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October 5, 2012
06:13 EDTPEUGY, BP, AAMRQ, GM, COP, UNH, FIATY, XOMOn the Fly: Periodicals Wrap-Up
WALL STREET JOURNAL: Four years after the financial crisis, as the stock market reaches toward new highs, many investors refuse to return. Stock indexes have doubled in value since the market low in March 2009, but investors have pulled a net $138B from mutual funds and exchange-traded funds that invest in U.S. stocks, according to the Investment Company Institute, a mutual-fund trade group. Investors over the same period put $1T into bond funds, the Wall Street Journal reports...Energy companies are moving to export natural gas from the U.S., looking for more profitable markets as a gas glut pushes prices to the lowest levels in a decade. A consortium including ExxonMobil (XOM), ConocoPhillips (COP) and BP (BP) said itís going ahead with plans to export natural gas from Alaska's North Slope in a project that could cost as much as $65B, the Wall Street Journal reports...REUTERS: The Greek leader Antonis Samaras said his country couldnít manage beyond November without the next tranche of international aid and suggested the ECB could help by easing the terms of its Greek debt holdings, Reuters reports...Fiat (FIATY) CEO Marchionne would buy GMís (GM) European subsidiary Opel if GM's alliance with Peugeot (PEUGY) dissolves, according to Italian daily Il Sole-24 Ore, Reuters reports...BLOOMBERG: UnitedHealth Group (UNH) is in talks to buy a stake or all of the Brazilian insurer and hospital operator Amil Participacoes that has a market value of $4.47B, sources say, Bloomberg reports...American Airlines (AAMRQ) risks having to tap its $5B bankruptcy cash fund and probably will lose some passengers after on-time arrivals fell, cancellations jumped and incorrectly installed seat clamps were found on six planes, Bloomberg reports.
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November 18, 2015
07:43 EDTXOMExxon Mobil downgraded to Underperform on subpar oil leverage at Raymond James
As previously reported, Raymond James downgraded Exxon Mobil to Underperform from Market Perform. Analyst Pavel Molchanov expects a modest oil recovery in 2016 and said Exxon Mobil's limited leverage to oil prices will act as a hindrance during a recovery. Molchanov expects Exxon shares to be a source of funds for investors turning more constructive on oil in 2016. The analyst said this is not a short-term trading call but a 6-12 month time horizon, which could prove wrong if oil spends the year below $50 territory.
06:36 EDTXOMExxon Mobil downgraded to Underperform from Market Perform at Raymond James
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November 17, 2015
11:24 EDTCOPStatoil to exit operations in Alaska
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10:16 EDTBPBP confirms exploring sale of Alabama petrochemical facility
BP confirmed that it has decided to market for sale its Decatur, Alabama, petrochemicals complex as part of a broader reorganization of the company's global petrochemicals business. BP said its refocused petrochemicals strategy is pursuing a competitively advantaged portfolio through world-scale, low-cost facilities that utilize BP proprietary technology including the production of purified terephthalic acid, or PTA, a key raw material in the production of polyester. BP is spending $200M to upgrade its Cooper River, S.C., plant and its sister facility in Geel, Belgium - the largest PTA-producing sites in the Americas and Europe, respectively. The investment will enable the two facilities to lower operating costs, improve reliability and reduce emissions. Earlier this year, BP also started up its new Zhuhai 3 unit in Guangdong Province, China. Using BP's latest technology and capable of producing up to 1.25M tons of PTA per year, Zhuhai 3 is the world's largest single-train PTA production unit as well as being one of the largest and most efficient PTA production units in the world. While BP's Decatur complex no longer fits with this strategy, the facility has been a major contributor to BP's U.S. petrochemicals business for many years. It makes chemicals essential for the production of thousands of items, from plastic water bottles to flat-screen televisions. BP expects to complete a sale of all or part of the facility provided a buyer can be found and an acceptable deal can be reached. Reference Link
09:48 EDTBPBP to explore sale of Alabama petrochemical plant, Bloomberg reports
Bloomberg cites e-mailed statement from BP.
09:05 EDTUNHOptumRx acquires AxelaCare
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November 16, 2015
09:59 EDTGMOmega bought Valeant in Q3, sold some SuneEdison
Leon Cooperman's Omega Advisors gave a quarterly update on its stakes in a filing this morning, disclosing its positions as of September 30. NEW STAKES: Pfizer (PFE), Valeant (VRX) Walgreens Boots Alliance (WBA), TerraForm Global (GLBL), Cigna (CI). INCREASED STAKES: Google Class A (GOOGL), Facebook (FB), Delta Air Lines (DAL). DECREASED STAKES: SunEdison (SUNE), Shire (SHPG), Citi (C), KAR Auction (KAR), LyondellBasell (LYB). LIQUIDATED STAKES: McKesson (MCK), 21st Century Fox (FOXA), General Motors (GM), QEP Resources (QEP), eBay (EBAY).
09:06 EDTUNHDiplomat seen as compelling amid specialty pharmacy fallout
Shares of specialty pharmacy operator Diplomat Pharmacy (DPLO) and pharmacy benefit manager Express Scripts (ESRX) have each been knocked down by the negative news surrounding the sector amid the troubles faced by Valeant (VRX) and others, but an analyst at Leerink contends in a note to investors that the pullbacks in both stocks provide buying opportunities. BACKGROUND: Drugmaker Valeant and its prior specialty pharmacy partner, Philidor Rx Services, have been at the center of the firestorm engulfing the sector. Following claims that Philidor urged its employees to modify prescriptions to ensure more orders of Valeant-branded drugs rather than generics, as well as other allegations of wrongdoing, Express Scripts (ESRX) and peer CVS Health (CVS) terminated Philidor from their networks. The day after those termination announcements, Valeant said that it was severing all ties with Philidor and that the pharmacy planned to shut down operations as soon as possible, consistent with applicable laws. Valeant has subsequently said that Philidor has committed to cease operations by January 30, 2016, at the latest. More recently, Express Scripts, the nation's largest pharmacy benefit manager, announced that it stopped doing business with Linden Care, accusing it of being a "captive" pharmacy that dispenses mostly products made by Horizon Pharma (HZNP). In turn, Horizon called the idea that Linden Care is a captive pharmacy "entirely false," stating that "at best Express Scripts is being reckless in its allegations and at worse it is intentionally attempting to mislead investors." Express Scripts' move also impacted shares of Insys Therapeutics (INSY), which reportedly also used Linden Care to fulfill prescription for its drugs. DIPLOMAT LIKELY TO STAY IN-NETWORK: Leerink analyst David Larsen acknowledged that recent events indicate that Express Scripts appears to be evaluating certain retail pharmacies and their relationships with manufacturers, but he believes Diplomat's mix of drugs for diseases like multiple sclerosis, HIV, hepatitis C and cancer differentiate it as a "true" specialty pharmacy. Larsen does not think Diplomat is at risk of being excluded from the pharmacy networks of Express Scripts, CVS or UnitedHealth's (UNH) Optum, he tells investors. Larsen expects limited distribution agreements to stay an important channel strategy for drugmakers and believes these agreements are appropriate for high cost specialty drugs that require special handling and additional services to manage patient adherence. The analyst, who thinks Diplomat remains well positioned to deliver annual growth of over 30% in the next several years, keeps an Outperform rating on its shares. EXPRESS BUYING OPPORTUNITY: Larsen also thinks concerns around manufacturer and pharmacy relationships have put unwarranted pressure on shares of Express Scripts. He does not expect Express Scripts to disclose new lawsuits around rebate dollars owed over other manufacturer disputes and keeps an Outperform rating on the stock, which he views as having an "attractive" valuation. WHAT'S NOTABLE: Larsen also thinks that the specialty channel remains an opportunity for Walgreens Boots Alliance (WBA) and believes its proposed acquisition of Rite Aid (RAD) can strengthen its specialty offering. The analyst keeps an Outperform rating on Walgreens shares as well. PRICE ACTION: Over the last three months, Diplomat Pharmacy shares have declined 28%, Express Scripts has fallen 6% and Walgreens has dropped 14%.
07:36 EDTGMBerkshire Hathaway discloses new AT&T stake in quarterly update
Berkshire Hathaway gave a quarterly update on its stakes in a filing this morning. NEW STAKES: AT&T (T), Kraft Heinz (KHC), Liberty Lilac Group (LILA). INCREASED STAKES: Phillips 66 (PSX), Charter (CHTR), Liberty Media (LMCK), Suncor (SU), General Motors (GM). DECREASED STAKES: Goldman Sachs (GS), Wal-Mart (WMT), Deere (DE), Chicago Bridge & Iron (CBI), WABCO (WBC). LIQUIDATED STAKES: Viacom (VIAB).
06:51 EDTXOM, BPBig energy firms saw 70% earnings dip for first nine months, WSJ says
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06:08 EDTXOMExxon Mobil, Rosnet partnership is 'long-term,' Reuters reports
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November 15, 2015
17:25 EDTGMUAW union in talks with General Motors regarding proposed agreement
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November 13, 2015
16:40 EDTGMAppaloosa gives quarterly update on stakes
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12:34 EDTGMCaterpillar, General Motors, Altria Group are market beaters, Barron's says
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06:23 EDTXOMExxon Mobil to start drilling in Liberia in 2017, Reuters reports
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05:13 EDTXOMStocks with implied volatility movement; XRT XOM
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November 12, 2015
16:18 EDTBPBP awards FleetCor long-term contract
FleetCor Technologies (FLT) announced that BP Products North America (BP) has extended its contract with FleetCor to provide commercial fleet card processing and program management for all of its fleet card products.
16:00 EDTXOMOptions Update; November 12, 2015
iPath S&P 500 VIX Short-Term Futures up 1.28 to 20.18. Option volume leaders: GE AAPL MNKD XOM BAC FB SUNE CSCO NFLX SYF BABA MSFT
12:41 EDTGMGM preparing to sell Chinese-made Buick in the U.S., WSJ reports
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06:43 EDTGMGM to build fuel cell vehicle for U.S. Army, Automotive News says
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