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November 27, 2012
12:16 EDTGLW, BF.B, CAG, THO, ACAD, BFA, RAH, MMR, LVS, DDSOn 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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December 18, 2014
10:01 EDTGLWOn The Fly: Analyst Upgrade Summary
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06:27 EDTGLWCorning upgraded to Buy from Neutral at Citigroup
Citigroup upgraded Corning to Buy on expectations TV demand will pick up over the next few years as consumers upgrade their first flat panel TV to the latest technology. Citi raised its price target for shares to $25 from $21.
December 17, 2014
16:40 EDTGLWCorning: Dow Corning reduces Implant Liability, abandons Hemlock facility
In a filing Corning said: "During Q414, Dow Corning, with the assistance of a third-party advisor, developed an estimate of the future Implant Liability based on evidence that the actual funding required for the Settlement Facility is expected to be lower than the full funding cap set forth in the Plan. On December 12, Dow Corning reduced its Implant Liability by approximately $1.3B. Previously, the Implant Liability was based on the full funding cap set forth in the Plan. The revised Implant Liability reflects Dow Corning’s best estimate of its remaining obligations under the Plan. Should events or circumstances occur in the future which change Dow Corning’s estimate of the remaining funding obligations, the Implant Liability will be revised. This adjustment does not affect Dow Corning’s commitment or ability to fulfill its obligations under the settlement, and all claims that qualify under the settlement will be paid according to the terms of the Plan. On December 15, Dow Corning determined its Hemlock Semiconductor facility in Clarksville, Tennessee, would not be economically viable and made the decision to permanently abandon the assets. This decision was made after review of sustained adverse market conditions and continued oversupply, the cost of operating the facility, and the ongoing impact of tariffs on polycrystalline silicon imported into China. Dow Corning expects to record a pre-tax charge of approximately $1.5B to $1.6Bn related to the decision to permanently cease use of these assets. Corning’s fourth quarter equity earnings will reflect the company’s 50% share of: (1) Dow Corning's after-tax gain related to the decrease in its Implant liability in the amount of approximately $400M; and (2) Dow Corning’s after-tax charge against the Clarksville facility in the amount of approximately $500M."
11:09 EDTLVSMacau gaming facts in SCMP article are not new, says JPMorgan
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10:13 EDTLVSLas Vegas Sands volatility elevated as shares pull back to 18-month low
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December 16, 2014
15:37 EDTLVSChina to start crackdown on illicit funds to Macau, SCMP says
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December 15, 2014
08:43 EDTGLWCorning to acquire TR Manufacturing, terms not disclosed
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December 12, 2014
14:04 EDTLVSAtlantic City reports November gaming win down 10.3% to $202.5M
New Jersey reported total Atlantic City gaming win from current operators for the month of November was $202.5M, compared to the $181.7M for November 2013, reflecting an 11.5% increase. Total gaming win from the industry including discontinued operators reflects a 10.3% decrease compared to $225.7M in November 2013. As of November 30, 506,172 Internet gaming accounts have been created, up 5.7% from the 479,073 accounts as of October 31. For the month, Internet Gaming Win including discontinued operators was $8.7M. 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).
December 11, 2014
11:14 EDTGLWCorning management to meet with Jefferies
Meeting to be held in Boston on December 18 hosted by Jefferies.
09:29 EDTLVSLas Vegas Sands names Robert Goldstein as COO
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December 10, 2014
11:17 EDTLVSLas Vegas Sands volatility increases as shares pull back to 16-month low
Las Vegas Sands December call option implied volatility is at 36, January is at 32; compared to its 26-week average of 28 according to Track Data, suggesting large near term price movement.
08:21 EDTLVSFBR drops estimates, price targets for Macau names
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December 9, 2014
08:35 EDTGLWCorning Gorilla Glass 4 chosen for Samsung Galaxy ALPHA
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December 5, 2014
12:13 EDTTHOThor Industries management to meet with Sidoti
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12:10 EDTTHOThor Industries management to meet with Sidoti
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10:00 EDTTHOOn The Fly: Analyst Downgrade Summary
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07:10 EDTTHOThor Industries downgraded at SunTrust
As noted earlier, SunTrust downgraded Thor Industries to Neutral from Buy. After the company reported lower than expected Q1 EPS, the firm thinks its earnings risk has increased, while the shares won't increase significantly until its margins reaccelerate. Target to $53 from $62.
06:06 EDTTHOThor Industries downgraded to Neutral from Buy at SunTrust

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