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Stock Market & Financial Investment News

News Breaks
June 20, 2014
09:17 EDTORCL, OC, ETE, NGLS, CLRX, SWHC, SNY, MACK, KMX, FDO, DRI, ABBV, SHPG, TRGPOn The Fly: Pre-market Movers
HIGHER: Shire (SHPG), up 16% after disclosing it rejected a takeover offer from AbbVie (ABBV). Bloomberg reported that AbbVie may increase its takeover offer following the rejection. Shares of AbbVie are also up 2% following the news... CarMax (KMX), up 16% after Q1 earnings beat analyst's consensus... Family Dollar (FDO), up 2.4% after Carl Icahn sent a letter to CEO urging an immediate sale. LOWER: Oracle (ORCL), down 5% after downgraded at Citigroup following the company's Q4 earnings results... Darden (DRI), down 4% after reporting Q4 earnings... Merrimack Pharmaceuticals (MACK), down 11% after announcing that it has reached an agreement with Sanofi (SNY) to regain worldwide rights to develop and commercialize MM-121... Smith & Wesson (SWHC), down 8% after guidance for Q1, FY15 miss expectations... Targa Resources Partners (NGLS), down 9.3% after downgraded at Wunderlich following news that the company's takeover talks with Energy Transfer Equity (ETE) ended without a deal. Targa Resources (TRGP), the parent of Targa Resources Partners, is down 9% after the news.. Owens Corning (OC), down 6% after cutting FY14 adjusted EBIT view... Hercules Offshore (HERO), down 6.8% after downgraded at Iberia... AK Steel (AKS), down 4.5% after giving Q2 EPS guidance.
News For ORCL;SHPG;ABBV;DRI;FDO;KMX;MACK;SNY;SWHC;CLRX;NGLS;ETE;OC;TRGP From The Last 14 Days
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October 14, 2014
08:08 EDTSNYRegulus Therapeutics to present new preclinical data on multiple programs
Regulus Therapeutics (RGLS) announced that it will present new preclinical data on multiple programs and an overview of its clinical portfolio at the 10th Annual Oligonucleotide Therapeutics Society meeting being held October 12-October 15 at the Hilton San Diego Resort and Spa. In a poster titled "Anti-Diabetic Activity of miR-103/107 Anti-miRs", Regulus scientists will present preclinical data further demonstrating the potential benefit of a microRNA therapeutic for the treatment of metabolic disorders. In a poster titled "Inhibition of miR-21 with RG-012 Improves Renal Function and Survival in Multiple Strains of Col4A3 Deficient Mice", Regulus scientists, in collaboration with its strategic alliance partner Sanofi (SNY), will present new preclinical data demonstrating that weekly subcutaneous delivery of RG-012 has shown to provide both glomerular and tubule protection in the kidneys of Col4A3 deficient mice in an Alport syndrome model.
07:51 EDTETEEnergy Transfer Equity upgraded to Outperform from Neutral at RW Baird
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October 13, 2014
13:22 EDTDRINorwegian Cruise Line names Drew Madsen as COO
Norwegian Cruise (NCLH) announced that hospitality veteran Drew Madsen has joined as president and COO of Norwegian Cruise Line. Madsen brings a strong track record of success to Norwegian with more than 30 years of leadership experience in the hospitality and consumer products industry, most recently as president and COO at Darden Restaurants (DRI) the world's largest full-service restaurant company.
12:16 EDTTRGP, NGLSOn The Fly: Midday Wrap
Stocks on Wall Street were slightly lower at midday amid light trading volume. Banks and bond markets are closed in observance of the Columbus Day holiday, though equity markets remain open. ECONOMIC EVENTS: In the U.S., no major economic data was reported. COMPANY NEWS: Shares of a number of freight train operators rose after The Wall Street Journal reported that one of the companies in the sector, CSX (CSX), was approached by a larger rival, Canadian Pacific (CP), about a possible merger. Following the Journal's report, CSX rose 10% and Canadian Pacific advanced 1%, while Norfolk Southern (NSC) and Kansas City Southern (KSU) both climbed about 3%... Chrysler returned to the U.S. stock market, as shares of Fiat Chrysler began trading on the New York Stock Exchange under the symbol "FCAU." MAJOR MOVERS: Among the notable gainers was J.C. Penney (JCP), which rose 3% after the company selected Marvin Ellison, who is currently executive vice president of stores at Home Depot (HD), to become its next CEO. Also higher were Atlas Energy (ATLS), which rose 20%, and Atlas Pipeline Partners (APL), which advanced 6%, after Targa Resources Partners (NGLS) and Targa Resources (TRGP) agreed to acquire Atlas Pipeline Partners for cash and stock valued at $38.66 per APL common unit and agreed to buy Atlas Energy following the company's spin-off of its non-midstream assets. Among the noteworthy losers was Aerohive Networks (HIVE), which plunged 30% after the company lowered its guidance for the third quarter, citing weaker-than-expected order volume near the quarter's end. Also lower were shares of GoPro (GPRO), which fell over 8% after a French journalist reported that the son of racing legend Michael Schumacher attributed the severity of his father's brain injury following a skiing accident on the GoPro camera mounted to his helmet. INDEXES: Near midday, the Dow was down 32.14, or 0.19%, to 16,511.96, the Nasdaq was down 7.97, or 0.19%, to 4,268.27, and the S&P 500 was down 6.85, or 0.36%, to 1,899.28.
12:01 EDTFDOOptions with decreasing implied volatility
Options with decreasing implied volatility: EXAS INFY YUM FDO HSY
10:29 EDTTRGP, NGLSTarga says has no expecation of reducing headcount to create value
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10:08 EDTDRIOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Bankrate (RATE) downgraded to Equal Weight from Overweight at Stephens... CME Group (CME) downgraded to Market Perform from Outperform at Wells Fargo... Cliffs Natural (CLF) downgraded to Neutral from Overweight at JPMorgan... Dana Holding (DAN) downgraded to Sector Perform from Outperform at RBC Capital... Darden (DRI) downgraded to Neutral from Overweight at Piper Jaffray... Dover (DOV) downgraded to Neutral at RW Baird... DryShips (DRYS) downgraded to Underperform from Outperform at Imperial Capital... Infineon (IFNNY) downgraded to Neutral from Overweight at JPMorgan... J.C. Penney (JCP) downgraded to Sell from Neutral at UBS... Johnson Controls (JCI) downgraded to Outperform from Top Pick at RBC Capital... Juniper (JNPR) downgraded to Hold from Buy at Argus... Kennametal (KMT) downgraded to Market Perform from Outperform at Wells Fargo... Masco (MAS) downgraded to Equal Weight from Overweight at Barclays... New Gold (NGD) downgraded to Neutral from Overweight at JPMorgan... ON Semiconductor (ONNN) downgraded to Sector Perform from Outperform at Pacific Crest... PBF Energy (PBF) downgraded to Underweight from Equal Weight at Barclays... Parker-Hannifin (PH) downgraded to Market Perform from Outperform at Wells Fargo... STMicroelectronics (STM) downgraded to Neutral from Overweight at JPMorgan... Silicon Laboratories (SLAB) downgraded to Sector Perform at Pacific Crest... VOXX International (VOXX) downgraded to Market Perform from Outperform at Cowen.
09:23 EDTABBVAbbVie's Humira for hidradenitis suppurativa meets Phase 3 trial endpoint
AbbVie announced new results from PIONEER II, a pivotal Phase 3 study, demonstrating the effect of Humira in reducing common clinical signs and symptoms in moderate-to-severe hidradenitis suppurativa, specifically the number of abscesses and inflammatory nodules. The results of this study, in combination with previously presented results from PIONEER I, will contribute to worldwide regulatory filings for an expanded use of Humira, which is not currently approved by regulatory authorities for the treatment of HS.
09:21 EDTNGLSOn The Fly: Pre-market Movers
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08:38 EDTNGLS, TRGPTarga Resources Partners to increase dividend by 4c post-closing
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08:32 EDTNGLS, TRGPAtlas Energy to host conference call
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08:17 EDTTRGP, NGLSTarga Resources Partners and Targa Resources to host conference call
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07:57 EDTTRGP, NGLSTarga Resources CEO says acquisition is 'compelling strategic opportunity'
Joe Bob Perkins, CEO of the Targa Resources and of the general partner of the Partnership, stated, "Both the Targa and Atlas management teams and our boards view this integrated transaction as a highly compelling strategic opportunity to combine two outstanding midstream businesses and create value for all shareholders and unitholders. We believe the combination provides our customers an enhanced midstream service offering, and presents our investors with an enterprise that has increased scale, diversity and growth. The acquisitions will significantly and immediately increase our scale and geographic diversity, accelerating the growth of our premier North American midstream platform. APL's footprint solidifies the Partnership's position as a leader in the Permian Basin, while adding top-tier assets in the Midcontinent and South Texas regions. Importantly, the combination of APL's NGL production with Targa Resources Partners' leading NGL downstream assets will allow the pro forma partnership to generate additional revenue along the NGL value chain, create additional attractive growth capital expenditure projects and accelerate current growth capital expenditure projects." The boards of the partnership (NGLS), the company (TGRP), ATLS (ATLS) and APL (APL) have each approved the respective merger agreements. Subject to the completion of the spin-off and customary approvals and conditions, including the expiration or termination of all waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act, the acquisitions are expected to close in 1Q15. The respective boards of APL, ATLS and the Company have voted to recommend the transaction to their unitholders and shareholders.
07:50 EDTTRGP, NGLSAtlas Energy to spin-off non-midstream assets prior to acquisition by Targa
Prior to Targa Resources' (TRGP) acquisition of Atlas Energy (ATLS), ATLS will spin-off its non-midstream assets. After giving effect to the spin-off, ATLS's assets will solely comprise its general partner and incentive distribution rights interests in APL and 5.8M APL common units. Immediately following the spin-off and subject to the concurrent closing of the Partnership's acquisition of APL, Targa Resources will acquire Atlas Energy for total consideration of $1.87B, including 10.35M TRC shares valued at $1.26B based on the closing price of TRC's common stock on October 10 and $610M in cash. Targa Resources has arranged committed financing of $1.1B to replace its existing revolving credit facility and to fund the cash components of the transaction, including cash merger consideration and $149M related to change of control payments. Based on shares of TRC and units of ATLS outstanding as of September 30, current Targa Resources shareholders will own approximately 80% of the pro forma shares outstanding and current ATLS unitholders will own approximately 20%.
07:48 EDTTRGP, NGLSTarga Resources sees 11%-13% distribution growth in 2015 following acquisition
For the Partnership, management expects to recommend a distribution increase 4c per limited partner unit at the first Bboard distribution declaration meeting after the transaction closes; which is expected to be in the first quarter of 2015. Assuming a first quarter close, the Partnership estimates full year 2015 pro forma distribution growth over full year 2014 of 11% 13%, and expects distribution coverage to be at or above the Partnership's stated target range of 1.1x 1.2x. In conjunction with the Partnership recommendation, management expects to recommend a dividend increase of 10c per share for Targa Resources following the closings of the transactions. Assuming a first quarter close and 11%-13% distribution growth at the Partnership, the company estimates full year 2015 pro forma dividend growth over full year 2014 of approximately 35%. The Company's estimated 2015 effective cash tax rate pro forma for the transaction is expected to be 10%-15% compared to 33% on a standalone basis. Targa Resources Corp. expects $1.00 - $2.00 per share dividend accretion over the long term
07:46 EDTTRGP, NGLSTarga Resources to acquire Atlas Pipeline Partners, Atlas Energy
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07:44 EDTTRGP, NGLSTarga Resources to acquire Atlas Pipeline Partners, Atlas Energy
07:39 EDTABBVPharmaceutical Care Management Association to hold annual meeting
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07:37 EDTABBVAmerican Society of Anesthesiologists to hold annual meeting
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06:05 EDTDRIDarden downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray downgraded Darden to Neutral citing a lack of leadership clarity after Starboard ousted the company's entire board of directors.
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