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Stock Market & Financial Investment News

News Breaks
May 19, 2014
10:54 EDTLO, MO, BTI, RAIWells upgrades Reynolds, sees high chance of Lorillard acquisition
Wells Fargo upgraded Reynolds American (RAI) in a note to investors earlier today, as the firm thinks the company will probably acquire its rival Lorillard (LO). The deal will enable the combined company to significantly cut its costs, Wells Fargo predicted. Moreover, following such a deal, Reynolds could become a takeover target for British American Tobacco (BTI), Wells stated, adding that investors should buy Reynolds' stock and sell shares of another company in the sector, Altria Group (MO). WHAT'S NEW: There's an 80% chance that Reynolds could acquire Lorillard, and Reynolds would obtain cost synergies of $400M from the deal, Wells analyst Bonnie Herzog wrote in a note to investors earlier today. Following the deal, British American Tobacco could either acquire the combined company or look to form a strategic partnership with it, Herzog predicted. Moreover, Reynolds' growth could accelerate, and the company's decision to return its former CEO, Susan Cameron, to her old post is positive for the stock, the analyst stated. Additionally, Herzog has become more confident in Reynolds' ability to effectively innovate, which is more crucial than ever in the e-cigarette era, she wrote. The analyst upgraded her rating on the stock to Outperform from Market Perform. WHAT'S NOTABLE: Another company in the sector, Altria Group (MO), is not well-positioned for the e-cigarette era, Herzog contended. The company may have the most to lose from the rise of vapor cigarettes, as its market share of the overall cigarette market will drop 15 percentage points as e-cigarettes become more popular, the analyst estimated. She cut her rating on the stock to Market Perform from Outperform but kept her price target range on the shares at $41-$43. Herzog identified Lorillard as her top pick in the U.S. tobacco sector, predicting that it will continue to be able to charge higher prices for its menthol cigarettes than any of its competitors, while its e-cigarette brand "has significant global potential." She reiterated an Outperform rating on the shares.
News For RAI;MO;LO;BTI From The Last 14 Days
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April 23, 2015
07:14 EDTMOAltria Group reports Q1 adjusted EPS 63c, consensus 62c
Reports Q1 revenue ex-excise taxes $4.27B, consensus $4.13B.
April 22, 2015
15:55 EDTMOAltria Group technical notes before earnings
The shares had been in stable uptrend until hitting a recent peak in price in early March. That peak was at the 52-week high at $56.70. That high on good news would be the first test of resistance. A breakout above that high would see next probable upside at $58.96 and then at $60. The key level to watch if the news is bearish is at the $50 level. A breakdown below that level would confirm a snap of the longer-term uptrend. Next support levels to watch would be at $49.03, $47.88, and $46.72.
15:50 EDTMONotable companies reporting before tomorrow's open
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15:14 EDTMOEarnings Watch: Altria Group sees FY15 EPS of $2.75-$2.80
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April 20, 2015
15:16 EDTRAI, LOGreenlight starts new GM long position, rolls Lorillard short bet to Reynolds
David Einhorn's Greenlight Capital hedge fund said in its latest quarterly letter to investors that it had established new long positions in General Motors (GM), Chicago Bridge & Iron (CBI) and AerCap Holdings (AER) last quarter. WHAT'S NEW: Greenlight believes GM should benefit from low gas prices, low raw material costs, and its decision to launch share buybacks, Greenlight stated. GM has an excellent chance of beating 2015 EPS expectations, added the firm. Einhorn's group said they found the valuation of Chicago Bridge and Iron, an engineering and construction company with significant exposure to energy, attractive following the stock's decline. Although energy prices may stay low for some time, the company has a significant backlog that should support its earnings for several years, Greenlight stated. Additionally, the market is overestimating how much of the cost overruns for two nuclear energy projects with be shouldered by the company, Greenlight contended. AerCap, the largest publicly traded aircraft leasing company, bought AIG's (AIG) aircraft leasing business last year at a bargain price, Greenlight stated. The combined business will benefit from AerCap's low tax rate, as well as efficiencies, the hedge fund believes. WHAT'S NOTABLE: Greenlight exited its short position in Lorillard (LO). Greenlight noted that it has rolled its short bet on Lorillard into a fresh position in Reynolds American (RAI), since it still believes that the FDA is gearing up to do "something major" in terms of regulation of menthol cigarettes, but is moving "slowly and deliberately" because it anticipates an extremely aggressive industry response. The firm also exited two other short positions because the companies agreed to takeovers: Safeway (SWY) and Freescale Semiconductor (FSL), which has agreed to sell itself to NXP Semicondictors (NXPI).
14:16 EDTRAI, LOEinhorn lists AerCap, CBI, GM as new longs, Bloomberg reports
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07:25 EDTRAIReynolds American reported strong Q1 results, says Wells Fargo
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April 17, 2015
13:23 EDTLOLorillard reports Q1 adjusted EPS 82c, consensus 77c
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12:23 EDTLOLorillard reports total retail market share of cigarettes for Q1 at 15.5%
Total Lorillard retail market share of cigarettes for the first quarter was a record 15.5%, increasing 0.3 share point compared to the corresponding period of 2014.
12:20 EDTLO, RAILorillard to pay $1.133B in April under State Settlement Agreements
In April, the company paid, or will pay, $1.133B under the State Settlement Agreements, primarily based on 2014 volume. Included in the payment is $93M deposited in an interest-bearing escrow account in accordance with procedures established in the MSA pending resolution of a claim by the company and the other Original Participating Manufacturers that they are entitled to reduce their MSA payments based on a loss of market share to non-participating manufacturers. The previously-announced combination with Reynolds American (RAI) remains subject to regulatory approval and the additional customary closing conditions contained in the merger agreement. Although no assurance can be given if and when the transaction will be completed because it remains subject to regulatory approval and additional customary closing conditions, the transaction is expected to close in the first half of 2015.
10:43 EDTLOOptions with increasing implied volatility: PNK FOSL ARCP LO
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09:14 EDTRAIOn The Fly: Pre-market Movers
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07:13 EDTLO, RAIReynolds American confident Lorillard, Imperial deals will close by mid-2015
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07:10 EDTRAIReynolds American backs FY15 adjusted EPS view $3.65-$3.80, consensus $3.79
Guidance excludes any impact from the proposed transactions.
07:09 EDTRAIReynolds American reports Q1 adjusted EPS 86c, consensus 80c
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06:36 EDTLO, RAI, BTI, MOTeenagers' use of e-cigarettes tripled last year, NY Times says
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April 16, 2015
15:23 EDTRAINotable companies reporting before tomorrow's open
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April 15, 2015
08:01 EDTLO, MO, RAIU.S. traditional cigarette Q1 outlook strong, says Wells Fargo
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April 14, 2015
12:36 EDTMO, RAI, LOTobacco companies file suit against FDA over labeling guidance, Reuters says
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12:19 EDTMO, RAI, LOTobacco companies file suit against FDA over labeling guidance, Reuters says
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