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July 25, 2014
14:37 EDTTERPAdage Capital Partners reports 8.68% passive stake in TerraForm Power
News For TERP From The Last 14 Days
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November 25, 2015
06:50 EDTTERPTerraForm Power downgraded to Sell from Neutral at UBS
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06:47 EDTTERPSunEdison downgraded to Sell from Neutral at UBS
UBS analyst Julien Dumoulin-Smith downgraded SunEdison (SUNE) to Sell after senior management replacements and board resignations at TerraForm Power (TERP). The entire SunEdison, TerraForm complex is now at risk, Dumoulin-Smith tells investors in a research note. The analyst remains "perplexed" by SunEdison's decision to pull a one-year term loan from Goldman Sachs at a 15% rate in August to fund itself. He sees downside risk to guidance and margins and cut his price target for shares to $2 from $3. SunEdison closed yesterday up $1.12 to $4.12.
November 24, 2015
16:26 EDTTERPOn The Fly: Top stock stories for Tuesday
Stocks began the session in negative territory as events at home and abroad escalated concerns. The downing of a Russian plane by Turkey and a worldwide travel alert by the U.S. State Department gave investors pause when the market opened, though the averages pared their losses as the European averages closed, eventually moving into positive territory in afternoon trading. The market moved in a fairly narrow range once it made it to positive ground, but given the geopolitical events, the bulls will have to consider the day's action a victory. ECONOMIC EVENTS: In the U.S., the estimate of third quarter GDP growth was boosted to 2.1% from 1.5%, matching estimates. Personal consumption growth was estimated at 3.0% in the second look, versus expectations for an increase of 3.2%. The S&P/Case-Shiller 20-city composite home price index was up a seasonally adjusted 0.6% month over month in September, versus expectations for an increase of 0.3%. The Conference Board's consumer confidence reading for November came in at 90.4, missing the consensus forecast of 99.5. COMPANY NEWS: Carl Icahn revealed last night that he has taken a 7.13% stake in Xerox (XRX) and may seek positions on the board of the company. Research firm Piper Jaffray believes that Icahn's involvement in the company can amplify the company's review and boost the stock, but that was not the case at today, as Xerox shares slipped 1.3% to $10.61 following the disclosure... In other news from a high-profile activist investor, Bill Ackman has put more funds behind his big bet in Valeant Pharmaceuticals (VRX), as filings show that Pershing Square raised its stake in the embattled drugmaker to 9.9%. The news didn't do all that much for Valeant shares, however, as the stock was unchanged from where it closed yesterday at $87.41. MAJOR MOVERS: Among the notable gainers was SunEdison (SUNE), which surged $1.12, or 37.33%, to $4.12 after entering into an agreement to sell TerraForm Global (GLBL) a series of projects located in India for the aggregate equity consideration of $231M, subject to purchase price adjustments. SunEdison utilized a portion of the proceeds from the sale to partially pay down its margin loan, said the company, which JPMorgan analyst Paul Coster called a positive for both SunEdison and TerraForm Power (TERP). Also higher was Avon Products (AVP), which gained 45c, or 15.94%, to $3.31 after Citi analyst Wendy Nicholson upgraded the stock to Buy after visiting the company's operations in Brazil. Among the noteworthy losers was Aduro Biotech (ADRO), which fell $5.18, or 16.07%, to $27.05 after disclosing that a Grade 3 serious adverse event, a single case of investigator assessed listeriosis, has been reported for a patient being treated with CRS-207 and GVAX Pancreas. Also lower were shares of Brocade (BRCD), which sunk 78c, or 7.73%, to $9.31 after the networking equipment supplier's outlook for the first quarter trailed analysts' consensus estimates. INDEXES: The Dow rose 19.51, or 0.11%, to 17,812.19, the Nasdaq gained 0.33, or 0.01%, to 5,102.81, and the S&P 500 advanced 2.55, or 0.12%, to 2,089.14.
11:16 EDTTERPLoan paydown positive for SunEdison, TerraForm, says JPMorgan
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November 23, 2015
11:17 EDTTERPSunEdison rallies after CFO takes over top spot at YieldCos
Shares of solar power company SunEdison (SUNE) are rallying after the company announced this morning that its chief financial officer Brian Wuebbels will take over as the president and CEO at its two "YieldCos." WHAT'S NEW: Both TerraForm Power (TERP) and TerraForm Global (GLBL) announced a series of changes to its senior management team and board aimed at aligning the company's strategic focus around acquiring projects from its sponsor, SunEdison, with less reliance on third party acquisitions. Wuebbels has been named president and CEO and Rebecca Cranna has been named CFO of both companies, effective immediately. ANALYST OPINION: SunEdison can solve its liquidity difficulties if the company acts "decisively and urgently," according to Deutsche Bank analyst Vishal Shah. SunEdison can overcome its cash problems if the company looks to quickly sell some of its backlog and operating assets, as well as assets owned by Vivint Solar (VSLR), which SunEdison had agreed to acquire, Shah wrote in a note to investors today. SunEdison can monetize Vivint's operating assets, sell projects to third parties, and complete a number of projects that are in its pipeline, Shah argues. TerraForm Power can use the proceeds from SunEdison's sale of Vivint's operating assets to fund its own acquisition of Invenergy, said Shah, or TerraForm can obtain funds by monetizing its own projects. If SunEdison does not take any action soon, however, the company does appear to face "considerable downside risk," warned the analyst. However, he reported that SunEdison "appears to be working on a number of options," including refinancing its margin loan and restructuring the Vivint deal . Shah cut his price target on SunEdison to $9 from $16 but kept a Buy rating on the shares. PRICE ACTION: In late morning trading, SunEdison surged 9.75% to $3.10. However, the stock is still down 37% over the last week and 90% over the last six months.
10:51 EDTTERPOptions with increasing implied volatility: TERP BRCM CHK RAD POM
09:42 EDTTERPTerraForm Power and TerraForm Global mentioned positively at Avondale
07:16 EDTTERPTerraForm Power appoints SunEdison CFO Wuebbels as CEO
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06:58 EDTTERPSunEdison price target lowered to $9 from $16 at Deutsche Bank
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November 20, 2015
17:28 EDTTERPBlueMountain raises passive stake in TerraForm Power to 10.1% from 7.3%
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12:40 EDTTERPOptions with increasing implied volatility:TERP CHK NMBL SHLD POM
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November 19, 2015
10:46 EDTTERPOptions with increasing implied volatility
Options with increasing implied volatility: TERP PTCT CHK CSC GNC RH ULTA QCOM VIMC
November 18, 2015
14:47 EDTTERPTerraForm Power halted for circuit breaker, down 9c at $10.23
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10:29 EDTTERPOptions with increasing implied volatility
Options with increasing implied volatility: TERP CSC SGMS RH BBRY ULTA SNDK ORCL NKE VNET
November 17, 2015
15:28 EDTTERPTerraForm Power volatility increases on wide price movement
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14:57 EDTTERPSunEdison has sufficient cash to see through commitments, says Oppenheimer
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13:57 EDTTERPBlueMountain Capital reports 7.3% passive stake in TerraForm Power
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November 16, 2015
11:30 EDTTERPLoeb exits SunEdison while Deutsche says liquidity worries overdone
Deutsche Bank said that investors' fears that SunEdison (SUNE) will run out of liquidity are unfounded, as the solar energy company is not poised to suffer any liquidity events. Meanwhile, quarterly filings are showing that several prominent hedge funds have exited or trimmed their stakes in SunEdison and another firm downgraded the shares of a SunEdison subsidiary. LIQUIDITY WORRIES OVERDONE: Investors are worried about SunEdison's liquidity, but these fears are overdone, wrote Deutsche Bank analyst Vishai Shah. Only about $3B of the company's total $12B debt consists of recourse loans, the analyst stated. Additionally, in the near-term, investors are primarily worried about a $510M payment that SunEdison has to make in connection with its acquisition of the company Wind Energy, according to the analyst. Although SunEdison will not be able to sell its wind projects to TerraForm (TERP) due to the "disarray" of alternative energy financing markets, SunEdison will instead drop the projects into one of its warehouses, enabling it to recognize cash margins for the projects, the analyst explained. Additionally, the interest owed by SunEdison's project development company will only amount to about $150M, versus the $210M per quarter shown on its income statement, Shah stated. The discrepancy is due to the consolidation of its subsidiaries and the non-recourse debt it holds, he explained. Shah kept a $28 price target and Buy rating on SunEdison shares. HEDGE FUND UPDATES: Leon Cooperman's Omega Advisors lowered its stake in SunEdison last quarter, while Dan Loeb's Third Point sold its entire stake in the solar energy company last quarter, their quarterly filings disclosing their positions as of September 30 revealed. TERRAFORM DOWNGRADE: There is "substantial doubt" about TeraForm's ability to profitably buy assets from SunEdison or third parties, according to UBS analyst Julien Dumoulin-Smith. The analyst said he reached this conclusion because of TeraForm's 10%+ dividend yield and deteriorating balance sheet. Given the yieldco's recently revealed need to invest significantly more capital in projects than expected, its balance sheet will be more stressed than he had predicted, the analyst explained. Dumoulin-Smith lowered his price target on TerraForm to $14 from $30 and downgraded the stock to Neutral from Buy. ANOTHER TO WATCH: After meeting with First Solar's (FSLR) management last week, Shah wrote today that he was more confident about the company's upcoming products and earnings. Although investors are concerned about the company's 2017 earnings outlook, its 2017 earnings should grow to over $4 per share that year, he believes. Among the factors that will increase First Solar's profits are cost reductions, capacity expansion, and strong backlog growth, he believes. Shah kept a Buy rating on the shares. PRICE ACTION: In late morning trading, SunEdison fell 8% to $4.53, TerraForm sank 9% to $12.56 after earlier reaching a 52-week low of $12.51 earlier in the session and First Solar was fractionally higher at $52.90.
10:00 EDTTERPOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Abengoa (ABGB) downgraded to Hold from Buy at Canaccord... Best Buy (BBY) downgraded to Sector Perform from Outperform at RBC Capital... CDTi (CDTI) downgraded to Neutral from Buy at Roth Capital... CNH Industrial (CNHI) downgraded to Underweight from Neutral at JPMorgan... Clayton Williams (CWEI) downgraded to Sell from Neutral at Roth Capital... Disney (DIS) downgraded to Neutral from Buy at Guggenheim... Endo (ENDP) downgraded to Neutral from Buy at Mizuho... Five Below (FIVE) downgraded to Hold from Buy at Deutsche Bank... Garrison Capital (GARS) downgraded to Market Perform from Outperform at William Blair... General Growth (GGP) downgraded to Hold from Buy at Evercore ISI... Helmerich & Payne (HP) downgraded to Hold from Buy at Evercore ISI... Kosmos (KOS) downgraded on investor sentiment, costs at RBC Capital... MannKind (MNKD) downgraded to Neutral from Buy at Griffen Securities... Media General (MEG) downgraded to Hold from Buy at Evercore ISI... Progressive (PGR) downgraded to Sell from Neutral at Goldman... Sabra Health Care (SBRA) downgraded on challenges, investor sentiment at Stifel... Simon Property (SPG) downgraded to Hold from Buy at Evercore ISI... Springleaf (LEAF) downgraded after settlement on acquisition reached at BMO Capital... Steiner Leisure (STNR) downgraded to Market Perform from Outperform at William Blair... Taubman Centers (TCO) downgraded to Hold from Buy at Evercore ISI... TerraForm Power (TERP) downgraded to Neutral from Buy at UBS... UniCredit (UNCFF) downgraded to Neutral from Buy at Citi... Violin Memory (VMEM) downgraded to Hold from Buy at Maxim... Vipshop (VIPS) downgraded to Equal Weight from Overweight at Morgan Stanley... Wolseley (WOSYY) downgraded to Hold from Buy at Deutsche Bank.
05:56 EDTTERPTerraForm Power downgraded to Neutral from Buy at UBS
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