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Stock Market & Financial Investment News

News Breaks
April 27, 2012
06:11 EDTRTN, UPS, WMT, LMT, HON, HMC, BA, IPOn the Fly: Periodicals Wrap-Up
WALL STREET JOURNAL: The Bank of Japan increased its battle against deflation by saying it will boost the volume of government bonds it purchases and buy domestic sovereign debt with longer maturities, the Wall Street Journal reports...Some 35 major U.S.-based multinational companies (WMT, IP, HON, UPS) added jobs much faster than other U.S. employers in the past two years, but nearly three-fourths of those jobs were overseas, according to a Wall Street Journal analysis...REUTERS: U.S. companies (BA, LMT, RTN) are poised to sign defense deals totaling $8B with India, according to U.S. Ambassador Nancy Powell, Reuters reports...Honda Motor (HMC) forecast a near-tripling of operating profit in the year ahead on Asian sales and a recovery in the U.S., rebounding from last year when it was hurt by the yen's record strength and natural disasters, Reuters reports...BLOOMBERG: Gold traders are more bullish after central banks expanded their bullion reserves and hedge funds raised their bets on a rally for the first time in three weeks, Bloomberg reports.
News For WMT;IP;HON;UPS;BA;LMT;RTN;HMC From The Last 14 Days
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January 26, 2016
11:07 EDTLMTLockheed Martin says increase in DoD budget shows need to respond in environment
11:06 EDTLMTLockheed Martin plans to adjust financial outlook when spin-off closes
Comments taken from Q4 earnings conference call.
11:01 EDTLMTLockheed Martin sees 2017 and beyond sales growth rate to be higher
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07:10 EDTLMTLeidos confirms agreement to combine with Lockheed Martin units
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07:07 EDTLMTLockheed Martin reports Q4 Aeronautics sales $4.38B
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07:06 EDTLMTLockheed Martin sees FY16 EPS $11.45-$11.75
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07:04 EDTLMTLockheed Martin reports Q4 EPS $3.01, consensus $2.92
Reports Q4 revenue $12.9B vs. $12.5B last year. Fourth quarter 2015 net earnings included a special charge for workforce reductions of $67 million, which decreased net earnings $44 million, or $0.14 per share; and non-recoverable transaction costs of $45 million associated with the acquisition of Sikorsky Aircraft Corporation and the Corporation's strategic review of its government IT and technical services businesses, which decreased net earnings $28 million, or $0.09 per share. These costs were offset by the recognition of a full-year U.S. research and development tax credit resulting from the enactment of tax legislation in the fourth quarter of 2015, which increased net earnings $71 million, or $0.23 per share. Fourth quarter 2014 net earnings included a special charge for a non-cash goodwill impairment of $119 million, which decreased net earnings $107 million, or $0.33 per share, partially offset by the recognition of a full-year R&D tax credit due to the temporary reinstatement of the R&D tax credit in the fourth quarter of 2014, which increased earnings $45 million, or $0.14 per share.
07:03 EDTLMTLockheed Martin to separate and combine IT/tech service units with Leidos
Lockheed Martin (LMT) has entered into a definitive agreement to separate and combine its realigned Information Systems & Global Solutions business segment with Leidos (LDOS) in a tax-efficient Reverse Morris Trust transaction, unlocking $5 billion in estimated enterprise value for Lockheed Martin stockholders. The agreement aims to align IS&GS's business with an industry leader in government IT and technical services, creating an enterprise capable of providing unparalleled solutions in industries from national security to health and life sciences. Subject to regulatory approvals, the $5B transaction includes a $1.8B one-time special cash payment to Lockheed Martin, which the Corporation intends to use to repay debt, pay dividends, and/or repurchase its stock. The cash payment is subject to adjustment on the terms set forth in the transaction documents. Lockheed Martin stockholders will receive approximately 50.5% of the outstanding equity of Leidos on a fully diluted basis with an estimated value of $3.2B. Leidos' existing shareholders will continue to hold the remaining approximately 49.5% of the outstanding shares of Leidos. The transaction structure, which is subject to market conditions, is currently contemplated to be a tax-efficient split-off transaction, which would result in a decrease in Lockheed Martin share count. The transaction is also subject to Leidos shareholder approval and completion of customary conditions, including receipt of opinions of tax counsel. The transaction is expected to close in the third or fourth quarter of 2016. Until closing, IS&GS will continue to operate as a business segment of the Corporation.
07:02 EDTHONInternational Exposition Company to hold an expo
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07:02 EDTLMTLockheed Martin to separate and combine IT/tech service units with Leidos
06:29 EDTLMTPoland 'very likely' to cancel $3B Airbus deal, Reuters reports
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January 25, 2016
16:49 EDTWMTMurphy USA announces $500M share buyback, shift in Walmart relationship
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14:33 EDTBABoeing technical comments ahead of results
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14:29 EDTLMTNotable companies reporting before tomorrow's open
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13:07 EDTLMTLockheed Martin volatility flat into Q4 and outlook
Lockheed Martin February call option implied volatility is at 23, March is at 22; compared to its 52-week range of 14 to 33, suggesting non-directional price movement into the expected release of Q4 results on January 26.
10:30 EDTIPContainerboard makers sink after prices cut
The shares of containerboard makers are falling after an industry publication reported that prices in the sector had declined. Citi and Deutsche Bank responded differently to the news. Citi recommended that investors avoid the sector and downgraded two stocks in the space, International Paper (IP) and Packaging Corp. (PKG). However, Deutsche Bank kept Buy ratings on three stocks in the sector - KapStone (KS), Packaging Corp. and WestRock (WRK), predicting that containerboard makers would look to balance supply with demand. BACKGROUND: On Friday night, Pulp & Paper Week lowered its benchmark kraftliner and semichemical medium prices by $15 per ton and $20 per ton, respectively. ANALYST REACTION: Friday's news was unexpected and will probably cause cause box prices to drop, wrote Deutsche Bank analyst Debbie Jones. As a result, analysts' estimates for companies in the sector will decline, Jones stated. However, the companies will respond by taking steps to balance supply with demand, the analyst believes. Moreover, some producers will try to keep prices stable, she stated. Estimating that the price cut would cause a 3%-4% reduction in the companies' earnings before interest taxes, depreciation and amortization, Jones kept Buy ratings on Kapstone Papaer, Packaging Corp. and Westrock. Conversely, Citi anayst Anthony Pettinari downgraded International Paper and Packaging Corp. to Neutral from Buy. The decline in kraftline prices was surprising, given stronger than expected December box shipments and supply discipline by the major companies in the sector, the analyst stated. Although the recent price cuts could be a one-time event, there is a possibility that additional price decreases will follow, making the stocks unattractive, the analyst believes. PRICE ACTION: In early trading, International Paper dropped 5.4% to $34.50, Packaging Corp tumbled 8.2% to $52.90, Kapstone sank 15% to $14.82 and WestRock fell 11.5% to $33.42.
10:00 EDTIPOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: American Eagle (AEO) downgraded to Hold from Buy at BB&T... American Express (AXP) downgraded on weak revenue outlook at Argus... Bristol-Myers (BMY) downgraded to Market Perform from Outperform at BMO Capital... Caterpillar (CAT) downgraded to Sell from Neutral at Goldman... Crestwood Equity (CEQP) downgraded to Neutral on potential distribution cut at Baird... Cummins (CMI) downgraded to Neutral from Buy at Citi... Federal Realty (FRT) downgraded to Hold from Buy at Evercore ISI... GKN PLC (GKNLY) downgraded to Neutral from Outperform at Credit Suisse... Galapagos NV (GLPG) downgraded to Neutral from Buy at GoldmanvHortonworks (HDP) downgraded to Perform from Outperform at Oppenheimer... International Flavors (IFF) downgraded on headwinds at Stifel... International Paper (IP) downgraded to Neutral from Buy at Citi... JPMorgan (JPM) downgraded to Neutral from Buy at Nomura... KapStone (KS) downgraded to Underperform from Neutral at Macquarie... Mosaic (MOS) downgraded to Neutral from Overweight at JPMorgan... NetSuite (N) downgraded to Equal Weight from Overweight at Stephens... ONEOK Partners (OKS) downgraded to Neutral at Baird... OvaScience (OVAS) downgraded to Perform from Outperform at Oppenheimer... Packaging Corp. (PKG) downgraded to Neutral from Buy at Citi... Potash (POT) downgraded to Neutral from Overweight at JPMorgan... Power Solutions (PSIX) downgraded to Neutral from Overweight at Piper Jaffray... Raymond James (RJF) downgraded to Neutral from Buy at Nomura... Regeneron (REGN) downgraded to Sell from Neutral at Chardan... SanDisk (SNDK) downgraded to Underperform from Outperform at CLSA... Toll Brothers (TOL) downgraded to Market Perform from Outperform at JMP Securities... Twitter (TWTR) downgraded to Hold from Buy at Stifel... WPX Energy (WPX) downgraded to Sector Perform from Outperform at Iberia... WestRock (WRK) downgraded to Neutral from Buy at BofA/Merrill... Whole Foods (WFM) downgraded to Underperform from Market Perform at BMO Capital... Zurich Insurance (ZURVY) downgraded to Neutral from Outperform at Exane BNP Paribas.
09:03 EDTIPOn The Fly: Pre-market Movers
HIGHER: Tyco (TYC) and Johnson Controls (JCI), up 9% and 1%, respectively, after announcing a definitive merger agreement. Johnson Controls shareholders will own approximately 56% of the equity of the combined company, while current Tyco shareholders will own approximately 44%... SunEdison (SUNE), up 10% after the Wall Street Journal reported that the company is set to give David Einhorn's Greenlight Capital a seat on its board... Affimed Therapeutics (AFMD), up 26% after entering a clinical research collaboration in immuno-oncology with Merck (MRK). UP AFTER EARNINGS: McDonald's (MCD), up 3%... LOWER: Twitter (TWTR), down 5% after its CEO Jack Dorsey confirmed in a tweet last night that several executives are departing the company. Media reports also indicate that, as part of its shake-up, Twitter intends to bring in two new members to its board as soon as this week... OncoMed (OMED), down 38% after an independent data safety monitoring board remarked on several findings regarding futility of the company's Phase 2 ALPINE clinical trial... Medivation (MDVN), down 7% after FDA places investigational new drug application for MDV9300 on partial clinical hold... International Paper (IP), down 4.8%, Packaging Corp. (PKG), down 4.8%, WestRock (WRK), down 6%, after Pulp & Paper Week reduced January kraftliner and corrugated medium prices... Caterpillar (CAT), down 4% after Goldman cuts rating to sell... Regeneron (REGN), down 3% after downgraded at Chardan to sell. DOWN AFTER EARNINGS: Kimberly-Clark (KMB), down 2.5%.
07:50 EDTIPDeutsche sees Containerboard stocks trading 'aggressively' down
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07:18 EDTIPInternational Paper downgraded to Neutral from Buy at Citi
Citi analyst Anthony Pettinari downgraded International Paper (IP) to Neutral after Paper Week reduced January kraftliner prices by 2.4% and corrugated medium prices by 3.7%. The price cuts were the first since 2008-2009, Pettinari tells investors in a research note. The analyst lowered his estimates for International Paper, Packaging Corp. (PKG) and WestRock (WRK) and downgraded both IP and Packaging Corp. to Neutral. He expects the stocks to trade lower today, potentially in the 4%-6% range. Pettinari cut his price target for International Paper shares to $38 from $45. The analyst said he'd not be surprised to see Graphic Packaging (GPK) trade down on the price cuts, even though the company does not produce containerboard. He recommends buying the stock on any pullback.
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