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August 1, 2014
16:24 EDTPG, CVX, BYI, MGAM, SGMS, VCRA, WWWWOn The Fly: Closing Wrap
Stocks on Wall Street opened in negative territory and remained there for most of the session, capping a down week with a down day. The averages made it into positive territory for a short time during the morning hours but were never able to build any momentum. Investors were hit with a heavy dose of information, including more corporate earnings, the monthly U.S. jobs report, data on personal income and spending, construction spending and domestic manufacturing, along with manufacturing PMI readings from China. ECONOMIC EVENTS: In the U.S., non-farm payrolls rose 209K in July, missing the 230K forecast. The unemployment rate rose to 6.2% from 6.1% previously. Personal income rose 0.4% in June, with spending up 04% as well, and both of those matched expectations. The final reading of the University of Michigan consumer sentiment index for July came in at 81.8, which was in-line with expectations. seen 81.9; previously 81.3. ISM's manufacturing PMI for July rose to 57.1, beating expectations for a more modest rise to 56.0. Construction spending dropped 1.8% in June, versus expectations for it to have risen 0.4%. In China, the government's official manufacturing PMI for July came in above expectations at 51.7, though the HSBC-Markit PMI came in at 51.7, missing the median forecast of 52.0. COMPANY NEWS: Shares of Procter & Gamble (PG) advanced $2.33, or 3.01%, to $79.65 to lead the Dow Jones Industrial Average after the company's core earnings per share beat expectations and it said it intends to pare back its portfolio to focus on the 70 to 80 "core" brands that make up about 90% of its revenue... Another member of the Dow, Chevron (CVX), moved in the opposite direction, falling $1.34, or 1.04%, to $127.90 after its own earnings report. The oil major also lowered its FY14 production view by 1%-2%, citing weather, asset sales and a shutdown at its Angola LNG site as negative production drivers. MAJOR MOVERS: Among the notable gainers was Bally Technologies (BYI), which surged $17.53, or 29.13%, to $77.70 after the company agreed to be acquired by Scientific Games (SGMS) for $5.1B, or $83.30 per share. Another company in the same sector, Multimedia Games (MGAM), rose $2.21, or 9.16%, to $26.33, while Scientific Games gained 24c, or 2.81%, to $8.78 following the announcement of the deal. Among the noteworthy losers was Vocera (VCRA), which fell $3.42, or 27.21%, to $9.15 and was downgraded to Hold from Buy at Craig-Hallum and cut to Equal Weight from Overweight at Stephens following the company's Q2 report and lowered FY14 guidance. Also lower were shares of (WWWW), which dropped $6.43, or 24.22%, to $20.12 and was downgraded at SunTrust and BWS Financial after its own quarterly report. INDEXES: The Dow dropped 69.93, or 0.42%, to 16,493.37, the Nasdaq fell 17.13, or 0.39%, to 4,352.64, and the S&P 500 declined 5.52, or 0.29%, to 1,925.15.
News For PG;CVX;BYI;MGAM;SGMS;VCRA;WWWW From The Last 14 Days
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September 10, 2014
12:28 management to meet with Northland
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08:22 EDTCVXBofA/Merrill oil and gas analysts hold an analyst/industry conference call
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September 9, 2014
17:16 EDTSGMSScientific Games to provide instant games for national lottery of Slovakia
Scientific Games announced that it has signed a new contract with TIPOS a.s. to provide instant games and consulting services to the National Lottery of Slovakia. The contract, which was awarded through a competitive procurement process, continues the successful relationship that Scientific Games has had with TIPOS a.s. since 2005. The four-year contract began on January 1.
12:02 EDTBYIOptions with decreasing implied volatility
Options with decreasing implied volatility: KERX CIEN FNSR PAY BKS PVH NAV BYI FTR JOY
10:10 EDTCVX, MGAMOn the Fly: Analyst Downgrade Summary
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08:53 EDTMGAMGlobal Cash shares undervalued, says Sterne Agee
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08:02 EDTMGAMMultimedia Games downgraded to Neutral from Buy at Buckingham
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07:40 EDTCVXChevron downgraded to Underperform from Neutral at BofA/Merrill
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07:06 EDTMGAMGlobal Cash Access upgraded at Stifel
As noted earlier, Stifel upgraded Global Cash Access (GCA) to Buy from Hold. The firm upgraded the stock based on the company's acquisition of Multimedia Games (MGAM), which the firm conservatively estimates will be 20%+ accretive. Stifel also cited valuation as a reason for the upgrade. Target $10.
September 8, 2014
17:16 EDTSGMSScientific Games wins three-year instant games contract extension with Colorado
Scientific Games announced that it has signed an extension of its contract with the Colorado Lottery to continue as a provider of instant lottery games and related services. Under the agreement with the Colorado Lottery, Scientific Games will continue as the Lottery's primary instant game provider for three additional years beginning July 1.
16:18 EDTMGAMOn The Fly: Closing Wrap
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15:02 EDTMGAMMultimedia Games downgraded to Neutral from Buy at Sidoti
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12:18 EDTSGMS, MGAMOn The Fly: Midday Wrap
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09:12 EDTMGAMOn The Fly: Pre-market Movers
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07:31 EDTMGAMMultimedia Games volatility expected to move on Global Cash Access purchase
Multimedia Games (MGAM) volatility is expected to move on Global Cash Access (GCA) purchasing for $36.50 per share, for an aggregate purchase price of approximately $1.2B in cash. Overall option implied volatility of 41 is near its 26-week average of 42 according to Track Data, suggesting non-directional price movement.
07:10 EDTMGAMGlobal Cash Access to acquire Multimedia Games for $36.50 per share
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07:09 EDTMGAMGlobal Cash Access to acquire Multimedia Games for $36.50 per share
September 6, 2014
17:47 EDTMGAMMultimedia Games looks inexpensive, Barron's says
Multimedia Games trades at 5.9 times FY15 estimated EBITDA, has a 6% free cash flow yield, and looks inexpensive, Barron's contends in a feature article. Shares could be worth $40-$45 in a takeover, the paper adds, citing Chris Mittleman, Chief Investment Officer at Mittleman Brothers.Reference Link
September 4, 2014
09:57 EDTPGProcter & Gamble sees FY15 core EPS growth in the mid single digits
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September 3, 2014
16:50 EDTCVXBoardwalk Pipeline to acquire Evangeline Ethylene Pipeline for $295M cash
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