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July 3, 2014
13:32 EDTSNX, NQ, LO, PETM, RAI, PCAROn The Fly: Closing Wrap
Major stock indexes hit record highs for a third day in a row to close out the holiday shortened week, with the Dow Jones Industrial Average managing to rise above 17,000 for the first time. Like the Dow, the S&P 500 opened at a new all-time high and managed to close at one as well following the better than expected non-farm payrolls data. The volume was light, as was to be expected with investors preparing to head out for the Independence Day weekend. ECONOMIC EVENTS: The U.S. economy added 288,000 jobs in June, easily topping economists' expectations of 215,000. The unemployment rate fell to 6.1% from last month’s 6.3% level. The weekly jobless claims data showed initial claims were 315K, versus the expected 313K. The trade balance report showed a deficit of $44.4B, which was below the consensus forecast for a deficit of $45B. Markit's services PMI rose to 61.0 in June from May's 58.1 reading, though it was revised down from the June flash reading of 61.2. ISM services index dipped to 56.0 in June from 56.3 in May, though that matched expectations. In Europe, the ECB kept the interest rates on its main refinancing operations, the marginal lending facility and the deposit facility unchanged. COMPANY NEWS: Shares of PetSmart (PETM) surged $7.48, or 12.5%, to $67.28 after activist investor Jana Partners disclosed that it has acquired a 9.9% stake in the company and intends to have talks with its board of directors and management regarding a review of strategic alternatives, including exploring a sale. Afterward, research firm Oppenheimer said it views a sale of the company as unlikely in the near-term, adding that it does not expect a "quick fix" for PetSmart. Oppenheimer maintained its Perform rating on the stock. MAJOR MOVERS: Among the notable gainers was PACCAR (PCAR), which rose $3.47, or 5.44%, to $67.25 after research reports said Daimler's (DDAIY) truck chief claimed to have been told that Volkswagen (VLKAY) wants to take over the truck maker, even though a spokesman for Volkswagen told Dow Jones that there is "no truth" to the reports that it is planning an acquisition bid. Also higher was Lorillard (LO), which advanced $3.26, or 5.33%, to $64.41 after CNBC's David Faber reported, citing sources, that Reynolds (RAI) is on track to acquire Lorillard "within weeks." Shares of Reynolds also gained $1.40, or 2.33%, to $61.56 following Faber's report and similar headlines from Bloomberg. Among the noteworthy losers was China's NQ Mobile (NQ), which plunged $2.18, or 32.25%, to $4.58 after the company reported that the chair of its audit committee is stepping down and that its independent auditors, PricewaterhouseCoopers, communicated to the company that it would need to perform additional procedures and expand the scope of its audit work. Also lower were shares of SYNNEX (SNX), which fell $3.56, or 4.82%, to $70.37 following the company's Q2 earnings report. Citi attributed the post-earnings sell-off to the company's conservative outlook and the firm said SYNNEX remains its top small cap pick. INDEXES: The Dow rose 92.02, or 0.54%, to 17,068.26, the Nasdaq gained 28.19, or 0.63%, to 4,485.92, and the S&P 500 advanced 10.82, or 0.55%, to 1,985.44.
News For PETM;NQ;PCAR;LO;SNX;RAI From The Last 14 Days
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July 30, 2015
10:00 EDTPCAROn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Altria Group (MO) downgraded to Outperform from Buy at CLSA... Baxter (BAX) downgraded to Market Perform from Outperform at Leerink... (CYOU) downgraded to Hold from Buy at Summit Research... Depomed (DEPO) downgraded to Neutral from Buy at Janney Capital... Euronet (EEFT) downgraded to Neutral from Buy at Monness Crespi... Foundation Medicine (FMI) downgraded to Market Perform at JMP Securities... Garmin (GRMN) downgraded to Underweight from Neutral at JPMorgan... Golden Star Resources (GSS) downgraded to Hold at Canaccord... Grainger (GWW) downgraded on negative catalysts at RBC Capital... Henry Schein (HSIC) downgraded to Hold from Buy at Evercore ISI... LINN Energy (LINE) downgraded to Market Perform from Outperform at Raymond James... LifeLock (LOCK) downgraded to Neutral from Buy at BofA/Merrill... LinnCo (LNCO) downgraded to Market Perform from Outperform at Raymond James... Manitowoc (MTW) downgraded to Hold from Buy at BB&T... PACCAR (PCAR) downgraded to Equal Weight on peak cycle concerns at Morgan Stanley... PG&E (PCG) downgraded to Neutral from Outperform at Credit Suisse... Pacer (PACR) downgraded to Equal Weight from Overweight at Morgan Stanley... Penn Virginia (PVA) downgraded to Sector Perform from Outperform at Scotia... Shutterfly (SFLY) downgraded to Market Perform at Raymond James... Terex (TEX) downgraded to Hold from Buy at BB&T... Total System (TSS) downgraded to Neutral at Baird... Whiting Petroleum (WLL) downgraded to Equal Weight from Overweight at Stephens... Whole Foods (WFM) downgraded to Equal Weight from Overweight at Morgan Stanley.
07:58 EDTPCARPACCAR downgraded to Equal Weight on peak cycle concerns at Morgan Stanley
As previously reported, Morgan Stanley downgraded PACCAR to Equal Weight from Overweight with a new price target of $61. The firm believes NAFTA Class 8 truck cycle is peaking and now forecasts a 10% decline in 2016 and 2017 industry sales as fleet growth remains muted and replacement demand slows. As a result, Morgan Stanley now sees a lack of positive earnings momentum for PACCAR and downgraded shares given downside risk.
July 28, 2015
14:09 EDTRAIAltria, Philip Morris could be ripe for recombination, Bloomberg says
The justification for splitting Altria (MO) and Philip Morris (PM) roughly seven years ago "no longer exists" and it may be time to look at a combination, reports Bloomberg Real M&A, noting that the two companies lag behind Reynolds American (RAI) after its recent acquisition of Lorillard. The report notes that the firms have already partnered on product developments in recent months, though a Philip Morris spokesperson told Bloomberg that "many of the reasons articulated by the board at the time of the spinoff are still relevant today." Reference Link
13:17 EDTRAIEarnings Watch: Analysts bullish on Altria, seen as 'top pick' by Cowen
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09:18 EDTPCAROn The Fly: Pre-market Movers
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08:03 EDTPCARPACCAR says DAF cooperating with European Commission, preparing response
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08:02 EDTPCARPACCAR reports Q2 EPS $1.26, consensus $1.15
Reports Q2 revenue $5.08B, consensus $4.85B.
08:02 EDTRAIReynolds American raises FY15 split-adjusted EPS view to $1.90-$2.00
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08:01 EDTRAIReynolds American approves two-for-one stock split, 7.5% dividend increase
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07:58 EDTRAIReynolds American reports Q2 EPS $1.02, consensus 97c
Reports Q2 revenue $2.4B, consensus $2.44B.
July 27, 2015
15:03 EDTPCARNotable companies reporting before tomorrow's open
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July 22, 2015
11:30 EDTSNXNew Age Electronics announces distribution agreement with KEF
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