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January 24, 2014
05:40 EDTVZ, TMUS, TWC, S, CHTRMergers show how junk bonds have returned, WSJ reports
For years following the financial crisis, the thought of junk-bond-fueled mega deals would have been unthinkable, but no more, reports the Wall Street Journal. Now, investors' healthy appetite may be tested in coming months if two major corporate takeovers take place. Sprint's (S) possible $31B deal for T-Mobile US (TMUS) and Charter Communication's (CHTR) unsolicited $37B bid for Time Warner Cable (TWC) show that both would-be buyers have credit ratings below investment grade and each could sell enough bonds to break Sprint's record $6.5B junk-bond sale, set last year, the Journal says.Reference Link
News For S;TMUS;CHTR;TWC;VZ From The Last 14 Days
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September 25, 2015
10:48 EDTCHTRMorgan Stanley cautious on media, but sees several stocks punished too hard
Morgan Stanley cut its price targets on a number of media companies, citing the impact of cord cutting and skinny bundles. The firm also reduced its outlook for the pay-TV sector due to its belief that the adoption of skinny bundles will accelerate, while the outlook for cable TV ads has deteriorated slightly, given macro pressures. The firm kept a Cautious view on the media sector, but also identified several stocks in the space that it thinks have been punished too harshly by investors recently. WHAT'S NEW: TV networks in general, and cable networks in particular, have the highest margins in media and are encountering increased top and bottom line competitive pressures, Morgan Stanley analyst Benjamin Swinburne believes. On the top line, they are being hit by ratings and ad pressures as well as cord cutting and distribution consolidation, the analyst stated. Meanwhile, their profit is being hurt by the increased need to obtain new content and intensified competition for content from new sources like Netflix (NFLX) and Google's (GOOG) YouTube, Swinburne said. However, the analyst thinks that media stocks are "starting to get" cheap, given the leverage that many of the companies carry. Swinburne cuts his price target on 21st Century Fox (FOXA) to $31 from $37, on AMC Networks (AMCX) to $86 from $88, on CBS (CBS) to $46 from $56, on Time Warner (TWX) to $72 from $87 and on Viacom (VIAB) to $48 from $60. He kept Overweight ratings on Fox, AMC and CBS, an Equal Weight rating on Time Warner and an Underweight rating on Viacom. OVERDONE DECLINES: Swinburne believes that the declines in three media stocks - CBS, 21st Century Fox, and AMC Networks - have been overdone, while the decline in Comcast's (CMCSA) stock has also been excessive. CBS and 21st Century Fox are "best positioned for the skinny bundle" and have the cheapest valuations relative to their growth rates, Swinburne believes. Meanwhile, AMC Networks has "content momentum" and its EPS can exceed expectations, the analyst believes. Comcast is gaining share in the broadband Internet market, could take share in video soon, and has sufficient scale and offerings to benefit from the increased popularity of skinny bundles, according to the analyst, who kept an Overweight rating on the stock. The media sector could benefit from consolidation going forward, added Swinburne, who recommended that investors interested in buying potential takeover targets in the space focus on AMC Networks, MSG Networks (MSG) and Dreamworks Animation (DWA). He kept Overweight ratings on all three of those stocks. OTHERS TO WATCH: Besides Comcast, other pay TV companies include DISH Network (DISH) and Charter Communications (CHTR). PRICE ACTION: In early trading, Fox A shares lost 0.5% to $25.83, AMC fell 0.3% to $73.29, CBS added 0.2% to $41, Time Warner was little changed at $67.66 and Comcast A shares added 0.6% to $57.17.
09:50 EDTTMUSOn Track says reaches agreement in principle with T-Mobile to settle claims
On Track Innovations (OTIV) announced in a regulatory filing that on September 24, it notified the U.S. District Court, Southern District of New York, jointly with T-Mobile (TMUS) that the parties have reached an agreement in principle to settle both of the company's claims against T-Mobile and the parties requested from the Court a 30-days stay of all deadlines pending in both actions to negotiate the terms of a settlement agreement. The company expects that the net proceeds from the settlement with T-Mobile, if such settlement is reached, should not be significant and under Company's initial expectations.
September 24, 2015
19:03 EDTTMUS, VZ, SVerizon offers annual upgrade plan for iPhone users
In the wake of recent iPhone purchase plans announced by Sprint (S) and T-Mobile (TMUS), Verizon (VZ) announced that customers who purchase either the Apple (AAPL) iPhone 6s or iPhone 6s Plus with Verizon's Device Payment option will be eligible to get a new iPhone every year. "Yes, no more waiting for your contract to end... The new program allows you to turn in your phone and upgrade to a new iPhone every year," remarked the company. Verizon added that its customers will still have the option to pay off the phone without upgrading.
14:04 EDTSSprint CEO expects to have adequate supply of new iPhones, Re/code says
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12:34 EDTSSprint volatility at one-year high
Sprint October weekly call option implied volatility is at 78, October is at 71, November is at 72; compared to its 52-week range of 37 to 75, suggesting large price movement.
12:10 EDTVZVerizon management to meet with Jefferies
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11:24 EDTVZAOL's head of video McCormack exiting company, Variety reports
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10:01 EDTTMUST-Mobile to provide greater Austin area with extended range LTE
T-Mobile confirmed its Extended Range LTE, or 700 MHz low band spectrum, which now carries T-Mobile's LTE signals both farther and deeper indoors, is now live throughout Austin. With a rapid deployment of a nationwide LTE footprint that reaches over 293M Americans, "Bat City" is now lit up with T-Mobile's best in-building coverage offering. T-Mobile has been rolling out truckloads of new spectrum that carries the LTE signal twice as far from towers, for a massive coverage expansion - plus it works four times better in buildings. In nine months, T-Mobile has aggressively rolled out airwaves known as 700 MHz in 170 major metro areas including cities such as Miami, Fresno and Houston, so you can use your compatible phone to get great 700 MHz coverage while visiting friends and family in those cities.
09:22 EDTVZ, S, TMUSSprint to offer iPhone 6s 16GB for $1 per month
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06:30 EDTTMUS, SAltice to aggressively expand presence with Cablevision buy, Variety says
Altice's (ATCEY) proposal to acquire Cablevision (CVC) is a signal that Altice founder Patrick Drahi intends to extend his vision across the Atlantic, Variety says. Altice may just be getting started when it comes to shopping for U.S. media assets, and has already snatched some $40B worth of cable, wireless and telecom assets over the past two years, the report says. There's talk of Altice also going after a wireless firm such as Sprint (S) or T-Mobile (TMUS) to further its strategy for growth, the report says. Reference Link
September 23, 2015
17:37 EDTVZSynchronoss confirms multi-year contract with Verizon
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16:34 EDTVZOn The Fly: Top stock stories for Wednesday
Stocks began the day in quiet fashion and remained that way during the first hour of trading. Following the release of the weekly energy inventory report, the averages moved lower and looked to be possibly setting up for another selloff. Positive comments on China's economy by its President, who is visiting the U.S., brought out buyers, who pared the market's losses. The averages finished slightly in the red in a day marked by low volume as a number of market participants may have been absent in observance of the Jewish holiday of Yom Kippur. ECONOMIC EVENTS: In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. EIA inventory data showed a 1.93M barrel fall in crude oil inventories, versus expectations for a weekly drawdown of 1.25M barrels. In China, Markit's flash manufacturing PMI fell to 47.0 in September from 47.3 last month. In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Shares of Volkswagen (VLKAY) trading in New York rebounded 6.5% to $27.10 following the resignation of Chief Executive Officer Martin Winterkorn, with the company's supervisory board subsequently praising the decision and saying it will consider his replacement at a meeting Friday. Prior to the CEO change news, the stock was downgraded at research firms JPMorgan, Deutsche Bank and Natixis to hold or equivalent ratings this morning. Accounting for today's advance, U.S.-listed shares of Volkwagen are still down nearly 29% since last Friday, when the EPA publicly accused the automaker of equipping certain diesel cars sold in the U.S. with software that circumvented emissions standards... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in China. The deals are possibly worth tens of billions of dollars in total and represent the largest total order the planemaker has received from Chinese companies, according to Reuters. The Wall Street Journal reported, citing people familiar with the matter, that Cisco (CSCO) plans to announce a partnership with Chinese server maker Inspur Group during President Xi Jinping's visit. MAJOR MOVERS: Among the notable gainers was First Niagara (FNFG), which advanced $1.30, or 14.5%, to $10.26 following a Bloomberg report that the company is exploring a sale. DealReporter noted that potential suitors include Toronto-Dominion Bank (TD), Huntington Bancshares (HBAN) and New York Community Bancorp (NYCB). BioMed Realty (BMR) gained $2.36, or 12.3%, to $21.54 after Bloomberg reported that the company is in talks to sell itself and has attracted attention from firms including Blackstone (BX). Heron Therapeutics (HRTX) rose $7.25, or 21.6%, to $40.81 after announcing that its Phase 2 study of HTX-011 for post-operative pain met its primary endpoint. Shares of a competitor Pacira (PCRX) declined 7.65% after the news, with several analysts remarking that Heron's data compares favorably versus Pacira's Exparel drug. Summit Midstream Partners (SMLP) declined $3.90, or 18.2%, to $17.52 following a Bloomberg report that Energy Capital Partners is seeking to sell its stake in the company. Synchronoss (SNCR) fell 10.75% to $33.37 after research firm Baird said it has become "increasingly concerned" that Verizon (VZ) is "no longer fully committed" to the white-label cloud product it offers in conjunction with the cloud services provider. INDEXES: The Dow fell 50.58, or 0.31%, to 16,279.89, the Nasdaq lost 3.98, or 0.08%, to 4,752.74, and the S&P 500 declined 3.98, or 0.2%, to 1,938.76.
13:34 EDTCHTR, TWCLiberty Broadband shareholders approve proposals related to Charter merger
Liberty Broadband (LBRDA, LBRDK) announced that at its special meeting of stockholders, the holders of Liberty's common stock entitled to vote thereat approved both proposals presented at the meeting relating to Liberty's issuance of shares of its Series C common stock to third party investors, the proceeds of which will fund all or a portion of Liberty's purchase of $4.3B of stock of a new publicly traded Charter Communications (CHTR) following its proposed merger with Time Warner Cable (TWC), all as previously announced.
12:27 EDTVZOn The Fly: Top stock stories at midday
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12:02 EDTVZIntel joins Verizon 5G Technology Forum
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11:48 EDTVZSynchronoss drops after concerns raised about Verizon cloud business
After Verizon (VZ) recently reduced the amount of free cloud storage it provides to customers as part of its cost cutting efforts, analysts at Baird told investors they were "increasingly concerned" that the telecom giant is "no longer fully committed" to the white-label cloud product it offers via its agreement with cloud services provider Synchronoss Technologies (SNCR). Analysts at two other firms have issued defenses of Synchronoss in the wake of its sharp decline today. BEARISH VIEW: After Version cut its free cloud storage to 5GB from 25GB, Baird said it believed the Telco is less committed to Synchronoss' cloud offering, which the firm contended will "likely have revenue implications for 2016." The firm, which said it has had a negative bias on Synchronoss due to long-term cloud competitive concerns and the lack of growth outside of AT&T (T) and Verizon, has a Neutral rating on the cloud services provider's shares. DEFENSES: JPMorgan analyst Sterling Auty attributes today's pullback in shares of Synchronoss to the concerns raised about the potential loss of Verizon as a cloud customer. Auty, however, sees "no chance" of Synchronoss losing Verizon as a customer in the near-term since the wireless carrier recently renewed its contract with the company for multiple years. He views today's selloff as a "significant overreaction" and recommends buying Synchronoss at current levels. Also noting concerns raised about Synchronoss' potential loss of some cloud business, Wells Fargo said even if Synchronoss' cloud business exhibited zero growth in 2016 from 2015, shares would be compelling at current levels. The firm views the selloff as overdone and reiterates its Overweight rating on Synchronoss shares. PRICE ACTION: Synchronoss shares, which dipped as low as $27.86 this morning, are off their worst levels but remain down $4.65 to $32.74 in late morning trading.
10:52 EDTVZSynchronoss Technologies volatility spikes on sharp pull back
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10:51 EDTVZJPMorgan says 'no chance' Synchronoss loses Verizon in near-term
JPMorgan analyst Sterling Auty attributes today's pullback in shares of Synchronoss Technologies (SNCR) to a research note from Baird talking about the potential loss of Verizon (VZ) as a cloud customer. The comments come after the wireless carrier changed the pricing in the Verizon cloud offering. Auty sees "no chance" of Synchronoss losing Verizon as a customer in the near-term since the wireless carrier recently renewed its contract with the company for multiple years. He views today's selloff as a "significant overreaction" and recommends buying Synchronoss at current levels. Shares are off their lows but remain down $5.91 to $31.48 in morning trading.
09:31 EDTTWCTime Warner Cable announces partnership with Telemundo
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09:24 EDTTMUST-Mobile announces $5 per month offer on iPhone 6s
On the cusp of iPhone 6s and iPhone 6s Plus availability, T-Mobile unveiled a $5 a month for iPhone 6s 16GB and $9 a month for iPhone 6s Plus 16GB with JUMP! On Demand and trade-in of an iPhone 6 or iPhone 6 Plus. T-Mobile's new pricing builds on the Un-carrier's straightforward $20 a month for a new iPhone 6s 16GB with JUMP! On Demand without a trade-in.
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