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May 14, 2014
06:46 EDTTNKTeekay Tankers downgraded at BofA/Merrill
As previously reported, BofA/Merrill downgraded Teekay Tankers to Underperform from Buy. The firm downgraded shares citing softening rates and its focus on becoming a more of a specialized tanker fleet operator. Price target lowered to $3.50 from $5.
News For TNK From The Last 14 Days
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September 4, 2015
12:25 EDTTNKOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday after the government reported fewer than expected nonfarm jobs were added in the U.S. last month. The unemployment rate dipped more than expected to 5.1%, however, and that fact as well as other underlying data in the report appears to be leading investors to think that the Fed will raise interest rates later this month. The Federal Open Market Committee meets on September 16-17 and the central bank will decide at that meeting whether it is now time to hike interest rates for the first time in nearly ten years. ECONOMIC EVENTS: In the U.S., the government reported 173,000 nonfarm jobs were added in the U.S. in August, missing analysts' consensus projection that payrolls grew 217,000. The unemployment rate dipped to 5.1%, which was down from 5.3% previously and below the 5.2% consensus forecast. In Asia, Chinese markets were closed for a second day in a row for a holiday, but Japan's Nikkei and India's Sensex both slumped more than 2%. COMPANY NEWS: Shares of BlackBerry (BBRY) advanced 1.5% after the company agreed to acquire rival Good Technology for $425M in cash. The deal will expand BlackBerry's ability to offer a unified, secure mobility platform with applications for any mobile device on any operating system, the company stated, adding that it expects the deal to be accretive to earnings and cash flow within the first year after closing. MAJOR MOVERS: Among the notable gainers was Teekay Tankers (TNK), which gained more than 4% after UBS analyst Spiro Dounis double upgraded the stock to Buy from Sell and raised his price target for shares of the marine transportation provider to $7.25 from $6.75. Also higher was Dollar Tree (DLTR), which rose 2%, benefitting from an upgrade to Buy at Bank of America Merrill Lynch. The firm said it believes Dollar Tree's $300M synergy target for its Family Dollar acquisition looks conservative and believes integration benefits remain underappreciated by the market. Among the noteworthy losers following their earnings reports were Vince Holding (VNCE) and UTi Worldwide (UTIW), which fell 38% and 14%, respectively, after each lowered their fiscal year outlooks. INDEXES: Near midday, the Dow was down 271.38, or 1.66%, to 16,103.38, the Nasdaq was down 48.39, or 1.02%, to 4,685.11, and the S&P 500 was down 29.53, or 1.51%, to 1,921.60.
10:00 EDTTNKOn The Fly: Analyst Upgrade Summary
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06:04 EDTTNKTeekay Tankers upgraded to Buy from Sell at UBS
UBS analyst Spiro Dounis double upgraded Teekay Tankers (TNK) to Buy from Sell and raised his price target for shares to $7.25 from $6.75. The provider of marine transportation closed yesterday up 19c to $6.11. The stock has more upside potential than downside risk after falling over 20% from the 52-week high, Dounis tells investors in a research note. The analyst believes Teekay's recent purchase of 12 Suezmaxes and a Ship-to-Ship transfer business are accretive to the valuation. Further, he expects the company to generate "significant" cash flow in 2016, which he thinks could lead to a "large" dividend increase. The analyst this morning also downgraded Diana Shipping (DSX) to Sell from Neutral.
05:59 EDTTNKDiana Shipping downgraded to Sell from Neutral at UBS
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