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January 8, 2013
12:32 EDTCY, MON, FIO, SIG, SHLD, AYI, MDCOOn The Fly: Midday Wrap
Stocks on Wall Street were lower again at midday as investors shift their focus from the fiscal cliff to the fourth-quarter earnings season, set to unofficially kick off after the closing bell when Dow component Alcoa (AA) reports. Expectations for the earnings season are muted, with S&P 500 companies forecast to post earnings growth of just 2.8% for the quarter, according to Thomson Reuters. Profit-growth estimates were sharply reduced from the expected growth rate of 9.2% called for at the end of September, according to FactSet. The averages have drifted lower on fairly light volume, indicating a lack of buying rather than intense selling, as investors may be content to wait to see how the earnings season develops before stepping back in... ECONOMIC EVENTS: In the U.S., the NFIB small-business-optimism index rose to 88.0 in December from 87.5 in November. In Europe, zone-wide unemployment hit a new record rate of 11.8% in November, though the European Commission also separately reported that its December Economic Sentiment Indicator improved by 1.3 points in the euro area, to 87.0, and remained generally unchanged at 88.4 in the broader EU. In Asia, Japan said it will use its foreign reserves to continue to buy bonds issued by the European Stability Mechanism to help weaken the yen... COMPANY NEWS: Sears Holdings (SHLD) said late Monday that CEO Louis D’Ambrosio will step down due to family health reasons and be replaced in that role by Eddie Lampert, its chairman of the board and largest shareholder. Sears also forecast adjusted earnings for Q4 that beat consensus expectations but shares fell about 5% near noon... Among companies reporting earnings after yesterday's close or before today's open, Monsanto (MON) advanced and Acuity Brands (AYI) declined... MAJOR MOVERS: Among the notable gainers were The Medicines Company (MDCO), up 11% after announcing results for a Phase 3 trial of one of its drugs, and Signet Jewelers (SIG), up 9% after reporting its holiday season same-store sales rose 3.3% and issuing earnings guidance. Among the noteworthy losers were Cypress Semiconductor (CY), down 9% after cutting its Q4 earnings forecast, and Fusion-io (FIO), which fell 8% after William Blair downgraded the stock to Market Perform... INDICES: Near noon, the Dow was down 68.23, or 0.51%, to 13,316.06; the Nasdaq was down 15.69, or 0.51%, to 3,083.12; and the S&P 500 was down 7.46, or 0.51%, to 1,454.43.
News For SHLD;MON;MDCO;SIG;CY;AYI;FIO From The Last 14 Days
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October 5, 2015
07:31 EDTMDCOThe Medicines Co. ALN-PCSsc 'a potential game changer,' says RBC Capital
After examining surveys and speaking with experts, RBC Capital says that the uptake of The Medicines Co's ALN-PCSsc treatment has been strong among anti-PCSK9 patients, reaching 20%-30%. The firm estimates that the company could conservatively generate $9B-$18B in revenue from the drug. It believes that the product is "a potential game changer and valuation driver" for the company. RBC keeps a $46 price target and Outperform rating on the shares.
October 2, 2015
06:45 EDTMONMonsanto volatility elevated into Q4 and outlook
Monsanto October weekly call option implied volatility is at 38, October is at 37, November is at 30; compared to its 52-week range of 14 to 34, suggesting large near term price movement into the expected release of Q4 results on October 7.
06:42 EDTSIGMerrill Lynch to face class action over Zale sale, Reuters reports
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October 1, 2015
10:32 EDTMONBernstein U.S. chemicals analysts hold an analyst/industry conference call
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07:05 EDTMDCOMedicines Company says BARDA exercises option on Carbavance pact
The Medicines Company announced that Rempex Pharmaceuticals, a wholly owned subsidiary, has been awarded the next option on a contract by the Biomedical Advanced Research and Development Authority, or BARDA, to support the development of CARBAVANCE. CARBAVANCE is the combination of a carbapenem antibiotic with a novel beta-lactamase inhibitor that is targeted for treatment of multi-drug resistant gram-negative infections, including those due to carbapenem-resistant Enterobacteriaceae. The cost-share contract with BARDA was initiated in 2014 and extends over 5 years. The award of this third option brings the total commitment from BARDA to $53.8M. If all options are exercised in the contract, it would bring the total value of the award to approximately $90M.
September 30, 2015
09:12 EDTSHLDSears volatility at low end of 52-week range
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06:58 EDTMONMonsanto price target lowered to $110 from $130 at Deutsche Bank
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06:53 EDTMONMonsanto volatility elevated into Q4 and outlook
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September 28, 2015
12:32 EDTCYCypress says withdrew interest to acquire Atmel
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10:18 EDTSHLDJ.C. Penney rises after CEO meeting prompts upgrade
Shares of J.C. Penney (JCP) are rising in morning trading after a Sterne Agee CRT analyst upgraded the retailer to Buy with a $13 price target following a meeting with the company's new chief executive officer. WHAT'S NEW: Sterne Agee CRT analyst Charles Grom upgraded J.C. Penney this morning to Buy from Neutral with a $13 price target after recently spending time with new CEO Marvin Ellison at the company's headquarters. Grom said he came away from the meeting "more confident" in the company's turnaround plan, adding that Ellison has the "right demeanor" and business sense to lead the company and "right the ship." Ellison took over as CEO of the retailer on August 1, replacing previous CEO Myron "Mike" Ullman. Sterne's Grom said that while the firm has previously been critical of the retailer's strategy, he believes the initiatives, led by Ellison, are "refreshing" and could boost the company's EBITDA. Grom thinks Ellison is the right person to help revive J.C. Penney and believes the company can surpass its long-term EBITDA target of $1.2B by 2017, saying that this goal "may prove to be a floor rather than a ceiling." Additionally, the analyst sees "multiple levers" to drive same-store sales higher. Despite his optimism in J.C. Penney's recovery story, the analyst notes that U.S. consumer spending is shifting away from traditional items in department stores toward move service-oriented products, traditional mall traffic trends remain "suppressed" and weather trends across the U.S. in August and September were not "ideal" for mall-based retailers. WHAT'S NOTABLE: J.C. Penney recently named John Tighe as executive vice president and chief merchant, effective October 1. Tighe, most recently senior vice president and senior general merchandise manager for the men's, children's, footwear, handbag and intimate apparel divisions, will succeed Elizabeth "Liz" Sweney, the company said. On August 31, Deutsche Bank analyst Paul Trussell upgraded J.C. Penney to Buy from Hold and raised his price target on the stock to $12 from $10, calling the company a "self-help story." Trussell noted that the company has already improved its merchandise mix and is now moving toward better pricing and fewer markdowns. Trussell said that the company's target of mid-single digit same-store sales growth looks "achievable" and its brands and assortment "look right." OTHERS TO WATCH: Other department store operators include Macy's (M), Kohl's (KSS) and Sears Holdings (SHLD). PRICE ACTION: J.C. Penney is up 1.5% to $9.57 in morning trading and is up nearly 50% year-to-date.
08:52 EDTCYOn The Fly: Pre-market Movers
IN FOCUS: Apple (AAPL) after announcing it set a record by selling more than 13M new iPhone 6s and iPhone 6s Plus models in the first three days after launch of the devices. HIGHER: Media General (MEG), up 22% after Nexstar (NXST) announced a proposal to acquire the company for cash Nexstar shares currently valued at $14.50 per Media General share... Alcoa (AA), up 5.4% after announcing that its board has unanimously approved a plan to separate into two independent, publicly-traded companies - an Upstream company that will operate under the Alcoa name and a new Value-Add company whose name will be announced at a later date... Atmel (ATML), up 7% after Reuters reported that Cypress Semiconductor (CY) is working on a competing bid to Dialog Semiconductor's (DLGNF) takeover offer... J.C. Penney (JCP), up 3% after Sterne Agee CRT upgraded the stock to Buy from Neutral after meeting with the company's new CEO. DOWN AFTER EARNINGS: Cal-Maine Foods (CALM), down 8%. ALSO LOWER: Verastem (VSTM), down 50% after stopping enrollment in the Phase 2 study of VS-6063 for patients with mesothelioma for futility after a Data Safety Monitoring Board review of a pre-planned interim analysis... Fiat Chrysler (FCAU), down 3.7% after the Detroit Free Press said some local UAW workers rejected a four-year tentative pact between the United Auto Workers and the company... Williams (WMB), down 3% after Energy Transfer Equity (ETE) announced a business combination transaction valued at approximately $37.7B, including the assumption of debt and other liabilities. Under the deal, an affiliate of ETE, will acquire Williams at an implied current price of $43.50 per Williams share.
05:31 EDTCYCypress working on competing offer for Atmel, Reuters reports
Cypress Semiconductor (CY) is working on a bid to acquire Atmel (ATML), who agreed earlier this month to be taken over by Dialog Semiconductor (DLGNF), Reuters reported last night, citing people familiar with the matter. Cypress is working with bankers and has told Atmel it believes its offer will be superior to Dialog's cash-and-stock deal, which was worth $4.6B, Reuters adds. Reference Link
September 25, 2015
09:01 EDTMDCOThe Medicines Co. receives CHMP positive opinion for Ionsys
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07:42 EDTMONMonsanto volatility elevated as shares trend lower
Monsanto October weekly call option implied volatility is at 35, October is at 36, November is at 31; compared to its 52-week range of 14 to 34, suggesting large near term price movement.
07:33 EDTMONGlobal Interdependence Center to co-host a discussion
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September 24, 2015
07:47 EDTMONMonsanto volatility elevated as shares trend lower
Monsanto September weekly call option implied volatility is at 32, October is at 34, November is at 31; compared to its 52-week range of 14 to 34, suggesting large near term price movement.
06:45 EDTMONMonsanto plans future in big data, Reuters reports
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September 23, 2015
15:44 EDTMON52-week low stocks with active options: WYNN SNCR PX MON MOS DECK
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09:57 EDTMONMonsanto initiated with an Underperform at Bernstein
Target $85.
08:40 EDTMONMonsanto reinstated with a Neutral at Goldman
Target $105.
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