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Stock Market & Financial Investment News

News Breaks
January 23, 2012
10:26 EDTRIMM, NUVA, WAT, JNS, RBA, CPLA, SWN, BKYF, CUBE, DDAIFOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Research in Motion (RIMM) upgraded to Hold from Sell at Deutsche Bank...BorgWarner (BWA) upgraded to Overweight from Equal Weight at Barclays...CubeSmart (CUBE) upgraded to Outperform from Market Perform at Wells Fargo...Bank of Kentucky (BKYF) upgraded to Outperform from Neutral at RW Baird...Southwestern Energy (SWN) upgraded to Outperform from Market Perform at BMO Capital...Capella Education (CPLA) upgraded to Overweight from Equal Weight at Morgan Stanley...Ritchie Bros. (RBA) upgraded to Sector Perform from Underperform at RBC Capital...Janus Capital (JNS) upgraded to Neutral from Underweight at JP Morgan...Waters (WAT) upgraded to Overweight from Neutral at JP Morgan...NuVasive (NUVA) upgraded to Buy from Hold at Canaccord...Daimler AG (DDAIF) upgraded to Outperform from Neutral at Macquarie.
News For RIMM;CUBE;BKYF;SWN;CPLA;RBA;JNS;WAT;NUVA;DDAIF From The Last 14 Days
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October 16, 2014
09:23 EDTSWNOn The Fly: Pre-market Movers
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07:05 EDTSWNSouthwestern Energy acquires Marcellus and Utica assets from Chesapeake
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07:05 EDTSWNChesapeake announces sale of shale assets for $5.375B
Chesapeake (CHK) announced that it has executed a Purchase and Sale Agreement to sell assets in the Southern Marcellus Shale and a portion of the Eastern Utica Shale in West Virginia to Southwestern Energy Company (SWN) for aggregate proceeds of $5.375B. The transaction, which is subject to certain customary closing conditions, including the receipt of third-party consents, is expected to close in Q4. Chesapeake has agreed to sell approximately 413K net acres and approximately 1,500 wells in Northern West Virginia and Southern Pennsylvania, of which 435 are in the Marcellus and Utica formations, along with related property, plant and equipment. Average net daily production from these properties was approximately 56K barrels of oil equivalent during the month of September, consisting of 184K Mcf of gas, 20K barrels of natural gas liquids and 5,000 barrels of condensate. The company said, "We expect our full-year production guidance for 2015 to remain in the range of 7-10% growth from 2014 levels adjusted for asset sales. I am very proud of the efforts that our Southern Marcellus team and all of our employees have put into building and developing our assets and creating value for our company. We look forward to deploying the proceeds from this significant transaction in ways that will continue to drive even greater shareholder value.
October 15, 2014
16:37 EDTSWNOn The Fly: Closing Wrap
The market opened sharply lower amid sliding oil prices, worse than expected economic data, and the potential for a major M&A deal to fall apart due to tax inversion rule changes. The Dow fell more than 350 points within the first 30 minutes of trading, but then bounced back to move above its opening level. The volatility did not end there, however, as the market swung several more times during the session. The S&P 500's drop wiped out its gains for the year at one point, but a late day rally significantly cut the losses for the major averages. ECONOMIC EVENTS: In the U.S., retail sales, which were expected to be down 0.1% in September, actually fell 0.3% in the month and slipped 0.2% excluding autos. The Producer Price Index for final demand decreased a seasonally adjusted 0.1% in September from the prior month, marking the first decline in the measure in over a year. The core PPI reading, which excludes food and energy, was unchanged, versus expectations for a 0.1% rise. New York's Empire State manufacturing index fell 21.4 points to 6.2 in October, severely missing the expectation for a narrower pullback to a reading of 20. Business inventories rose 0.2% in August, versus expectations for an increase of 0.4%. In China, the consumer price index climbed 1.6% in September from a year earlier, which was below the consensus projection for 1.7% inflation and down from 2% inflation in August. China's PPI plunged 1.8% year-over-year in September, which was more than the 1.6% slide expected and an acceleration of the 1.2% year-on-year decline in August. COMPANY NEWS: Shares of Shire (SHPG) plunged $74.08, or 30.29%, to $170.49 after AbbVie's (ABBV) board last night stated that it was reconsidering its recommendation that the company's shareholders back a takeover of Irish drugmaker in light of the potential impact of tax rule changes on the deal. During the day, Bloomberg reported that people familiar with the matter say AbbVie is close to abandoning its $51B takeover bid, while Shire announced that it has agreed to waive the requirement for three business days' notice for AbbVie's board to meet to consider its offer. In contrast, AbbVie ended the session up 50c, or 0.92%, at $54.63... Wal-Mart (WMT) held its annual meeting, during which it lowered its fiscal year 2015 net sales growth forecast to 2%-3%, citing a tougher sales environment than it anticipated a year ago. The company indicated in February that it expected net sales growth to be at the low end of its guidance provided last October of 3%-5%. The world's largest retailer also cut its planned retail square foot growth expectations, due to a moderation of large format store growth and accelerated e-commerce investments. Following the outlook revisions, Wal-Mart closed down $2.78, or 3.57%, to $75.20. MAJOR MOVERS: Among the notable gainers was Penford Corporation (PENX), which jumped $7.60, or 69.15%, to $18.59 after the company agreed to be acquired by Ingredion (INGR) for $340M, or $19.00 in cash per share. Also higher was Southwestern Energy (SWN), which rose $2.59, or 7.82%, to $35.69 after it was among a number of oil and gas exploration and production names upgraded by analysts at Bank of America Merrill Lynch. Among the noteworthy losers was Nu Skin (NUS), which dropped $4.47, or 9.13%, to $44.50 after the company disclosed new debt arrangements that come with certain restrictions, including restrictions on the payment of dividends. Also lower were shares of Covidien (COV), which fell $6.50, or 7.04%, to $85.86 in the wake of the news for Shire and AbbVie, which investors may have read as jeopardizing Covidien's deal to be bought by Medtronic (MDT). Note that on October 3 Medtronic announced that it intends to use approximately $16B in external financing to complete the acquisition of Covidien and said the strategic benefits of the transaction "remain compelling" despite the additional expense of the new financing. INDEXES: The Dow dropped 173.45, or 1.06%, to 16,141.74, the Nasdaq slipped 11.85, or 0.28%, to 4,215.32, and the S&P 500 fell 15.21, or 0.81%, to 1,862.49.
10:02 EDTDDAIF, SWNOn The Fly: Analyst Upgrade Summary
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09:01 EDTCUBECubeSmart 6.5M share Spot Secondary priced at $19.33
Barclays and Jefferies acted as joint book running managers for the offering.
09:01 EDTSWNSouthwestern Energy upgraded at BofA/Merrill
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08:37 EDTSWNSouthwestern Energy upgraded to Buy from Neutral at BofA/Merrill
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05:30 EDTDDAIFDaimler AG upgraded to Overweight from Underweight at Barclays
October 14, 2014
16:07 EDTCUBECubeSmart files to sell 6.5M shares of common stock
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05:56 EDTDDAIFDaimler sees FY14 industrial free cash flow significantly lower than last year
Daimler is reviewing its guidance for the free cash flow of its industrial business excluding the effects of acquisitions and disposals for FY14. Hitherto, Daimler had assumed that the free cash flow of the industrial business adjusted for the effects of acquisitions and disposals would probably be significantly lower in 2014 than in the previous year. The individual divisions continue to aim for the following EBIT from the ongoing business in FY14: Mercedes-Benz Cars: significantly above the prior-year level, Daimler Trucks: significantly above the prior-year level, Mercedes-Benz Vans: at the prior-year level, Daimler Buses: significantly above the prior-year level, and Daimler Financial Services: slightly above the prior-year level.
05:55 EDTDDAIFDaimler reports Q3 industrial free cash flow ex-items EUR 2.9B
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05:53 EDTCUBECubeSmart initiated with a Buy at Jefferies
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October 13, 2014
08:04 EDTJNSJanus to acquire VelocityShares, includes upfront cash consideration of $30M
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October 8, 2014
11:05 EDTJNSJanus fund managed by Gross brought in $66.4M, WSJ reports
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October 7, 2014
17:34 EDTRBARitchie Bros. reports September gross auction proceeds $446M
Compared to $207M in August and $416M in September 2013. Reference Link
09:30 EDTDDAIFDaimler to begin making medium truck engines for North America, HDT says
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09:27 EDTDDAIFWells says Daimler decision to make engines negative for Cummins
Wells Fargo says Daimler's (DDAIF) announced intention to begin producing medium truck engines for its North American applications beginning in early 2016 is a negative for Cummins (CMI). Wells believes Daimler's decision is a threat to Cummins' supply relationship with Daimler's North American truck business. The firm estimates Cummins realized 45K engines and after-treatment systems to Daimler's North American Class 6-7 truck business over the twelve months ending August 2014. It has a Market Perform rating on the stock.
October 6, 2014
08:02 EDTJNSJanus Capital investors may be overvaluing new assets, says JPMorgan
JPMorgan believes that when Bill Gross leaves Janus Capital, the assets he attracted will follow within two years. The firm thinks investors may be overvaluing the assets that Bill Gross could attract and keeps an Underweight rating on Janus. It lowered its price target for shares to $13 from $14.
07:41 EDTDDAIFToyota hydrogen plans knocked by heads of Nissan, Daimler, WSJ says
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