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Stock Market & Financial Investment News

News Breaks
April 10, 2012
10:35 EDTPOT, AGU, MOT, CAT, DE, MTWFarm equipment stocks likely to have neutral reaction to WASDE, says Wells Fargo
Wells Fargo believes that agricultural equipment stocks are likely to have a neutral reaction to the April 2012 World Agricultural Supply and Demand Estimates report. Supply/demand balance expectations were mostly tightened and implied that U.S. farm cash receipts increased slightly, but these factors were somewhat offset by higher than expected corn stocks, Wells Fargo said. Meanwhile, the USDA made no changes to its U.S. corn outlook, the firm added.
News For POT;AGU;MOT;CAT;DE;MTW From The Last 14 Days
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October 16, 2014
11:17 EDTCAT, DETitan downturn warning seen as negative for Deere, AGCO
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09:41 EDTCAT, DETitan outlook negative for AGCO, Deere, says Wells Fargo
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October 13, 2014
07:50 EDTMTWManitowoc price target lowered to $27 from $33 at RBC Capital
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07:08 EDTDEDeere reports September U.S./Canada utility tractor sales up more than 28%
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October 10, 2014
13:08 EDTMTWOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and saw several swings throughout the morning. Near midday the averages were mixed, with the Dow a bit higher and the Nasdaq weighed down by weakness across the semiconductor sector. ECONOMIC EVENTS: In the U.S., the import price index fell 0.5% in September, versus expectations for a 0.7% decline. COMPANY NEWS: Shares of a number of semiconductor makers, including industry giant Intel (INTC), were sharply lower after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector has entered a correction. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it does business with over 80,000 customers and that it built a significant amount of inventory in the distribution channel in the September quarter. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future.” Near noon, Microchip dropped 11%, Intel fell almost 4%, Texas Instruments (TXN) slipped over 6%, Micron (MU) dropped 6% and Fairchild (FCS) declined 12%. MAJOR MOVERS: Among the notable gainers was Exact Sciences (EXAS), which rallied 35% after the company announced last night that the Centers for Medicare & Medicaid Services, or CMS, had agreed to cover the company's colorectal cancer and pre-cancer test through Medicare. Among the noteworthy losers were a number of companies that, similarly to Microchip, warned that their quarterly results will likely miss expectations, including Procera Networks (PKT), which plunged 34%, Manitowoc (MTW), which fell 9%, and Sizmek (SZMK), which dropped 21%. INDEXES: Near midday, the Dow was up 38.02, or 0.23%, to 16,697.27, the Nasdaq was down 35.89, or 0.82%, to 4,342.45, and the S&P 500 was up 0.42, or 0.02%, to 1,928.63.
12:05 EDTAGU, POTUSDA raises U.S. corn production estimate to 14.475B
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10:01 EDTMTWOn The Fly: Analyst Downgrade Summary
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09:00 EDTMTWOn The Fly: Pre-market Movers
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08:36 EDTMTWManitowoc downgraded at BMO Capital
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06:29 EDTMTWManitowoc downgraded to Underperform from Market Perform at BMO Capital
October 9, 2014
19:11 EDTMTWManitowoc sees FY14 Crane segment revenues declining
For FY14, Manitowoc now anticipates Crane segment revenues to decline by mid-to-high single-digit percentages compared to FY13 revenues, while it expects Crane operating margins for FY14 to be in the 7% range. In addition, Manitowoc now expects FY14 Foodservice segment revenues to be up by low-to-mid single-digit percentages as compared to revenues for the prior-year period. The company expects this segment’s operating margins for FY14 to be in the 15% range. In addition, the company is adjusting its guidance for end-of-year debt-to-EBITDA to approximately 3.5 times, versus below 3 times previously expected, and is reducing its interest expense guidance to a low-to-mid $90M range. The company is reaffirming the remainder of its full-year outlook: capital expenditures of approximately $90M, depreciation & amortization of approximately $120M, amortization of deferred financing fees of less than $5M, and effective tax rate in the mid-teens percentage range driven by expected Q3 discrete items.
19:06 EDTMTWManitowoc sees Q3 revenue 'just under' $1B, consensus $1.02B
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October 8, 2014
11:34 EDTCATCaterpillar maintains dividend of 70c per share
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08:49 EDTDEDeere price target lowered to $69 from $78 at Goldman
Goldman lowered Deere estimates and reduced its price target to $69 based on lower AG and TURF margin forecasts, and declining financial services margins. The firm reiterates its Sell rating based on an extended multi-year downturn in the ag equipment industry.
October 7, 2014
16:19 EDTDEOn The Fly: Closing Wrap
Stocks on Wall Street opened in negative territory and remained there for the entire session. A weak industrial production report out of Germany and the IMF's lowering of its global growth forecast filled the news void left by another relatively light day on the domestic economic calendar. The volume was heavy and the selling was broad based, with each of the major equity indexes losing more than 1.5%. ECONOMIC EVENTS: In the U.S., the Job Openings and Labor Turnover Survey, or JOLTs report, showed job openings surged 230K to 4.835M in August, marking their highest level since January 2001. Consumer credit rose only $13.5B in August, missing expectations for an increase in credit of $20B. In Europe, German industrial production dropped 4% sequentially in August on an adjusted basis, which was a steeper slide than economists forecast and its biggest decline since January 2009. Also of note, the International Monetary Fund cut its global economic growth forecasts for the third time this year. The growth forecast for 2014 was trimmed to 3.3% from a July forecast of 3.4%, while the 2015 projection was lowered to 3.8% from 4.0% previously. COMPANY NEWS: AGCO (AGCO) fell $4.97, or 10.55%, to $42.13 after the company lowered its third quarter view and cut its fiscal year 2014 earnings per share outlook for a second time after previously lowering it in July. The stock, along with several others in the U.S. machinery industry, were downgraded today at Bank of America Merrill Lynch. Merrill also downgraded Deere (DE) to Underperform from Neutral this morning, citing the collapse in corn and soybean pricing and the strengthening U.S. dollar, and its shares also declined $2.83, or 3.42%, to $80.01. MAJOR MOVERS: Among the notable gainers was GT Advanced (GTAT), which rebounded 41c, or 51.25%, to $1.21 following its sharp, 93% decline yesterday after its unexpected bankruptcy filing. Today's recovery, however, still leaves the stock far below the $11 per share level where it began yesterday's trading session. Also higher was CalAmp (CAMP) which rose $3.47, or 21.03%, to $19.97 and was upgraded to Outperform at Macquarie after the wireless technology solutions maker's Q2 report. Among the noteworthy losers was SodaStream (SODA), which sunk $6.05, or 21.94%, to $21.52 after the home beverage carbonation system maker warned that revenue for its third quarter will come in well below Wall Street estimates. Also lower were shares of The Container Store Group (TCS), which dropped $5.45, or 24.9%, to $16.44 after the company lowered its fiscal 2014 outlook. The decline sent the stock below the $18.00 level, where its initial public offering priced last November. INDEXES: The Dow dropped 272.52, or 1.6%, to 16,719.39, the Nasdaq fell 69.60, or 1.56%, to 4,385.20, and the S&P 500 declined 29.73, or 1.51%, to 1,935.09.
12:09 EDTDEOn The Fly: Midday Wrap
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10:50 EDTDEAGCO shares slide as company cuts outlook, U.S. machinery sector downgraded
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10:02 EDTDEOn The Fly: Analyst Downgrade Summary
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09:14 EDTDEOn The Fly: Pre-market Movers
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07:23 EDTDEDeere downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill downgraded Deere to Underperform citing the collapse in corn and soybean pricing and the strengthening U.S. dollar. The firm expects the collapse in farm equipment demand to hit hard in 2015 and lowered estimates 10%-20% below consensus. Price target lowered to $82 from $90.
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