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June 30, 2014
09:57 EDTKONA, ELGX, RESI, VAR, RCPT, MBII, IRM, DVA, TMST, RYAM, EVAR, IGXT, CA, SFXE, NTAPOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Altisource Residential (RESI) initiated with a Neutral at Citigroup... CA Technologies (CA) initiated with a Buy at Standpoint Research... DaVita (DVA) initiated with a Buy at Jefferies... Endologix (ELGX) initiated with an Outperform at Credit Suisse... IntelGenx (IGXT) initiated with a Buy at H.C. Wainwright... Iron Mountain (IRM) resumed with an Overweight at JPMorgan... Kona Grill (KONA) initiated with a Buy at KeyBanc... Lombard Medical (EVAR) initiated with an Outperform at Credit Suisse... Marrone Bio (MBII) initiated with an Outperform at RW Baird... NetApp (NTAP) initiated with a Buy at Standpoint Research... Rayonier Advanced Materials (RYAM) initiated with a Buy at DA Davidson... Receptos (RCPT) initiated with a Buy at Nomura... SFX Entertainment (SFXE) initiated with an Overweight at Albert Fried... TimkenSteel (TMST) initiated with a Buy at Jefferies... Varian Medical (VAR) initiated with a Neutral at ISI Group... Williams Partners (WPZ) initiated with a Buy at UBS.
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August 19, 2015
14:48 EDTNTAPNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include L Brands (LB), consensus 68c... NetApp (NTAP), consensus 23c... Synopsys (SNPS), consensus 59c... Popeyes Louisiana Kitchen (PLKI), consensus 44c... Semtech (SMTC), consensus 24c.
14:16 EDTNTAPNetApp technical comments ahead of earnings
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13:30 EDTRYAMOn The Fly: Top stock stories at midday
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13:30 EDTNTAPOptions with increasing put volume;
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12:53 EDTNTAPEarnings Watch: Analysts mostly bearish on NetApp ahead of Q1 earnings
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12:52 EDTRYAMRayonier Advanced Materials trading resumes, shares down $6.93 to $6.71
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12:45 EDTRYAMRayonier Advanced Materials says legal position 'correct one and will be upheld'
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12:41 EDTRYAMRayonier Advanced Materials says contract dispute should not impact 2015
12:24 EDTRYAMRayonier Advanced Materials downgraded to Hold at Vertical Research (earlier)
Vertical Research analyst Chip Dillon earlier today downgraded Rayonier Advanced Materials (RYAM) to Hold from Buy with a $12 price target. Dillon sees increased uncertainty as the company battles its top customer Eastman Chemical (EMN) in court over a contract. Shares of Rayonier Advanced Materials are halted for news pending after declining 55% to $6.12.
12:20 EDTRYAMRayonier Advanced sinks amid court battle with top customer Eastman
Rayonier Advanced Materials (RYAM) disclosed earlier today that on August 13, it filed a declaratory judgment action against Eastman Chemical (EMN) in the Superior Court of Gwinnett County, Georgia regarding the company's chemical cellulose specialty products contract with Eastman. Eastman was served with this action on August 14. The company's filing asks the court to confirm the meaning of certain "meet or release" pricing and volume provisions in the agreement that require the company, under certain circumstances, to respond to offers made to Eastman by other suppliers. Rayonier Advanced Materials seeks a declaration that these provisions apply to a maximum of 7,500 metric tons of product per year. In addition, the company has asked the court to confirm the meaning of certain contract provisions relating to pricing in future contract years. On the evening of August 12, the company learned that Eastman had filed a similar declaratory judgment action on August 4 in the Chancery Court for Sullivan County, Tennessee, concerning the same contract "meet or release" provisions. Eastman's filing seeks a declaration that all of its contracted volume is subject to the meet or release provision or, in the absence of such interpretation, that the contract is invalid. Rayonier Advanced Materials was served with that action on August 13. It believes that the "contract is valid and enforceable in accordance with its terms as to both price and volume requirements, and that the meet or release provisions should be enforced in accordance with the Company's position." Rayonier Advanced Materials sank 55%, or $7.51, to $6.12 in today's trading before being halted for news pending.
12:14 EDTRYAMRayonier Advanced Materials halted for news after dropping 55% to $6.12
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August 18, 2015
13:36 EDTNTAPNetApp August volatility elevated into Q1 and outlook
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10:19 EDTRCPTOptions with increasing implied volatility
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10:00 EDTSFXEOn The Fly: Analyst Downgrade Summary
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07:05 EDTSFXESFX Entertainment downgraded to Sell from Hold at Stifel
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August 17, 2015
10:09 EDTNTAPOn The Fly: Analyst Downgrade Summary
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08:05 EDTELGXEndologix management to meet with Oppenheimer
Meeting to be held in Texas on August 20 hosted by Oppenheimer.
08:02 EDTSFXESFX Entertainment CEO reaffirms commitment to taking company private
Robert F.X. Sillerman, CEO and Executive Chairman of the Board of Directors of SFX Entertainment, reaffirmed his intention to provide a revised offer for all of the company's common shares not owned by him or his affiliates, in a manner that reflects the reality of where the stock has traded since his original and subsequently revised offers to purchase those shares. Shares of SFX have experienced a decline of more than 62 percent during the period spanning the close of the market on February 24, 2015 - the final day of trading prior to the public disclosure of Mr. Sillerman's initial offer to purchase the above-cited shares - and the market close on August 14, 2015. That percentage decline represents a drop in the closing price of SFX shares from $3.70 to $1.39, the latter being the lowest closing price on record for SFX, which began publicly trading in 2013. Mr. Sillerman indicated that he was optimistic that a revised going-private offer would be successfully consummated. SFX has in place a special committee of independent directors to consider a revised proposal submitted by Mr. Sillerman and make a recommendation to the full Board. The company announced on August 14, 2015 that it had agreed with Mr. Sillerman to keep open a bidding period for the company until October 2, a period that would include the firm's peak festival season. Mr. Sillerman noted that he and his financial advisors are continuing to examine options, including the possible involvement of strategic partners.
06:04 EDTNTAPNetApp downgraded to Sell from Hold at Summit Research
Summit Research analyst Srini Nandury downgraded NetApp (NTAP) to Sell saying dynamics in the storage industry as well as the company's Cluster ONTAP product transition will make revenue growth "elusive in the near-term." Weaker storage spending and continued problems with getting customers to upgrade to Cluster ONTAP could drive consensus estimates lower from current levels, Nandury tells investors in a research note. Further, the analyst believes NetApp continues to lose high sales performers to competitors such as Nimble Storage (NMBL), Pure Storage, Tegile and Tintri. He expects the company's FY16 revenue to decline 6% on top of the 3% decline in FY15, with only modest growth in FY17. Nandury cut his price target for NetApp shares to $28 from $32. The stock closed Friday up 13c to $30.75.
August 14, 2015
13:17 EDTSFXESFX Entertainment provides update on going private transaction
SFX Entertainment announced that its special committee of independent directors, with the concurrence of Robert F.X. Sillerman, the company's Chairman and CEO, has authorized the continued exploration of strategic alternatives for the company, including the sale of all or substantially all of the company's assets in whole or in part. The company has received an indication of interest at a price lower than the $5.25 per share offered by Sillerman in the merger agreement signed on May 26. Sillerman continues to be interested in taking the company private, either alone or with one or more strategic partners, although also at a lower price given the company's share price has declined substantially below that in the merger agreement. The special committee and its advisors will entertain offers for the entire company as well as assets not central to the company's core business through at least October 2. Sillerman has agreed to cooperate with the special committee to obtain the best available offer for the company's shareholders. The October 2 date was chosen to allow potential bidders and their financing sources to have visibility into the company's performance during its peak festival season, thus providing a full and accurate picture of the company's results and prospects. To facilitate potential offers during this period, all "no-shop" restrictions and the related breakup fees provisions applicable to the company under the merger agreement will no longer apply, enabling potential bidders to freely evaluate the company in light of the recent substantial decline in its share price. Any new transaction will be evidenced by a new definitive agreement as the existing merger agreement is no longer effective.
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