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February 13, 2013
10:01 EDTVMED, RCII, WLP, SGEN, RAX, KOS, DELL, RKUS, MDP, IT, CLWR, RXN, HNZ, FOSL, RATE, SAPE, PIKE, NSP, CLFOn the Fly: Analyst Downgrade Summary
Today’s noteworthy downgrades include: Bankrate (RATE) downgraded to Neutral from Buy at Citigroup... Clearwire (CLWR) downgraded to Underperform from Market Perform at Raymond James... Cliffs Natural (CLF) downgraded to Hold from Buy at Deutsche Bank... Fossil (FOSL) downgraded to Underperform from Market Perform at FBR Capital... Gartner (IT) downgraded to Equal Weight from Overweight at Barclays... Heinz (HNZ) downgraded to Neutral from Buy at UBS... Insperity (NSP) downgraded to Neutral from Buy at SunTrust... Meredith (MDP) downgraded to Neutral from Buy at Roth Capital... Pike Electric (PIKE) downgraded to Neutral from Buy at Janney Capital... Rexnord (RXN) downgraded to Equal Weight from Overweight at Barclays... Ruckus Wireless (RKUS) downgraded to Hold from Buy at Needham... Sapient (SAPE) downgraded to Equal Weight from Overweight at First Analysis... Fossil (FOSL) downgraded to Outperform from Buy at CLSA... Wellpoint (WLP) downgraded to Neutral from Buy at Monness Crespi... Dell (DELL) downgraded to Hold from Buy at Maxim... Kosmos (KOS) downgraded to Accumulate from Buy at Global Hunter... Rent-A-Center (RCII) downgraded to Hold from Buy at Stifel Nicolaus... Rackspace (RAX) downgraded to Hold from Buy at Stifel Nicolaus... Seattle Genetics (SGEN) downgraded to Hold from Buy at Needham... Virgin Media (VMED) downgraded to Equal Weight from Overweight at Evercore.
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March 27, 2015
06:32 EDTSGENAtara Biotherapeutics appoints Eric Dobmeier to board
Atara Biotherapeutics (ATRA) announced that Eric Dobmeier has joined its board. Dobmeier is currently the COO of Seattle Genetics (SGEN).
March 26, 2015
16:34 EDTRKUSRuckus Wireless initiated with a Buy at Guggenheim
Target $15.
11:13 EDTMDPMeredith management to meet with FBR Capital
Meeting to be held in New York on April 1 hosted by FBR Capital.
07:36 EDTCLFCliffs CEO says 'absolutely confident' in liquidity, Bloomberg reports
Cliffs Natural CEO Lourenco Goncalves told Bloomberg in a telephone interview, "Based on our current outlook and our contracts in place with our clients, we are absolutely confident that we have enough liquidity to run through the down cycle." The comments followed Cliffs' $540M sale of senior secured notes.
March 25, 2015
16:00 EDTCLFOptions Update; March 25, 2015
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March 23, 2015
17:28 EDTNSPStarboard reports 13.1% stake in Insperity, reaches pact on board composition
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08:32 EDTNSPInsperity says to commence activities to market two aircraft for sale
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08:31 EDTNSPInsperity, Starboard reach agreement on board composition
Insperity announced that its Board of Directors has reached an agreement with Starboard Value LP, its largest shareholder, in advance of the company’s 2015 annual meeting of shareholders. Under the terms of the agreement, Starboard has agreed to vote all of its shares at the upcoming annual meeting in favor of the Company’s incumbent Class II directors, who are Paul Sarvadi, Chairman and CEO, Carol Kaufmann, Lead Independent Director, and Austin Young, Chairman of the Finance and Risk Management Committee. The agreement also calls for the immediate appointment of two new directors to the Board of Directors -- Norman Sorensen and Peter Feld, who will be the only nominee affiliated with Starboard -- and the later appointment of a third director nominated by Starboard. Two existing directors, Paul Lattanzio and Jack Fields, who had decided not to seek re-election when their terms expire in 2016, have announced their decisions to depart from the Board immediately following the 2015 annual meeting. In addition, Starboard has agreed to customary standstill restrictions. Pursuant to the agreement, the Board has created a new independent advisory committee to review the company’s business and make recommendations to the Board regarding capital allocation, expenses and targeted ranges for Adjusted EBITDA Margins, as defined in the agreement, while taking into consideration the company’s risk profile and the potential impact of any recommendations on the company’s business model and strategic plan. The new committee consists of two current independent directors and two Starboard nominees, including Mr. Feld, who chairs the committee. The committee will evaluate Insperity’s cost structure and Insperity, Inc. recommend targeted ranges for Adjusted EBITDA Margins for fiscal years 2015 and 2016, which the Board will have the right to review and approve. Subject to the approval of such recommendations by the Board, the company will issue a press release or public announcement discussing such approved recommendations no later than the second quarter fiscal year 2015 earnings announcement. “This agreement represents the best possible outcome for all of our shareholders. We look forward to working with the new directors toward our common goal of enhancing long-term shareholder value and continuing our strong business momentum,” said Mr. Sarvadi.
08:22 EDTSGENEditorial on Seattle Genetics AETHERA was positive, says RBC Capital
RBC Capital believes that the Lancet editorial on Seattle Genetics' AETHERA was positive, and the firm expects the drug's label to expand. However, the firm warns that for further upside Seattle Genetics needs one or more programs targeting unmet need with clearly delineated paths to approval. The firm keeps a $50 price target and Outperform rating on the shares.
07:07 EDTCLFCliffs Natural agrees to sell Chromite assets to Noront for $20M
Cliffs Natural Resources announced that it has entered into a definitive agreement to sell its Chromite assets in Northern Ontario, Canada to Noront Resources Ltd. for $20M. The transaction is comprised of the chromite deposits and associated claims held by Cliffs. The sale of these assets to Noront, an experienced mining company with a strategic interest in the Ring of Fire region, further demonstrates execution of Cliffs' strategy which includes divesting non-core assets and focusing on being the major supplier of iron ore pellets to the North American steel industry. Moelis & Company acted as financial advisor to Cliffs Natural Resources.
March 20, 2015
16:11 EDTRATEBankrate receives NYSE notice of non-compliance
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13:23 EDTMDPMeredith, Katz Broadcasting announce multi-network distribution agreement
Meredith Corporation will carry the three emerging Katz Broadcasting television networks, Grit, Escape and LAFF, in five markets as part of a major new distribution agreement. This is the first distribution agreement between the two companies. With the Meredith distribution, Grit will be available in 78% of the country, Escape in 58% and LAFF in 50%.
March 19, 2015
17:33 EDTNSPStadium Capital cuts stake in Insperity to 6.2% from 7.3%
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08:24 EDTCLFCliffs Natural says Bank of Nova Scotia files lawsuit against company
Cliffs Natural (CLF) said in a filing that as previously disclosed, on January 27, the company announced that Bloom Lake General Partner Limited and certain of its affiliates, including Cliffs Québec Iron Mining ULC commenced restructuring proceedings in Montreal, Québec, under the Companies’ Creditors Arrangement Act. Certain obligations of the Bloom Lake Group, including equipment loans, are guaranteed by the Company. On March 16, The Bank of Nova Scotia (BNS) filed a lawsuit in the U.S. District Court for the Northern District of Ohio, Eastern Division, against the company, asserting that the company breached its obligations under a guaranty of certain equipment loans pursuant to a Master Loan and Security Agreement, dated September 27, 2013, among certain members of the Bloom Lake Group and Key Equipment Finance Inc.. BNS is seeking an award of $52.6M plus unpaid accrued interest and expenses. Among other defenses to this litigation, the company is current in its payment obligations under the Equipment Loans.
08:24 EDTCLFJPMorgan pulls Cliffs target on 'relentless' iron ore price slide
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07:17 EDTRATEStephens to hold a conference
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March 18, 2015
16:00 EDTCLFOptions Update; March 18, 2015
iPath S&P 500 VIX Short-Term Futures down 1.20 to 26.10. Option volume leaders: AAPL RAD PBR TWTR FB TSLA CLF BP MGM according to Track Data.
07:10 EDTCLFPlatts to hold a forum
11th Annual Steel Markets North America is being held in Chicago on March 17-18.
March 17, 2015
08:33 EDTRATEBankrate sees Q4 revenue $136.5M, consensus $138.95M
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06:50 EDTRAXRackspace volatility at low end of historic range
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