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November 27, 2012
12:16 EDTRAH, MMR, GLW, ACAD, LVS, BF.B, BFA, DDS, CAG, THOOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday after "core" durable goods orders and a reading on consumer confidence rose. Stock index futures were slightly lower in pre-market trading, even though the terms of a new debt deal for Greece had been outlined prior to the U.S. opening bell. The major averages spent the majority of the session in negative territory despite some better than expected domestic economic data, but managed to get back on the plus side of the ledger as the lunch hour arrived... ECONOMIC EVENTS: In the U.S., the Commerce Department said non-defense capital goods orders excluding aircraft rose 1.7% in October, versus expectations for a 0.5% decline. Total durable goods orders were unchanged for the month, versus expectations for them to decline 0.7%. The S&P Case-Shiller 20-city home-price index gained 0.4% in September compared to the prior month and prices in the 20 cities rose 3.0% year over year, which were both roughly in line with forecasts. The Conference Board's consumer confidence index rose to 73.7 in November, beating expectations and hitting its highest level in almost five years. The Richmond Fed manufacturing survey for November registered +9, compared to expectations for it to slide to -9 from the prior -7 reading. In Europe, the region's finance ministers, the ECB and the IMF reached an aid deal on Greece, which is expected to help the nation reduce its debt-to-GDP ratio to 124% by 2020... COMPANY NEWS: ConAgra Foods (CAG) agreed to acquire Ralcorp Holdings (RAH) for $90.00 per share, or about $6.8B including the assumption of debt. Shares of Ralcorp shot up 26.4% to $88.76 following the deal announcement and ConAgra also advanced 4.7% after the news... In the continuation of a recent trend, several companies declared new special dividends, with Dillard's (DDS) to pay a one-time dividend of $5.00 per share, Brown-Forman (BFA, BF.B) declaring one at $4.00 per share, and Las Vegas Sands (LVS) approving its own $2.75 per share special dividend... MAJOR MOVERS: Among the notable gainers was ACADIA Pharmaceuticals (ACAD), up 140% following its report of positive results from a trial of its treatment for Parkinson's disease psychosis, or PDP. Also higher were shares of Corning (GLW), up nearly 8% after the company said it now sees stronger than forecasted Q4 LCD glass volume and Topeka raised its rating on the shares to Buy. Among the noteworthy losers was McMoRan Exploration (MMR), which fell over 15% after being down yesterday as well after the company provided an update on its Gulf of Mexico exploration results and indicated ongoing well difficulties. Also lower were shares of Thor Industries (THO), down 10% after its disappointing quarterly report... INDICES: Near noon, the Dow was up 3.22, or 0.02%, to 12,970.59; the Nasdaq was up 5.79, or 0.19%, to 2,982.57; and the S&P 500 was up 2.32, or 0.16%, to 1,408.61.
News For B;LVS;ACAD;GLW;MMR;THO From The Last 14 Days
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September 29, 2014
16:22 EDTTHOThor Industries subsidiary announces $5.9M plant expansion
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14:03 EDTLVSLas Vegas Sands volatility elevated as shares trade near 1-year low
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07:23 EDTLVSUBS & Deutsche Bank to co-host a forum
Gaming Investment Forum to be held in Las Vegas on September 29-30 with webcasted company presentations to begin on September 29 at 12 pm; not all company presentations may be webcasted. Webcast Link
September 26, 2014
11:02 EDTTHOThor Industries upgraded to Buy from Gradually Accumulate at Wellington Shields
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09:33 EDTLVSNevada reports August statewide gaming win down 3.66% to $920.29M
Nevada reports August Las Vegas Strip gaming win down 6.08% to $553.19M. Publicly traded companies in the space include Boyd Gaming (BYD), Caesar's (CZR), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN) and Wynn Resorts (WYNN).
07:34 EDTGLWKei Advisors to hold a conference
Western New York Investors Conference to be held in Buffalo, New York on September 26.
September 25, 2014
16:19 EDTTHOThor Industries to discontinue preliminary sales release beginning Q1
Thor announced that beginning with Q1, the company will discontinue its preliminary sales release. The company believes that ceasing the preliminary release will benefit investors by providing more detailed and comprehensive information regarding Thor's financial performance in a single release in coordination with the company's quarterly and annual filings with the SEC. The earnings release for Q1 is tentatively scheduled for December 1.
16:18 EDTTHOThor Industries reports Q4 EPS $1.25, consensus $1.23
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15:29 EDTTHONotable companies reporting after market close
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September 23, 2014
08:53 EDTTHOThor Industries outlook has improved, says BMO Capital
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September 22, 2014
10:15 EDTLVSOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Actavis (ACT) downgraded to Equal Weight from Overweight at Barclays... Aetna (AET) downgraded to Neutral from Buy at BofA/Merrill... Auxilium (AUXL) downgraded to Hold from Buy at Stifel... CARBO Ceramics (CRR) downgraded to Neutral from Buy at Sterne Agee... Commerzbank (CRZBY) downgraded to Underperform from Neutral at Exane BNP Paribas... Concur (CNQR) downgraded to Neutral from Buy at Nomura... Dresser-Rand (DRC) downgraded to Neutral from Accumulate at Global Hunter... Finish Line (FINL) downgraded to Equal Weight from Overweight at Morgan Stanley... General Communications (GNCMA) downgraded to Hold from Buy at Drexel Hamilton... InvenSense (INVN) downgraded to Neutral from Outperform at RW Baird... Las Vegas Sands (LVS) downgraded to Market Perform from Outperform at Wells Fargo... Lindsay Corp. (LNN) downgraded at Sterne Agee... Melco Crown (MPEL) downgraded to Market Perform from Outperform at Wells Fargo... Outerwall (OUTR) downgraded to Sell from Neutral at B. Riley... PSEG (PEG) downgraded to Hold from Buy at Jefferies... Realogy (RLGY) downgraded to Underperform from Neutral at Credit Suisse... Regal-Beloit (RBC) downgraded to Accumulate from Buy at Global Hunter... SABMiller (SBMRY) downgraded to Market Perform from Outperform at Bernstein... Saba Software (SABA) downgraded to Neutral from Buy at B. Riley... Suburban Propane (SPH) downgraded to Market Perform from Outperform at Wells Fargo... Swiss Re (SSREY) downgraded to Underperform from Neutral at Exane BNP Paribas... Towers Watson (TW) downgraded to Buy from Conviction Buy at Goldman... Valmont (VMI) downgraded at Sterne Agee... Walgreen (WAG) downgraded to Equal Weight from Overweight at Barclays... Watts Water (WTS) downgraded to Neutral from Buy at Janney Capital... Wynn Resorts (WYNN) downgraded to Market Perform from Outperform at Wells Fargo... Yahoo (YHOO) downgraded to Neutral from Buy at BofA/Merrill.
07:37 EDTLVSLarge-Cap Gaming sector downgraded at Wells Fargo
Wells Fargo downgraded the Large-Cap Gaming sector to Market Weight from Overweight while cutting its ratings on Las Vegas Sands (LVS), Wynn Resorts (WYNN) and Melco Crown (MPEL) to Market Perform from Outperform. Wells believes near-term uncertainty in Macau has increased, making the risk/reward on shares balanced for the next 6-12 months. The firm thinks second half of 2014 and 2015 EBITDA estimates still need to come down another 10%. Wells cuts its price target range for Las Vegas Sands to $60-$70 from $80-$85, for Wynn to $180-$200 from $245-$250 and for Melco to $28-$31 from $38-$40. The firm keeps a Market Perform rating on MGM Resorts (MGM) with a slightly reduced price target range of $23-$26.
07:12 EDTLVSLas Vegas Sands downgraded to Market Perform from Outperform at Wells Fargo
September 18, 2014
06:47 EDTLVSMacau stocks getting closer to bottom, says JPMorgan
JPMorgan says most Macau stocks have a 2:1 upside/downside ratio, making the risk/rewards favorable. The firm prefers MGM Resorts (MGM) and Wynn Resorts (WYNN) over Melco Crown (MPEL) and Las Vegas Sands (LVS) in the near-term, but keeps Overweight ratings on all four names. JPMorgan lowered its price target for Las Vegas Sands to $69 from $83, for Melco to $31 from $40, for MGM to $30 from $31 and for Wynn to $210 from $239. The firm says the stocks are getting closer to a bottom.
September 16, 2014
16:17 EDTTHOThor Industries subsidiary begins construction on new production plant
Thor Industries announced that its Keystone subsidiary has begun construction on a new plant for travel trailer production adjacent to its existing complex in Goshen, Indiana. Company said "Our investment in this new plant will allow us to expand travel trailer production and better serve our dealer partners. Our dealers are committed to Keystone and optimistic regarding the future of our market, providing us with the confidence to make a sizable investment of nearly $6M in the new plant and related equipment." Keystone's new 120,000 square-foot travel trailer plant is the latest addition to a sprawling Keystone campus in Goshen, Indiana. With this expansion program, Keystone expects to increase overall travel trailer production capacity, allowing the Company to better meet the continued growth in demand for towable RVs
16:00 EDTLVSOptions Update; September 16, 2014
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13:52 EDTLVSMacau casino owners drop after negative note from analyst
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11:22 EDTLVSMorgan Stanley sees negative revisions to Macau consensus estimates
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09:54 EDTBXylem names Claudia Toussaint as general counsel
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08:08 EDTBBarnes Group announces resignation of General Counsel Claudia Toussaint
Barnes announced in a filing that on September 10, Claudia Toussaint, SVP, General Counsel & Secretary, and a named executive officer of Barnes Group, gave notice of her resignation of employment with the company. The resignation will not be effective until after an orderly transition of her duties. The company expects the resignation to be effective on or about October 20.

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