar for $80/share
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September 9, 2014
10:18 EDTDGDollar General listed among 5 largest long positions by Jana Partners
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10:10 EDTFINLOn the Fly: Analyst Upgrade Summary
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06:20 EDTNKEForrester: Apple could sell 10M iWatches this year, FT reports
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05:30 EDTFINLFinish Line upgraded to Buy from Hold at Deutsche Bank
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September 8, 2014
13:26 EDTDGDollar General management to meet with Sterne Agee
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