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March 12, 2014
12:44 EDTEXXI, GERN, TOL, EPL, WLH, PGR, PAY, PHMOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq the lone major index trading in positive territory. Stocks trading in New York began the session in the red, taking their lead from overseas markets which were weaker on global growth concerns. The market drifted off its lows and all three major averages made it back to positive ground, though the Dow and S&P have slipped back below yesterday's closing levels. ECONOMIC EVENTS: In the U.S., MBA's mortgage applications index fell 2.1% last week. The federal budget for February is scheduled to be reported at 2:00 pm ET. In Asia, Reuters said overnight that China's central bank is prepared to cut the amount of cash that banks must keep as reserves if economic growth slows further. COMPANY NEWS: Shares of a number of homebuilders sunk after Credit Suisse downgraded three companies in the sector, saying that the spring selling season looks set to be "underwhelming." 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, adding that homebuilders' stocks generally reflect optimistic outlooks. As a result, he downgraded three names in the sector - Toll Brothers (TOL), PulteGroup (PHM), and William Lyon Homes (WLH) - to Neutral from Outperform. Near midday, Pulte shares were down over 2%, Toll slid almost 2% and William Lyon fell 1%. MAJOR MOVERS: Among the notable gainers was electronic payment solution provider VeriFone Systems (PAY), which hit a new 52-week high earlier in the session and was up about 9% near midday after the company's first quarter results topped expectations. Also higher was EPL Oil & Gas (EPL), which jumped 30% after the company agreed to be acquired by Energy XXI (EXXI) in a deal that will see stockholders receive a consideration valued at $39.00 per EPL share. Shares of Energy XXI slipped 6% following the deal announcement. Among the other noteworthy losers was insurer Progressive (underwhelming), which fell more than 3% after reporting its net premiums written rose 3% to $1.54B in February. Also lower were shares of Geron (GERN), which plunged over 62% and was downgraded to Neutral from Overweight at Piper Jaffray after the FDA put a full clinical hold for all company-sponsored imetelstat studies. INDEXES: Near midday, the Dow was down 36.20, or 0.22%, to 16,315.05, the Nasdaq was up 3.14, or 0.07%, to 4,310.33, and the S&P 500 was down 3.89, or 0.21%, to 1,863.74.
News For TOL;PHM;WLH;GERN;PAY;EPL;EXXI;PGR From The Last 14 Days
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March 2, 2015
07:27 EDTTOLRaymond James to hold a conference
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February 27, 2015
09:34 EDTWLHWilliam Lyon Homes management to meet with JPMorgan
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09:01 EDTWLHWilliam Lyon Homes 1.9M share Block Trade priced at $22.85
The deal range was $22.75-$22.90. Credit Suisse acted as sole book running manager for the offering.
February 24, 2015
11:50 EDTTOLToll Brothers sees tax rate at 35% for balance of the year
Says looking to expand City Living beyond New York. Sees more buyers this spring selling season. Says has more pricing power than in November and December.
11:21 EDTTOLToll Brothers sees earnings growth in FY16
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08:56 EDTTOLOn The Fly: Pre-market Movers
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05:26 EDTTOLToll Brothers expects to deliver 5,200-6,000 homes in FY!5
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05:25 EDTTOLToll Brothers reports Q1 home building deliveries of 1,091 units
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05:25 EDTTOLToll Brothers reports Q1 EPS 44c, consensus 30c
Reports Q1 revenue $953.5M, consensus $780.86M
February 23, 2015
14:59 EDTTOLToll Brothers technical comments before earnings
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13:44 EDTTOLEarnings Preview: Toll Brothers sentiment cautious ahead of Q1 results
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February 20, 2015
08:33 EDTWLHWilliam Lyon Homes reports Q4 EPS 52c, consensus 49c
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February 19, 2015
07:31 EDTEXXIEnerCom to hold a conference
The Oil & Services Conference (TOSC) 2015 is being held in San Francisco on February 18-19 with webcasted company presentations to begin on February 19 at 11 am; not all company presentations may be webcasted. Webcast Link
07:04 EDTTOLToll Brothers weekly volatility elevated into Q4 and outlook
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February 18, 2015
11:44 EDTPGRProgressive January EPS beat expectations, says Wells Fargo
Wells Fargo said Progressive's January operating EPS of 16c beat the firm's estimate of 14c, though the firm attributes the stock's move lower after the monthly update to the company's worse than expected underlying results. Wells continues to think Progressive's valuation could contract over time to be more inline with other personal lines carriers and maintains its Market Perform rating on the stock.
08:47 EDTPGRProgressive reports January EPS 15c vs. 26c last year
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