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January 10, 2014
09:14 EDTBLDP, PSUN, OMC, AA, TGT, MNKD, YRCW, ICPT, M, FIVE, PUBGY, ANF, SHLDOn The Fly: Pre-market Movers
HIGHER: Abercrombie & Fitch (ANF), up 15% after company raises FY adjusted EPS view, shares upgraded at Janney Capital. Macy's (M), up 1.2% after upgraded at Goldman... Intercept (ICPT), up 33.5% after price targets raised at Citigroup, BofA/Merrill and Oppenheimer... Omnicom (OMC), up 2% after Reuters reported EU clears merger with Publicis (PUBGY). LOWER: Target (TGT), down 1% after lowering Q4 comparable sales view, disclosing that information from up to 70M guests taken during data breach... Sears (SHLD), down 11% after saying fourth quarter sales-to-date are down 7.6% and projecting fourth quarter and fiscal-2013 losses that were larger-than-expected... Alcoa (AA), down 6.5% after earnings miss expectations... Pacific Sunwear (PSUN), down 18.4% after sales metrics, guidance, downgrade at Janney Capital... Five Below (FIVE), down 9.7% after cutting fourth quarter guidance... YRC Worldwide (YRCW), down 20% after the International Brotherhood of Teamsters announced that employees did not approve the memorandum of understanding extension proposal made by the company... MannKind (MNKD), down 11.6% after announcing tentative date of FDA advisory committee review of Afrezza.
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September 28, 2015
08:52 EDTAAOn 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.
08:34 EDTAAAlcoa says Micromill business to be 'disruptive'
Says sees 9% growth CAGR in aerospace market from 2014-2017, 2%-3% growth in automotive, 3% in industrial gas turbines, 4%-6% in building & construction and (1%)-0% in commercial transportation. Says Micromill material to debut on 2016 Ford F-150 starting in Q4. Says Micromill business to be "disruptive," says exploring full scale capacity expansion options in North America. Says casthouses offer value-add opportunities. Says both companies will have "strong" balance sheets. Comments made on Alcoa's conference call discussing its split into two public companies.
08:09 EDTBLDPBallard Power signs $6M joint development agreement and supply agreement
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07:42 EDTAAAlcoa says plans to complete separation in 2H16
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07:18 EDTICPTIntercept initiates REGENERATE trial for obeticholic acid in NASH patients
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06:50 EDTAAAlcoa to host conference call
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06:42 EDTM, TGTPerfume makers look to Wal-Mart, Target, WSJ reports
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06:36 EDTAAAlcoa volatility elevated into separation into two public companies
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06:33 EDTAAAlcoa to separate into two public companies, targeted for 2H16
Alcoa announced that its board has unanimously approved a plan to separate into two independent, publicly-traded companies, culminating Alcoa's successful multi-year transformation. The globally competitive Upstream Company will comprise five business units that today make up Global Primary Products - Bauxite, Alumina, Aluminum, Casting and Energy. The separation is intended to qualify as a tax-free transaction to Alcoa shareholders for U.S. federal income tax purposes. After the separation, the Upstream Company will operate under the Alcoa name. The Value-Add company will be named prior to closing. Upon completion of the transaction, Klaus Kleinfeld will lead the Value-Add Company as Chairman and Chief Executive Officer. He will also serve as Chairman of the Upstream company for the critical initial phase, ensuring a smooth and effective transition. Each company will have its own independent board of directors that will include members of the current Alcoa Board. Full management teams and boards for both companies will be named in the months leading up to the launch of the two companies in the second half of 2016. After the separation, the Upstream Company will be a cost-competitive industry leader in bauxite mining, alumina refining and aluminum production, positioned for success throughout the market cycle. The company's footprint will include 64 facilities worldwide, and approximately 17,000 employees. Revenues for the 12 months through June 30, 2015 totaled $13.2 billion, with $2.8 billion in EBITDA. After the separation, the Value-Add Company will be a premier provider of high-performance multi-material products and solutions with 157 globally diverse operating locations and approximately 43,000 employees. Pro-forma revenues for the Value-Add Company for the 12 months through June 30, 2015 totaled $14.5 billion, with $2.2 billion in pro-forma EBITDA. Alcoa is currently targeting to complete the separation in the second half of 2016.
06:31 EDTAAAlcoa to separate into two public companies
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September 27, 2015
14:41 EDTBLDPBallard signs license, supply agreement with Synergy Hydrogen for roughly $17M
Ballard Power Systems signed a new long-term license and supply agreement with an existing partner in China, Guangdong Synergy Hydrogen Power, to provide fuel cell power products and technology solutions in support of the planned deployment of approximately 300 fuel cell-powered buses in the cities of Foshan and Yunfu, China. The deal has an estimated initial value of $17M through 2016, with the opportunity for "significant" recurring royalties starting in 2017, the company said. The agreement includes supply and sale of fully-assembled fuel cell power modules, ready-to-assemble module kits, a technology license for localization of assembly, supply of proprietary fuel cell stacks and long-term recurring royalties leveraged to unit volumes of locally assembled modules. "This deployment in Foshan will serve as a major competitive advantage for Ballard and our local partners as we seek to bring additional Chinese cities onboard. China's new energy program involves 48 cities that are focused on addressing severe air quality issues, in part through expansion of public transit, with 1,000 clean energy buses to be deployed in each participating city," remarked Ballard CEO Randy MacEwen. The announcement is in addition to Ballard's June announcement regarding the signing of license and supply agreements with Synergy as well as with Nantong Zehe New Energy.
September 25, 2015
08:53 EDTMFinish Line says September comps month to date up low single digits
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September 24, 2015
15:01 EDTANFAbercrombie & Fitch downgraded to Hold from Buy at Standpoint Research
09:03 EDTAAAlcoa completes expansion of Tennessee facility
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08:11 EDTBLDPBallard Power to launch complementary fuel cell power module configurations
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05:06 EDTMNKDStocks with implied volatility movement; AMX MNKD
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September 23, 2015
20:08 EDTTGTChinese 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."
September 22, 2015
10:52 EDTAAStocks with call strike movement; AA TSLA
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September 21, 2015
12:08 EDTTGTTarget to test robot workers at concept store, Fortune reports
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09:01 EDTMMacy's to hire 85,000 seasonal associates in 2015
Macy's said it plans to hire seasonal associates for approximately 85,000 positions at its Macy's and Bloomingdale's stores, call centers, distribution centers and online fulfillment centers nationwide for the 2015 Christmas and holiday season. The company's 2015 seasonal hiring plan is essentially flat to last year.
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