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March 12, 2014
10:16 EDTKBH, LEN, MDC, WLH, BZH, RYL, FMCC, PHM, DHI, HOV, FNMA, TOLHomebuilders fall following Credit Suisse downgrades
Shares of a number of homebuilders are sinking after Credit Suisse downgraded three companies in the sector, saying that the spring selling season looks set to be "underwheliming." WHAT'S NEW: Credit Suisse analyst Daniel Oppenheim wrote that the firm's survey of real estate agents last month indicates that demand for housing was weak. Buyer traffic fell compared with January and February 2013, the analyst stated. Homebuilders' gross margins are likely to drop in the first half of 2014 and their stocks generally reflect optimistic outlooks, added the analyst. As a result, he downgraded three names in the sector - Toll Brothers (TOL), PulteGroup (PHM), and William Lyon Homes (WLH) - to Neutral from Outperform. Oppenheim expects the companies' orders and gross margins to rise this year, but he predicts that the sector's margins will inch down slightly next year. WHAT'S NOTABLE: Also possibly weighing on the sector is news that two key senators have reached a deal to wind down and eliminate Fannie Mae (FNMA) and Freddie Mac (FMCC), which buy mortgages from lenders. The top Democrat and the top Republican on the Senate Banking Committee yesterday said they had agreed on a plan to dismantle the two companies and replace them with a system that would force the private sector to shoulder more of the risk of mortgages. PRICE ACTION: In early trading, Toll Brothers fell 3% to $36.85, PulteGroup dropped 2.7% to $19.40, and William Lyon retreated 3% to $29. OTHERS TO WATCH: Other publicly traded homebuilders include Beazer Homes (BZH), D.R. Horton (DHI), Hovnanian (HOV), KB Home (KBH), Lennar (LEN), M.D.C. Holdings (MDC), and Ryland Group (RYL).
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November 26, 2014
14:40 EDTTOLToll Brothers volatility low into Q4 and outlook
Toll Brothers December weekly call option implied volatility is at 20, December, January and, March is at 24; compared to its 26-week average of 26 according to Track Data, suggesting decreasing price movement into the expected release of Q4 results on December 10.
November 25, 2014
10:10 EDTHOVHigh option volume stocks
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07:19 EDTLENLennar price target raised t $54 from $43 at RBC Capital
RBC Capital increased its price target on Lennar as the firm says the company has industry-leading profitability due to its low-cost land and strong execution. RBC Capital also expects the company's nascent businesses, including real estate private equity and mortgage origination, to become more visible in 2015. The firm keeps an Outperform rating.
November 21, 2014
10:00 EDTDHI, KBHOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Best Buy (BBY) upgraded to Outperform from Market Perform at Telsey Advisory... BlackRock (BLK) upgraded to Outperform from Market Perform at Bernstein... Cerner (CERN) upgraded to Outperform from Market Perform at Cowen... Community Health (CYH) upgraded to Outperform from Market Perform at Raymond James... Lockheed Martin (LMT) upgraded to Neutral from Sell at UBS... Teekay Offshore Partners (TOO) upgraded to Buy from Neutral at Citigroup... Trinity Industries (TRN) upgraded to Buy from Neutral at Longbow... Zebra Technologies (ZBRA) upgraded to Overweight from Neutral at JPMorgan... Ross Stores (ROST) upgraded to Hold from Sell at Maxim... St. Jude Medical (STJ) upgraded to Outperform from Market Perform at Cowen... Wolverine World Wide (WWW) upgraded to Buy from Neutral at DA Davidson... D.R. Horton (DHI) upgraded to Market Perform from Underperform at Raymond James... KB Home (KBH) upgraded to Market Perform from Underperform at Raymond James... Sony (SNE) upgraded to Overweight from Neutral at JPMorgan.
08:17 EDTDHID.R. Horton upgraded to Market Perform from Underperform at Raymond James
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08:17 EDTKBHKB Home upgraded to Market Perform from Underperform at Raymond James
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08:17 EDTMDCM.D.C. Holdings upgraded to Market Perform from Underperform at Raymond James
Raymond James upgraded M.D.C. Holdings to Market Perform based on historical seasonal sector strength. The firm still has concerns regarding relative valuations and land quality.
November 18, 2014
09:24 EDTWLHWilliam Lyon Homes upgraded to Outperform from Neutral at Credit Suisse
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06:10 EDTWLHWilliam Lyon Homes announces pricing of tangible equity units
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November 17, 2014
16:24 EDTWLHOn The Fly: Closing Wrap
Stocks on Wall Street were quiet and traded in a fairly narrow range for their sixth straight session, despite a "merger Monday" that saw over $100B in deals announced. The Dow and S&P, which began the week near record levels, passed back and forth across the flat line several times during the day, though the Nasdaq weakened early in the session and never really recovered. ECONOMIC EVENTS: In the U.S., industrial production fell 0.1% in October, missing expectations for it to have risen 0.2% from the prior month. October capacity utilization came in at 78.9%, which fell short of the expected 79.3% rate. The Empire State manufacturing index, which reflects manufacturing activity in the New York region, rose 4 points to 10.2 in November, which was generally in-line with the consensus forecast. In Asia, Japan's GDP unexpectedly shrank an annualized 1.6% last quarter, missing projections for a 2.2% gain and sinking its economy into a recession. COMPANY NEWS: Actavis (ACT) gained $4.17, or 1.71%, to $247.94 after confirming that it agreed to acquire Allergan (AGN) for a combination of $129.22 in cash and 0.3683 Actavis shares valued at approximately $66B, or $219 per Allergan share. Valeant Pharmaceuticals (VRX), which had been in a contentious fight to buy Allergan, commented that it "cannot justify to its own shareholders" paying a price of $219 or more per share for the Botox maker, whose stock rose $10.55, or 5.31%, to $209.20... Halliburton (HAL), conversely, fell $5.85, or 10.62%, to $49.23 after it agreed to acquire Baker Hughes (BHI) in a stock and cash transaction valued at $78.62 per Baker Hughes share, representing an enterprise value of $38B. When the deal talks were first reported by The Wall Street Journal last week, antitrust concerns were highlighted by analysts, but Halliburton said it had agreed to divest businesses that generate up to $7.5B in revenues, if required by regulators, and agreed to pay a fee of $3.5B if the transaction terminates due to a failure to obtain required approvals. Baker Hughes rose $5.34, or 8.92%, to $65.23 after the deal was announced. MAJOR MOVERS: Among the notable gainers was Celldex Therapeutics (CLDX), which advanced $4.09, or 28.88%, to $18.25 after the company reported it saw a statistically significant overall survival benefit, along with an increase in clinically meaningful tumor shrinkage, in a sub-group of its study of a drug to treat a specific type of brain tumor. Also higher was Amicus Therapeutics (FOLD), which rose $1.01, or 17.75%, to $6.70 after the company announced additional data on secondary endpoints from its second Phase 3 study of its treatment for Fabry disease. Among the noteworthy losers was William Lyon Homes (WLH), which fell $3.52, or 15.53%, to $19.14 after the company announced that it intends to offer, subject to market and other conditions, 1M tangible equity units, which will consist of a prepaid stock purchase contract and an amortizing note. Also lower were shares of DreamWorks (DWA), which dropped $3.71, or 14.26%, to $22.31 after multiple media outlets reported that talks about a takeover of the company by Hasbro (HAS) had ended. INDEXES: The Dow gained 13.01, or 0.07%, to 17,647.75, the Nasdaq lost 17.54, or 0.37%, to 4,671.00, and the S&P 500 added 1.50, or 0.07%, to 2,041.32.
07:35 EDTWLHWilliam Lyon Homes files to sell tangible equity units
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