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Stock Market & Financial Investment News

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February 20, 2014
07:16 EDTUPS, D, NSC, TSO, NUEU.S. Chamber of Commerce to hold a summit
Transportation Infrastructure Summit 2014 is being held in Washington, D.C. on February 20.
News For TSO;D;NUE;NSC;UPS From The Last 14 Days
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March 25, 2015
11:28 EDTNUEEU to impose tariffs on steel from China and Taiwan, Reuters says
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09:29 EDTTSORefining stocks can outperform commodities within cycle, says Cowen
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09:19 EDTTSORefining sector price targets raised at Morgan Stanley
Morgan Stanley believes the market is underestimating US downstream earnings power. The firm expects US refining to re-rate, driven by relative valuations, secular tailwinds, and focus on shareholder returns. Morgan Stanley raised price targets on Valero (VLO) to $90 from $70, Tesoro (TSO) to $120 from $92, Phillips 66 (PSX) to $105 from $95, Western Refining (WNR) to $63 from $52, Delek US (DK) to $48 from $45, Marathon Petroleum (MPC) to $145 from $120, and PBF Energy (PBF) to $45 from $35.
March 24, 2015
09:01 EDTNSCStephens to hold an investor trip
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March 23, 2015
16:20 EDTNSCOn The Fly: Closing Wrap
Stocks on Wall Street opened in relatively quiet fashion and remained that way throughout the session until a sharp selloff in the closing minutes. For most of the day the averages moved in a narrow range, as the Dow broke its streak of consecutive days with triple digit moves. Like stocks, the oil markets had a quiet session that stood out amid the recent volatility in crude prices. A late day drop prevented the major stock indexes from adding to the big gains they'd notched on Friday. ECONOMIC EVENTS: In the U.S., the Chicago Fed's national activity index fell to -0.11 in February, below expectations for a reading of 0.10. Existing home sales rose 1.2% to a 4.88M rate in February, which was below the consensus forecast for them to grow 2% to a 4.92M unit rate. COMPANY NEWS: Shares of Kansas City Southern (KSU) declined $9.21, or 7.96%, to $106.48 after the railroad operator lowered its fiscal year revenue guidance to reflect slower year-to-date carload growth primarily from the energy sector, along with a continued deterioration in the value of the Mexican peso against the U.S. dollar and lower fuel surcharge revenues driven by lower WTI prices. The revenue warning appeared to weigh on others in the rail industry as well, with Union Pacific (UNP) falling $4.67, or 3.98%, to $112.78, Norfolk Southern (NSC) dropping $3.87, or 3.5%, to $106.56 and Canadian National (CNI) sliding $1.13, or 1.65%, to $67.24. MAJOR MOVERS: Among the notable gainers was ImmunoGen (IMGN), which gained $1.25, or 16.8%, to $8.69 after Takeda (TKPYY) licensed rights to use the company's antibody drug conjugate technology. Also higher was Tenet Healthcare (THC), which rose $2.45, or 4.94%, to $52.07 after agreeing to combine its short-stay surgery and imaging center assets into a new joint venture with United Surgical Partners International. Tenet will initially own 50.1% of the joint venture and will consolidate its financial results and will have a path to full ownership of USPI over the next five years through a put/call structure, the company noted. Among the noteworthy losers was MEI Pharma (MEIP), which plunged $4.37, or 69.37%, to $1.93 and was downgraded by at least four Wall Street research firms after the combination of Pracinostat and azacitidine showed no difference in the rate of complete remission, the primary endpoint of a Phase II study, compared to azacitidine alone. Also lower were shares of Vertex (VRTX), which fell $5.21, or 3.98%, to $125.79 after reporting data from a study evaluating VX-661 in combination with ivacaftor in cystic fibrosis that JPMorgan said was generally below expectations. INDEXES: The Dow fell 11.61, or 0.06%, to 18,116.04, the Nasdaq lost 15.44, or 0.31%, to 5,010.97, and the S&P 500 dropped 3.68, or 0.17%, to 2,104.42.
13:13 EDTNSCRailroad operators trade lower after Kansas City Southern reduces FY15 guidance
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12:17 EDTNSCOn The Fly: Midday Wrap
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March 20, 2015
10:00 EDTTSOOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Actuant (ATU) downgraded at Stifel... American Capital Mortgage (MTGE) downgraded to Hold from Buy at Wunderlich... Campus Crest (CCG) downgraded at RBC Capital... Care.com (CRCM) downgraded to Neutral from Overweight at JPMorgan... Electrolux AB (ELUXY) downgraded to Neutral from Overweight at JPMorgan... Ericsson (ERIC) downgraded to Equal Weight from Overweight at Morgan Stanley... Extreme Networks (EXTR) downgraded at Raymond James... PrivateBancorp (PVTB) downgraded to Market Perform from Outperform at BMO Capital... TD Ameritrade (AMTD) downgraded to Neutral from Buy at Goldman... Tableau (DATA) downgraded at Mizuho... Tech Data (TECD) downgraded to Hold from Buy at Needham... Tesoro (TSO) downgraded at Wells Fargo... Ultra Clean (UCTT) downgraded to Hold from Buy at Needham... Vince Holding (VNCE) downgraded to Neutral from Overweight at Piper Jaffray... Youku Tudou (YOKU) downgraded to Sell from Hold at Deutsche Bank.
07:17 EDTTSOTesoro downgraded at Wells Fargo
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05:35 EDTTSOTesoro downgraded to Market Perform from Outperform at Wells Fargo
March 19, 2015
10:23 EDTNUEHigh option volume stocks
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09:12 EDTNUENucor sees Q1 operating performance of raw materials to decrease
Cites anticipated operating loss of approximately $37M at Nucor Steel Louisiana and decreased performanced of scrap processing business and natural gas drilling working interests. The production operations of Nucor Steel Louisiana have remained suspended since the equipment failure related to the process gas heater occurred on November 2, 2014. The company is close to completing the necessary repairs and adjustments to the process gas heater, and estimates that Nucor Steel Louisiana will be operational before the end of the first quarter of 2015.
09:11 EDTNUENucor says conditions remain challenging in energy markets
The company commented, "Conditions remain challenging in energy markets, in which the collapse in oil prices and continued high levels of imported oil country tubular goods products has caused an inventory glut in the pipe and tube sector. Automotive markets remain strong and are continuing to improve. We continue to see improving demand in the nonresidential construction markets. Once energy market steel inventories are rebalanced later this year, we expect overall steel demand to meet or exceed levels seen in 2014. The overall operating performance of the downstream products segment for the first quarter of 2015 is expected to decrease from the fourth quarter of 2014 due to typical seasonality experienced in the first quarter; however, the results of the downstream products segment in the first quarter of 2015 are expected to increase over the first quarter of 2014 due to both lower input costs and improved volumes, supporting the resiliency of the slow but steady growth in nonresidential construction markets."
09:10 EDTNUENucor cuts Q1 EPS to 10c-15c, consensus 40c
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March 18, 2015
07:10 EDTNUEPlatts to hold a forum
11th Annual Steel Markets North America is being held in Chicago on March 17-18.
March 17, 2015
10:05 EDTUPSUPS management to meet with Oppenheimer
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March 16, 2015
12:39 EDTNUESteels stocks lower after report of rising China exports, analyst note
Steel stocks are lower after a Wall Street Journal report on increasing Chinese steel exports and an analyst note that lowered price targets on the sector. WHAT'S NEW: A Wall Street Journal report from Sunday night pointed out that China's steel exports rose 63% to 9.2M tons in January from a year earlier. China produces as much steel as the rest of the world combined and as the country's growth slows it is shipping its excess steel overseas, resulting in lower prices and spurring steel producers around the globe to seek government protection. ANALYST VIEW: In a note to investors, Jefferies said steel fundamentals stayed challenging throughout the first quarter and the firm lowered its price targets on a number of names in the sector to account for its reduced estimates. Jefferies lowered its price target on U.S. Steel (X) to $21 from $26, cut its price target on Schnitzer Steel (SCHN) to $17 from $20, reduced its price target on Nucor (NUE) to $57 from $61, and trimmed its target on AK Steel (AKS) to $3.75 from $4.75. Jefferies noted that a majority of its contacts expect steel prices to trough sometime in the second quarter and the firm said it believes "mini-mill" producers like Steel Dynamics (STLD) and Nucor are best positioned in the group. PRICE ACTION:In midday trading, United States Steel is down 1.24%, AK Steel is lower by 2%, Schnitzer Steel Industries is down 4.3%, Steel Dynamics is down 0.96%, and Nucor is up fractionally.
11:49 EDTNUEChina steel exports set to rise from last year's level, WSJ says
As China's economy slows it is exporting its excess steel in greater amounts and is causing a backlash from other steel producers who are seeking government protection from falling prices, says the Wall Street Journal. China's steel exports in January were up 63% to 9.2M tons from a year earlier, added the Wall Street Journal. Publicly traded companies in the space include U.S. Steel (X), AK Steel (AKS), Steel Dynamics (STLD) and Nucor Corporation (NUE). Reference Link
08:11 EDTNUESteel seen as likely to bottom in Q2 after weak Q1, says Jefferies
Jefferies said steel fundamentals stayed challenging throughout Q1 and the firm lowered its price targets on a number of names in the sector to account for its reduced estimates. Jefferies lowered its price target on U.S. Steel to $21 from $26, cut its price target on Schnitzer Steel (SCHN) to $17 from $20, reduced its price target on Nucor (NUE) to $57 from $61 and trimmed its target on AK Steel to $3.75 from $4.75. Jefferies noted that a majority of it contacts expect steel prices to trough sometime in Q2 and the firm said it believes "mini-mill" producers like Steel Dynamics (STLD) and Nucor are best positioned in the group.
March 13, 2015
06:19 EDTNUESteel Dynamics upgraded to Buy from Neutral at Citigroup
Citigroup upgraded Steel Dynamics (STLD) to Buy citing greater confidence in the company's free cash generation. Citi notes Steel recently upped its dividend by 20%, representing a 3% yield, and called $350M of debt. It raised its price target for shares to $21 from $20. Steel Dynamics is now Citi's top steel name, followed by Commercial Metals (CMC) and Nucor (NUE).
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