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December 27, 2012
16:15 EDTQCOR, BCDS, VVUS, TM, JCP, DIODOn The Fly: Closing Wrap
Stocks on Wall Street spent almost the entire session in negative territory but the averages recovered most of their losses in the last hour of trading. Headlines from Washington late in the trading day indicated the House of Representatives plans a session for Sunday evening to discuss the fiscal cliff. After opening lower the averages fell to their worst levels just after midday and were trading near those levels before moving sharply higher, and eventually erasing almost all of their losses, during the final 90 minutes of trading... ECONOMIC EVENTS: In the U.S., weekly jobless claims fell 12,000 to 350,000, compared to expectations for claims to remain relatively flat with the prior week. Sales of new homes rose 4.4% in November from October to a seasonally adjusted annual rate of 377,000, beating expectations. Consumer confidence fell to its lowest level since August with a 65.1 reading for December, versus expectations for a 70.0 figure. This morning, Senate Majority Leader Harry Reid warned that there may not be enough time left to reach a budget deal and that the U.S. appears destined to head over the fiscal cliff. However, late day optimism took hold based on plans for the House to reconvene this weekend... COMPANY NEWS: U.S. listed shares of Toyota Motor (TM) gained $2.18, or 2.41%, to $92.54 after the company agreed to a settlement valued over $1B related to previous recalls over claims of accelerator pedal problems... MAJOR MOVERS: Among the notable gainers was BCD Semiconductor (BCDS), which rose $3.43, or 86.18%, to $7.41 after agreeing to be acquired by Diodes (DIOD) for $8.00 per U.S. listed share. Shares of Diodes also gained 23c, or 1.36%, to $17.14. Also higher were shares of VIVUS (VVUS), up 51c, or 3.88%, to $13.67 after the company's CEO was quoted by Financial Times as saying he foresees the potential for using direct-to-consumer advertising and a larger scale sales force to market its Qsymia weight-loss drug. Among the noteworthy losers was Questcor Pharmaceuticals (QCOR), down $2.12, or 7.09%, to $27.78 after the circulation of a Blue Cross/Blue Shield of Michigan document related to coverage of the company's Acthar Gel. Also lower were shares of and J.C. Penney (JCP), down $1.23, or 5.93%, to $19.52 after being mentioned by The Wall Street Journal as a retailer that may face a particularly challenging and important year in 2013... INDICES: The Dow was down 18.28, or 0.14%, to 13,096.31; the Nasdaq was down 4.25, or 0.14%, to 2,985.91; and the S&P 500 was down 1.74, or 0.12%, to 1,418.09.
News For TM;BCDS;DIOD;VVUS;QCOR;JCP From The Last 14 Days
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October 6, 2015
12:55 EDTTMToyota to sell highway self-driving cars by 2020 in Japan, Financial Times says
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06:22 EDTJCPStocks with implied volatility below IV index mean; JCP AAL
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October 4, 2015
19:47 EDTTMAutomakers ask for easier European emissions tests, NY Times says
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October 2, 2015
07:34 EDTTMToyota recalling 423,456 2009-2012 RAV4 vehicles
Toyota Motor Engineering & Manufacturing is recalling 423,456 model year 2009-2012 RAV4 vehicles manufactured October 27, 2008, to December 19, 2012 and 2012-2014 RAV4 EV vehicles manufactured July 24, 2012, to August 29, 2014. In the affected vehicles, water may drip onto the joint the connects the wiper linkage to the wiper motor. Over time, the dripping water may cause corrosion and wear at the joint, potentially resulting in the separation of the wiper linkage. Once this occurs, the wipers would not function, reducing driver visibility and increasing the risk of a crash.
06:48 EDTJCPJ.C. Penney announces actions to de-risk pension plan
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October 1, 2015
12:57 EDTJCPOptions with increasing put volume
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11:14 EDTTMToyota reports September U.S. sales up 16.2% to 194,370 units
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11:09 EDTTMToyota reports September U.S. sales up 16.2%, Bloomberg says
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05:56 EDTTMTrueCar boosts 2015 U.S. sales forecast to 17.4M from 17.2M
TrueCar (TRUE) raised its 2015 annual forecast by 200,000 units to 17.4 million as sales growth in the remaining months of 2015 is poised to remain vigorous. New auto sales in September, aided by a later-than-usual Labor Day, should expand by 12.6 percent from a year ago, while the Seasonally Adjusted Annual Rate should reach 17.7 million units. That strength underpins TrueCar's revised full-year industry forecast of 17.4 million units, the highest volume since 2000. Retail share of the total industry likely expanded a full point in September versus last year, indicating busier-than-average showrooms. Confident consumers are expected to push new vehicle revenue to a record $45 billion for the month, up 13.2 percent versus the same period last year. Publicly traded companies in the space include Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM), Daimler (DDAIF) and Volkswagen (VLKAY). TrueCar EVP Larry Dominique commented, "Volkswagen's stop sell of diesel vehicles in the U.S. causes a noticeable hit to its September revenue, with a 7.7 percent decline. We expect sales to dip by at least by 5 percent and incentives to increase by $235 per unit, which will be essential to push non-impacted models off the lots."
September 30, 2015
07:06 EDTDIODMontage Technology proposes to acquire Pericom for $18.50 per share
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September 28, 2015
10:18 EDTJCPJ.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.
10:00 EDTJCPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ANI Pharmaceuticals (ANIP) upgraded on valuation at Roth Capital... AbbVie (ABBV) upgraded to Neutral from Sell at Citi... Astec (ASTE) upgraded to Accumulate from Neutral at Global Hunter... Atmel (ATML) upgraded to Strong Buy from Outperform at Raymond James... BAE Systems (BAESY) upgraded to Outperform from Market Perform at Bernstein... BG Group (BRGYY) upgraded on valuation at BMO Capital... Boston Scientific (BSX) upgraded to Buy from Hold at Needham... C.H. Robinson (CHRW) upgraded to Buy from Hold at BB&T... Citi (C) upgraded to Buy from Hold at Jefferies... Diamond Offshore (DO) upgraded to Hold from Sell at Deutsche Bank... Endologix (ELGX) upgraded to Buy from Neutral at BTIG... Infosys (INFY) upgraded to Hold from Sell at Societe Generale... J.C. Penney (JCP) upgraded on confidence in CEO, initiatives at Sterne Agee CRT... Knowles (KN) upgraded to Market Perform from Underperform at FBR Capital... Lexicon (LXRX) upgraded to Hold from Sell at Gabelli... MTN Group (MTNOY) upgraded to Buy from Hold at Deutsche Bank... Natera (NTRA) upgraded to Outperform from Neutral at Wedbush... Omnicell (OMCL) upgraded to Buy from Neutral at Sidoti... RBC Bearings (ROLL) upgraded to Buy from Accumulate at Global Hunter... Raptor Pharmaceuticals (RPTP) upgraded to Perform from Underperform at Oppenheimer... Regal Entertainment (RGC) upgraded to Buy from Neutral at B. Riley... Repsol (REPYY) upgraded on valuation at BMO Capital... Star Bulk Carriers (SBLK) upgraded to Buy from Hold at Deutsche Bank... Stoneridge (SRI) upgraded to Buy from Hold at BB&T... Transocean (RIG) upgraded to Hold from Sell at Deutsche Bank... Vertex (VRTX) upgraded to Buy from Hold at Argus... Wabash (WNC) upgraded to Buy from Accumulate at Global Hunter.
08:52 EDTJCPOn 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.
07:52 EDTJCPJ.C. Penney upgraded on confidence in CEO, initiatives at Sterne Agee CRT
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07:22 EDTJCPJ.C. Penney upgraded to Buy from Neutral at Sterne Agee CRT
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05:36 EDTJCPJ.C. Penney implied volatility of 44 at lower end of index mean range
September 23, 2015
19:07 EDTTMStudy shows U.S. cars less safe than EU vehicles, Independent says
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07:08 EDTJCPJ.C. Penney names John Tighe chief merchant
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06:37 EDTJCPJ.C. Penney seeks new chief merchant to replace Sweney, WSJ reports
J.C. Penney is searching for a new chief merchant, The Wall Street Journal reports, citing sources familiar with the matter. The new executive would replace Elizabeth Sweney, who has held the role since 2012. It is unclear whether the new chief merchant would be an internal or external candidate, but one source says that an announcement relating to the role will be made "early Wednesday morning." Reference Link

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