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September 24, 2015
09:11 EDTCATCaterpillar: Pre-tax costs associated with actions to be about $2B through 2018
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09:10 EDTCATCaterpillar: Restructuring costs, sales outlook will be 'negative for profit'
Expects costs will be favorable.
09:09 EDTCATCaterpillar: Cost reductions could impact more than 20 facilities
Cost reductions could impact more than 20 facilities and slightly more than 10% of manufacturing square footage. A portion of these cost reductions are expected to be effective in 2016, with more savings anticipated in 2017 and 2018.
09:06 EDTCATCaterpillar volatility up into restructuring plans to lower costs
Caterpillar September weekly call option implied volatility is at 33, October and November is at 30; compared to its 52-week range of 16 to 38, suggesting large price movement into announcing restructuring plans to lower costs by $1.5B annually.
09:06 EDTCATCaterpillar says key industries are 'well below prior peak levels'
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09:05 EDTCATCaterpillar expects FY16 revenue decline to occur in all three large segments
Expects FY16 revenue decline to occur in all three large segments -- Construction Industries, Energy & Transportation and Resource Industries - with the most significant decline in the oil and gas portion of our Energy and Transportation segment.
09:05 EDTCAT, KERXOn The Fly: Pre-market Movers
HIGHER: Arrowhead Research (ARWR), up 35% after disclosing top-line findings from the Heparc-2001 Phase 2a clinical study of ARC-520, its candidate for the treatment of chronic hepatitis B infection... Conatus Pharmaceuticals (CNAT), up 19% after the company's Phase 2 Portal Hypertension clinical trial of emricasan met its primary endpoints... Keryx Biopharmaceuticals (KERX), up 13% after announcing that the European Commission has approved Fexeric for the control of elevated serum phosphorus levels, or hyperphosphatemia, in adults with chronic kidney disease. LOWER: Caterpillar (CAT), down 5% after announcing restructuring plans, lowering revenue guidance, and having stock initiated with a Sell rating and a $28 price target at Axiom... Twitter (TWTR), down 1.5% after Citi cut estimates below consensus and lowered its price target to $30. DOWN AFTER EARNINGS: Worthington (WOR), down 12.5%... Accenture (ACN), down 3%.
09:04 EDTCATCaterpillar expects FY15 decline in revenue outlook to impact Q3 and Q4
09:03 EDTCATCaterpillar sees FY16 revenue to be 5% below FY15, consensus $47.36B
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09:03 EDTCATCaterpillar cuts FY15 revenue $48B from $49B, consensus $48.82B
09:03 EDTCATCaterpillar to reduce workforce by 4,000-5,000 people between now and 2016-end
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09:02 EDTCATCaterpillar announces restructuring plans to lower costs by $1.5B annually
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07:31 EDTCATAxiom initiates Caterpillar with a Sell, sees 60% downside potential
Axiom analyst Gordon Johnson II initiated Caterpillar with a Sell rating, saying that two of the company's three core businesses are struggling and he believes near-term strength in the company's Construction business is transient. Johnson thinks China's stimulus measures and near-zero interest rates have allowed Caterpillar to "stuff the channel" for the past five years, but with both tailwinds moderating, the analyst projects that the company's calendar 2016 EPS will fall to $2.79, far below the Street consensus view of $4.53. The analyst set a $28 price target on the stock, which represents about 60% downside from Caterpillar's closing price of $70.20 yesterday.
07:06 EDTKERXKeryx wins EU approval for Fexeric treatment of Hyperphosphatemia
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September 23, 2015
20:08 EDTSNEChinese president visits U.S. amid cybersecurity, copyright worries
As part of his first official U.S. visit, Chinese president Xi Jinping held a meeting with American business leaders on Wednesday to address concerns of copyright infringement and cybersecurity, among numerous topics. In attendance were corporate giants from both nations, including Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), Cisco (CSCO), Alibaba (BABA), Tencent (TCEHY), and Baidu (BIDU), according to media reports. COPYRIGHT CONCERNS: Responding to oft-cited concerns of copyright infringement by Chinese companies, Xi said China will "stand firm to protect" the intellectual property rights of American companies, according to Wall Street Journal coverage of the event. Note that in late 2014, China began establishing specialized courts to deliberate on intellectual property rights cases, and Xi commented Wednesday that "the newly established IPR courts are working smoothly. This means there will be much stronger IPR protection which will serve the interests of foreign businesses as well as Chinese companies." Chinese consumer electronics company Xiaomi is perhaps the most talked-about firm when it comes to the matter, with media outlets frequently criticizing its alleged "copying" of Apple design sensibilities. In mid-July, Xiaomi VP of global operations Hugo Barra told Bloomberg that the company is preparing to enter U.S. markets, though he cautioned that the launch could be "much more" than a year away as it seeks to build up its patent portfolio. CYBERSECURITY TENSIONS: Wednesday's meeting comes in the wake of numerous high-profile "hack attacks," with Sony (SNE), American Airlines (AAL), Anthem (ANTM), United Airlines (UAL), and Target (TGT) all reporting digital security breaches in recent years. Xi has consistently denied the involvement of state-backed hackers, but tensions have nevertheless arisen as cybersecurity firms such as FireEye (FEYE) and Palo Alto Networks (PANW) backtrace connections to the country. Cybersecurity intrusions originating from China have recently slowed ahead of Xi's visit, according to Reuters, with Kevin Mandia of security firm Mandiant telling the publication, "In my gut, I feel like the Chinese and the U.S. over the next couple of years are going to figure this out."
15:05 EDTBBBYBed Bath & Beyond volatility elevated into Q2 and outlook
Bed Bath & Beyond September weekly call option implied volatility is at 92, October is at 37, November is at 30; compared to its 52-week range of 15 to 40, suggesting large near term price movement into the expected release of Q2 results on September 24.
05:30 EDTBBYStocks with implied volatility below IV index mean; LULU BBY
Stocks with implied volatility below IV index mean; lululemon (LULU) 38, Best Buy (BBY) 32 according to iVolatility.
September 22, 2015
12:54 EDTSNEGoPro CEO says market share has grown since Sony entered market
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12:53 EDTSNEGoPro CEO says competitors like Sony have helped grow total reach
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05:18 EDTBBYStocks with implied volatility below IV index mean; LULU BBY
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