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UTX

United Technologies

$102.08

-0.17 (-0.17%)

, PRU

Prudential

$85.01

0.22 (0.26%)

17:05
10/06/16
10/06
17:05
10/06/16
17:05

United Tech takes action to reduce pension obligations, sees $400M-$530M charge

United Technologies (UTX) announced two related actions that are expected to reduce the overall size of its pension obligations by approximately $1.77B. First, United will transfer approximately $775M of its outstanding pension benefit obligations under the UTC Employee Retirement Plan and the UTC Represented Employee Retirement Plan to Prudential (PRU). The transaction is expected to close on October 12 with the purchase of a group annuity contract from Prudential. Prudential was selected in consultation with independent experts after a competitive bidding process. Prudential will assume the obligation and administrative responsibility for retirement benefits owed to approximately 36,000 United Technologies retirees and surviving beneficiaries who currently receive a benefit of $300 per month or less from the plans. The company expects a seamless transition since Prudential already administers benefit payments for United Technologies retirees. Second, United Technologies has also implemented a program offering certain former U.S. employees or beneficiaries with a vested pension benefit an option to take a one-time lump sum distribution rather than future monthly pension payments. Upon completion of this program, United expects approximately 10,000 participants to take the lump sum offer. Payments will be paid from the retirement plans during late 2016. This action is expected to reduce United Technologies' pension benefit obligations by approximately $995M by year-end 2016. The transactions will not diminish the plans' funded status and are not expected to materially impact future pension expense or to require additional contributions to the plans. Because these actions accelerate the satisfaction of future pension obligations, United Technologies expects to recognize a one-time pretax pension settlement charge in the range of $400M-$530M in Q4.

UTX

United Technologies

$102.08

-0.17 (-0.17%)

PRU

Prudential

$85.01

0.22 (0.26%)

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UTX United Technologies
$102.08

-0.17 (-0.17%)

05/03/16
RBCM
05/03/16
DOWNGRADE
RBCM
Sector Perform
United Technologies downgraded to Sector Perform from Outperform at RBC Capital
05/03/16
RBCM
05/03/16
DOWNGRADE
RBCM
Sector Perform
United Technologies downgraded at RBC Capital
As noted earlier, RBC Capital downgraded United Technologies (UTX) to Sector Perform from Outperform. The firm says that Honeywell's (HON) actions indicate that it's no longer interested in buying United Technologies, while the latter company hasn't looked to increase the amount of cash it returns to shareholders. Additionally, RBC Capital is concerned about problems with United Technologies' geared turbo fan engine. Target to $108 from $109.
05/03/16
05/03/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. ACADIA (ACAD) downgraded to Market Perform at Leerink by analyst Paul Matteis, who said his 2016-2018 revenue estimates are below consensus. The analyst said that consensus estimates for the pimavanserin launch "may overlook a collection of minor headwinds." He admits that ACADIA could be attractive to multiple potential buyers, including Biogen (BIIB) and Amgen (AMGN).2. Sarepta (SRPT) downgraded to Underperform at Leerink with analyst Joseph Schwartz believing the FDA's interpretation of empirical data for eteplirsen will be consistent with the recent negative panel, which was critical despite powerful human testimonies. 3. Community Health (CYH) downgraded to Underperform at BofA/Merrill by analyst Kevin Fischbeck, who said Q1 was disappointing. The analyst does not see volumes accelerating and is skeptical the company can turn around HMA assets in the near-term enough to hit margin targets. 4. United Technologies (UTX) downgraded to Sector Perform at RBC Capital because the firm says that Honeywell's (HON) actions indicate that it's no longer interested in buying United Technologies. The firm also said that Honeywell hasn't looked to increase the amount of cash it returns to shareholders. 5. On Deck Capital (ONDK) downgraded to Underperform at Sterne Agee CRT, to Hold at Canaccord and Needham, and to Neutral at BTIG following its weaker than expected Q1 results and guidance cut. Canaccord analyst Michael Graham said tepid originations growth raises concerns regarding borrowing demand and sees increased uncertainties cropping up. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/06/16
BARD
10/06/16
INITIATION
Target $110
BARD
Neutral
United Technologies initiated with a Neutral at Baird
Baird analyst Peter.Arment initiated United Technologies with a Neutral and a $110 price target.
PRU Prudential
$85.01

0.22 (0.26%)

07/06/16
EVER
07/06/16
INITIATION
Target $78
EVER
Hold
Prudential initiated with a Hold at Evercore ISI
Evercore ISI analyst Thomas Gallagher started Prudential Financial with a Hold rating and $78 price target.
09/22/16
WELS
09/22/16
INITIATION
WELS
Market Perform
Prudential coverage resumed with a Market Perform at Wells Fargo
09/23/16
GSCO
09/23/16
UPGRADE
Target $93
GSCO
Conviction Buy
Prudential upgraded to Conviction Buy from Neutral at Goldman
Goldman Sachs analyst Michael Kovac upgraded Prudential Financial to Conviction Buy from Neutral and raised his price target for the shares to $93 from $80. The analyst says his earnings estimates are now above consensus due to favorable equity markets, slowing rate pressure and lower currency headwinds. He expects Prudential's earnings to grow 10% in 2017.
09/23/16
09/23/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Wal-Mart (WMT) upgraded to Overweight from Equal Weight by Barclays analyst Karen Short, who assumed coverage of Wal-Mart and upped the price target for the shares to $87 from $70. Wal-Mart is Short's top pick in the sector, as she believes the retailing giant's "re-emergence as a disruptor" has the potential to "wreak havoc" on many companies in the space. 2. Cabot Oil & Gas (COG) upgraded two notches to Strong Buy from Market Perform by Raymond James analyst Kevin Smith, who said Cabot has improving fundamentals, a "prolific" growth outlook, and an attractive valuation. 3. BioDelivery Sciences (BDSI) upgraded to Buy from Neutral by Janney Capital analyst Ken Trbovich, who said that Endo International (ENDP), which uses BioDelivery's drug delivery technology, has "not yet announced, but clearly won" preferred status for Belbuca relative to market leader Butrans on United Healthcare's Prescription Drug List. 4. Packaging Corp. (PKG) upgraded to Buy from Hold by Deutsche Bank analyst Debbie Jones, citing an "improved earnings trajectory" following the TimBar acquisition. The analyst raised her price target for the shares to $90 from $77. 5. Prudential Financial (PRU) upgraded to Conviction Buy from Neutral by Goldman Sachs analyst Michael Kovac, who says his earnings estimates are now above consensus due to favorable equity markets, slowing rate pressure and lower currency headwinds. He expects Prudential's earnings to grow 10% in 2017. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

DUK

Duke Energy

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-0.32 (-0.37%)

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PPL

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AEP

American Electric

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WEC

WEC Energy

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NSRGY

Nestle

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ALXN

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RHT

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CI

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TKTDY

Takata

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Takata

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TKTDY

Takata

$3.15

1.2199 (63.21%)

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TKTDY

Takata

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IRDM

Iridium

$10.75

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TKTDY

Takata

$3.15

1.2199 (63.21%)

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SEAS

SeaWorld

$15.65

-0.16 (-1.01%)

20:01
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FB

Facebook

$155.07

1.67 (1.09%)

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Facebook plans to offer TV-quality content by late summer, WSJ says »

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FRO

Frontline

$5.59

0.08 (1.45%)

, GNRT

Gener8 Maritime

$6.12

0.21 (3.55%)

19:50
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FRO

Frontline

$5.59

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GNRT

Gener8 Maritime

$6.12

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NSRGY

Nestle

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WMT

Wal-Mart

$74.84

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GOOG

Alphabet

$965.59

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GOOG

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Nestle

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LNG

Cheniere Energy

$47.62

0.34 (0.72%)

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VIA

Viacom

$39.15

0.1 (0.26%)

, VIAB

Viacom

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TWX

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DIS

Disney

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Lionsgate

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LGF.B

Lionsgate

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FOX

21st Century Fox

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FOXA

21st Century Fox

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SNE

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CMCSA

Comcast

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CMCSK

Comcast

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GSK

GlaxoSmithKline

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BHVN

Biohaven Pharmaceutical

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ESALY

Eisai

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PTNR

Partner Communications

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0.1123 (2.19%)

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