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Stock Market & Financial Investment News

News Breaks
June 4, 2014
11:25 EDTCLF, TSNStocks with call strike movement; CLF TSN
Cliffs Natural (CLF) October 17 call option implied volatility increased 2% to 42, Tyson Foods (TSN) October 46 call option implied volatility increased 4% to 28 according to IVolatility.
News For TSN;CLF From The Last 14 Days
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February 5, 2016
11:51 EDTTSNTyson Foods soars to 52-week high after raising FY16 profit outlook
Shares of Tyson Foods (TSN) are rallying after the company's first quarter earnings per share topped analysts' consensus estimates. The company also raised its profit outlook for fiscal year 2016. WHAT'S NEW: Prior to the market open this morning, Tyson Foods reported Q1 adjusted EPS of $1.15, easily topping analyst's consensus estimates of 89c. However, the company's Q1 revenue of $9.15B missed analysts' estimates of $10.07B, and the company noted that average sales prices decreased in the quarter due in part to higher domestic availability of fed cattle and live hog supplies. Tyson also noted that feed costs declined $60M during Q1. Additionally, the company also raised its share repurchase authorization by 50M shares. GUIDANCE: Looking ahead to FY16, Tyson Foods raised its EPS view to $3.85-$3.95, ahead of analysts' consensus estimates of $3.63. The company's sales view for FY16 was lowered to approximately $37B from its previous estimate of $41B, below analysts' estimates of $39.83B. The company cited declines in beef, pork and feed prices. Tyson Foods sees domestic protein production for the fiscal year up 2%-3% and believes the chicken segment's operating margin will improve to 11% in 2016, up from its previous 10% outlook. Tyson also sees lower future feed costs in FY16 compared to FY15 of approximately $200M based on current futures prices. Further, Tyson sees its beef segment's operating margin "at or above" the low end of its normalized range of 1.5-3% for FY16 and its pork segment's operating margin above its normalized 6%-8% range, up from its previous estimate of within the range. The company also sees synergies of over $500M in FY16 from its acquisition of Hillshire Brands and sees FY16 capital expenditures of $900M. EXECUTIVE COMMENTARY: On the company's earnings conference call, Donnie Smith, the company's chief executive officer, said he believes that "the worst is over" in terms of the cattle supply. While he believes beef will still be expensive to consumers, he noted that customers are spending more at the grocery store. PRICE ACTION: In late morning trading, Tyson Foods rose $5.16, or about 10%, to $57.13 on nearly twice its average daily trading volume. Earlier in the session, the stock made a fresh 52-week high of $58.94. Including the advance, the stock is up approximately 43% over the past 12 months. OTHERS TO WATCH: Other food producers include Hormel Foods (HRL), Sanderson Farms (SAFM) and Pilgrim's Pride (PPC).
09:19 EDTTSNOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Tyson Foods (TSN), up 6.9%... Symantec (SYMC), up 9.1%... Ubiquiti (UBNT), up 20.2%... Lumentum (LITE), up 7.5%. DOWN AFTER EARNINGS: Tableau Software (DATA), down 42.8%... LinkedIn (LNKD), down 35.6%... Outerwall (OUTR), down 19.9%... Sierra Wireless (SWIR), down 24.4%... Deckers Outdoor (DECK), down 12.7%... Hanesbrands (HBI), down 13.3%. ALSO LOWER: LinnCo (LNCO), down 65% after announcing exploration of strategic alternatives... Linn Energy (LINE), down 59.2% after announcing exploration of strategic alternatives... Quotient (QTNT), down 17.9% after 4.44M share Secondary priced at $9.00... Hess (HES), down 10.2% after 25M share Spot Secondary priced at $39.00.
09:10 EDTTSNTyson Foods says overall grocery trips down, but customers spending more
09:08 EDTTSNTyson Foods expects beef to still be expensive to consumers
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09:06 EDTTSNTyson Foods expects continued savings in raw materials, synergy capture in FY16
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08:54 EDTTSNTyson Foods rallies sharply after earnings beat
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07:38 EDTTSNTyson Foods sees FY16 domestic protein production up 2%-3%
Tyson said: "In fiscal 2016, we expect domestic protein production, chicken, beef, pork and turkey, to increase approximately 2-3% from fiscal 2015 levels and moderate export growth. As a result, increased domestic availability could pressure protein pricing. As we proceed with the integration of Hillshire Brands, we expect to realize incremental synergies in excess of $200M above the amount of synergies realized in fiscal 2015. In total, we expect synergies of more than $500M in fiscal 2016 and more than $700M in fiscal 2017 from the acquisition as well as our profit improvement plan for our legacy Prepared Foods business. The majority of these benefits will be realized in our Prepared Foods segment." The company expects capital expenditures to approximate $900M for fiscal 2016.
07:36 EDTTSNTyson Foods increases shares repurchase authorization by 50M shares
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07:34 EDTTSNTyson Foods raises FY16 EPS view to $3.85-$3.95, consensus $3.63
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07:31 EDTTSNTyson Foods reports Q1 adjusted EPS $1.15, consensus 89c
Reports Q1 revenue $9.15B, consensus $10.07B.
06:42 EDTCLFCliffs Natural solvency concerns mounting, says Deutsche Bank
Deutsche Bank analyst Jorge Beristain says that while successful execution of the recently announced debt exchange offer could bring a short-term catalyst for shares of Cliffs Natural, it may not alter medium-term solvency concerns. Post the company's Q4 results, the analyst cut his price target for the shares to $1.00 from $1.50 on lower iron ore realizations. He believes solvency concerns are mounting and reiterates a Sell rating on Cliffs.
February 4, 2016
14:35 EDTTSNNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Estee Lauder (EL), consensus $1.11... CME Group (CME), consensus 90c... Tyson Foods (TSN), consensus 89c... Weyerhaeuser (WY), consensus 24c.
13:56 EDTTSNTyson Foods volatility elevated into Q1 and outlook
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February 2, 2016
12:15 EDTTSNTyson Foods closes some pork and beef plants due to blizzard, Reuters reports
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February 1, 2016
16:24 EDTCLFMesabi Trust receives royalty report of iron ore product shipments from Cliffs
On January 29, the Trustees of Mesabi Trust (MSB) received the quarterly royalty report of iron ore product shipments from Silver Bay, Minnesota during the quarter ended December 31, 2015 from Cliffs Natural Resources (CLF), the parent company of Northshore Mining Company. As previously reported, on January 15, 2016, the Trustees declared a distribution of 5c per Unit of Beneficial Interest payable on February 20 to Mesabi Trust Unitholders of record at the close of business on January 30. As reported by Cliffs, based on shipments of iron ore products by Northshore during the three months ended December 31, 2015, Mesabi Trust was credited with a base royalty of $2.86M. Mesabi Trust also was credited with a bonus royalty in the amount of $271,153, based on the average sales price per ton of iron ore pellets and the volume of shipments by Northshore during the fourth calendar quarter of 2015. Royalties paid to Mesabi Trust, however, reflected a reduction of $797,170 as a result of negative pricing adjustments to base and bonus royalty calculations related to changes in price estimates made in the previous calendar quarters of 2015. Accordingly, the total royalty payments received on January 29, 2016 by Mesabi Trust from Northshore were $2.42M. The royalties paid to Mesabi Trust are based on the volume of shipments of iron ore pellets for the quarter and the year to date, the pricing of iron ore product sales, and the percentage of iron ore pellet shipments from Mesabi Trust lands rather than from non-Mesabi Trust lands. In the fourth calendar quarter of 2015, Northshore credited Mesabi Trust with 981,102 tons of iron ore, as compared to 1,244,364 tons during Q4 of 2014.
January 27, 2016
09:12 EDTCLFOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Biogen (BIIB), up 5.6%... Hawaiian Holdings (HA), up 6.7%... Capital One (COF), up 1.5%. ALSO HIGHER: Capnia (CAPN), up 34.1% after entering into an exclusive distribution agreement with Bemes... Fate Therapeutics (FATE), up 18.6% after announcing that the FDA has cleared the company's investigational new drug application for ProTmune... Raptor Pharmaceutical (RPTP), up 12.1% after being upgraded to Buy from Neutral at Citi... Aquinox (AQXP), up 5.6% after Baker Bros. buys 140,786 shares in the company... Sunedison (SUNE), up 7.4% after SunEdison and Greenlight Capital announced that they have mutually agreed to corporate governance initiatives... Citizens Financial Group (CFG), up 3% after it will be added to the S&P 500... Terex (TEX), up 5.2% after being upgraded to Neutral from Underweight at JPMorgan. DOWN AFTER EARNINGS: Tupperware Brands (TUP), down 11.4%... VMware (VMW), down 6.5%... Textron (TXT), down 9.9%... Cliffs Natural (CLF), down 5.8%... Boeing (BA), down 6.2%... Fiat Chrysler (FCAU), down 3%... Apple (AAPL), down 3.4%. ALSO LOWER: Priceline (PCLN), down 2.9% after being downgraded to Neutral from Buy at Goldman... Bed Bath & Beyond (BBBY), down 4.2% after being downgraded at Citi and KeyBanc... Tripadvisor (TRIP), down 5.5% after being downgraded to Sell from Neutral at Goldman.
08:07 EDTCLFCliffs Natural sees FY16 CapEx $50M vs. $83M in FY15
For 2016, Cliffs expects full-year sales volume of approximately 17.5 million tons from its U.S. Iron Ore business. In order to reduce pellet inventory levels and generate cash flow from working capital, the Company currently plans to produce approximately 16 million tons of iron ore pellets. Cliffs' full-year 2016 U.S. Iron Ore cash production cost per ton expectation is $50 - $55. The Company's cash cost of goods sold per ton expectation is $55 - $60, representing a reduction of $5 from the previously disclosed 2016 cash costs of goods sold per ton expectation of $60 - $65. Cliffs anticipates depreciation, depletion and amortization to be approximately $7 per ton for full-year 2016. The Company remains in active negotiations with the United Steelworkers and is committed to reaching a fair and equitable agreement. The current contract has been extended by mutual agreement of both parties. The contract extension covers approximately 2,200 USW-represented workers at Cliffs' Empire and Tilden mines in Michigan, and its United Taconite and Hibbing Taconite mines in Minnesota. Cliffs' full-year 2016 Asia Pacific Iron Ore expected sales and production volume is approximately 11.5 million tons. The product mix is expected to contain 50 percent lump and 50 percent fines. The Company expects full-year 2016 interest expense to be approximately $240 million, of which approximately $205 million is cash interest. Cliffs expects full-year 2016 capital expenditures to be $50 million, a significant reduction compared to 2015 expenditures of $83 million. The reduction is driven by the divestiture of the remaining coal assets as well as spending discipline exhibited in the U.S. Iron Ore business.
08:06 EDTCLFCliffs Natural reports Q4 US Iron Ore total sales volume 4.5M
U.S. Iron Ore pellet sales volume in the fourth quarter of 2015 was 4.5 million tons, a 42 percent decrease when compared with 7.8 million tons sold in the fourth quarter of 2014. The decrease was driven principally by the termination of a customer contract, lower demand from U.S. mills and higher sales in the comparable quarter in the prior year from the delayed start-up of the 2014 shipping season. Cash production cost per ton in U.S. Iron Ore was $45.36, down 23 percent from $58.96 in the prior year's fourth quarter. The decrease was driven by lower employment costs, reduced maintenance and repair costs, and year-over-year lower energy rates. Reports Q4 US Iron Ore total production volume 4.5M. Fourth-quarter 2015 Asia Pacific Iron Ore sales volume of 2.9 million was flat compared to the fourth quarter of 2014.
08:04 EDTCLFCliffs Natural reports Q4 cont ops EPS (14c), consensus (26c)
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January 26, 2016
14:32 EDTCLFNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Novartis (NVS), consensus $1.18... Boeing (BA), consensus $1.26... United Technologies (UTX), consensus $1.52... Biogen (BIIB), consensus $4.08... EMC (EMC), consensus 65c... General Dynamics (GD), consensus $2.38... Anthem (ANTM), consensus $1.22... Illinois Tool Works (ITW), consensus $1.21... State Street (STT), consensus $1.18... Norfolk Southern (NSC), consensus $1.24... Progressive (PGR), consensus 47c... St. Jude Medical (STJ), consensus $1.01... Rockwell Automation (ROK), consensus $1.33... Textron (TXT), consensus 83c... Hess (HES), consensus ($1.47)... Cliffs Natural (CLF), consensus (26c).
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