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Fly News Breaks for April 24, 2015
WFT, WBC, UBNT, PRLB, OCR, NKE, NDAQ, METR, MPEL, MDSO, MXWL, MTW, KLAC, JEC, ITT, HBAN, HMN, GM, ETH, COF, CATY, ELY, CNMD, CMS, BBY, BKU, BBT, ALTR, AERI, ADP
Apr 24, 2015 | 10:00 EDT
Today's noteworthy downgrades include: ADP (ADP) downgraded to Hold from Buy at Evercore ISI... Aerie Pharmaceuticals (AERI) downgraded to Hold from Buy at Canaccord... Altera (ALTR) downgraded to Neutral from Outperform at Baird... BB&T (BBT) downgraded to Neutral from Buy at Compass Point... BankUnited (BKU) downgraded to Market Perform from Outperform at Keefe Bruyette... Best Buy (BBY) downgraded to Neutral from Overweight at JPMorgan... CMS Energy (CMS) downgraded to Market Perform from Outperform at Wells Fargo... CONMED (CNMD) downgraded to Neutral from Buy at Ladenburg... Callaway Golf (ELY) downgraded at Raymond James... Capital One (COF) downgraded to Market Perform from Outperform at FBR Capital... Cathay General (CATY) downgraded to Market Perform from Outperform at Keefe Bruyette... Ethan Allen (ETH) downgraded to Neutral from Buy at Sidoti... General Motors (GM) downgraded at Buckingham... HomeAway (AWAY) downgraded to Outperform from Strong Buy at Raymond James... Horace Mann (HMN) downgraded to Market Perform from Outperform at Keefe Bruyette... Huntington Bancshares (HBAN) downgraded to Market Perform at Keefe Bruyette... ITT Corp. (ITT) downgraded to Hold from Buy at Deutsche Bank... Jacobs Engineering (JEC) downgraded to Neutral from Outperform at Baird... KLA-Tencor (KLAC) downgraded to Neutral from Buy at Citigroup... Manitowoc (MTW) downgraded to Sector Perform from Outperform at RBC Capital... Maxwell (MXWL) downgraded to Hold at Canaccord... Medidata (MDSO) downgraded to Hold from Buy at Topeka... Melco Crown (MPEL) downgraded to Reduce from Neutral at Nomura... Metro Bancorp (METR) downgraded to Sector Perform from Outperform at RBC Capital... NASDAQ (NDAQ) downgraded to Sector Perform from Outperform at Portales... Nike (NKE) downgraded to Hold from Overweight at HSBC... Omnicare (OCR) downgraded to Sector Perform from Outperform at RBC Capital... Proto Labs (PRLB) downgraded to Hold from Buy at Canaccord... Ubiquiti Networks (UBNT) downgraded to Market Perform from Outperform at BMO Capital... WABCO (WBC) downgraded to Neutral from Buy at Longbow... Weatherford (WFT) downgraded at Sterne Agee.
News For ADP;AERI;ALTR;BBT;BKU;BBY;CMS;CNMD;ELY;CATY;COF;ETH;GM;HMN;HBAN;ITT;JEC;KLAC;MTW;MXWL;MDSO;MPEL;METR;NDAQ;NKE;OCR;PRLB;UBNT;WBC;WFT From the Last 2 Days
COF
Mar 28, 2024 | 12:56 EDT
Bearish flow noted in Capital One with 6,831 puts trading, or 3x expected. Most active are Sep-24 145 puts and Apr-24 143 puts, with total volume in those strikes near 3,600 contracts. The Put/Call Ratio is 1.79, while ATM IV is up over 1 point on the day. Earnings are expected on April 25th.
NKE
Mar 28, 2024 | 07:29 EDT
SharkNinja (SN) announced that Patraic Reagan has been named Chief Financial Officer, effective April 22...Reagan will oversee SharkNinja's financial strategies and lead the company's global finance organization, including financial planning and analysis, accounting, treasury, tax, internal audit, and investor relations. Larry Flynn, who served as Interim Chief Financial Officer since June 2023, will continue in his role as Chief Accounting Officer. Reagan joins SharkNinja with over two decades of relevant experience. Most recently, Mr. Reagan served as the Chief Financial Officer of Nike's (NKE) Asia, Pacific, and Latin America segment, where he helped drive consecutive years of strong revenue growth, and EBIT expansion that outpaced revenue while accelerating investment in key areas. Over his 13-year career with Nike, Mr. Reagan also served as the Global VP of Business Planning and was the CFO of Nike's Direct-to-Consumer business in EMEA. Prior to Nike, Mr. Reagan held financial positions of increasing responsibility at roles with with Coach (now Tapestry TPR), Polo Ralph Lauren Corporation, Kraft Foods and Chiquita Brands International. .
COF
Mar 28, 2024 | 06:11 EDT
In a regulatory filing on Wednesday, Discover (DFS) announced that its board accepted the resignation of Michael G. Rhodes from his positions as CEO and President of the company, a member of the board and a director and officer of Discover Bank, each effective April 1. Rhodes, who was not expected to have a long-term role at the combined company after completion of the company's merger with Capital One (COF), informed the board that he has accepted a job offer at another financial institution. Also on Wednesday, Ally Financial (ALLY) announced that Rhodes will be its new CEO, starting at the company on April 29.
NKE
Mar 27, 2024 | 13:03 EDT
Morgan Stanley lowered the firm's price target on Nike to $116 from $124 and keeps an Overweight rating on the shares. Following Nike's Q3 earnings report, the firm reduced its Q4 topline and profitability forecasts based on weaker Q4 sales gross margin guidance than previously assumed. The firm now projects 80c EPS, versus the implied guidance of about 77c-78c and the firm's prior 91c forecast.
GM
Mar 26, 2024 | 15:52 EDT
After this morning's collapse of the Francis Scott Key Bridge in Maryland closed the Port of Baltimore, JPMorgan economist Michael Feroli noted that the port ranks 17th among U.S. ports in tonnage handled, but ranks first for light vehicle imports and is also an important coal export terminal. However, the firm's initial assessment is that this development will "likely only have minimal implications for vehicle inflation" given that many more vehicles are imported over land from Canada and Mexico and that vessels are already being diverted to other East Coast ports. Publicly traded automakers include Ford (F), General Motors (GM), Honda (HMC), Mercedes-Benz Group (DDAIF), Nissan (NSANY), Stellantis (STLA), Tesla (TSLA), Toyota (TM) and Volkswagen (VWAGY).
ADP
Mar 26, 2024 | 08:08 EDT
Evercore ISI raised the firm's price target on ADP to $235 from $227 and keeps an Underperform rating on the shares. February U.S. payment volume growth accelerated following a soft January, with commentary from Visa (V) pointing to quarter-to-date U.S. payment volume growth through February 21 in line with the Q4 rate of 5%, the analyst tells investors. Overall, calendar Q1 data points reflect a U.S. soft-landing scenario, supporting continued, stable payment volume growth, and creating a favorable set up for most of the payment companies the firm covers, the analyst added in a Q1 preview note for the payments, processors and IT services group.
NDAQ
Mar 26, 2024 | 04:36 EDT
Goldman Sachs analyst Alexander Blostein upgraded Nasdaq to Buy from Neutral with a $73 price target, implying 18% upside from current levels. Following several years of "challenged" earnings growth, Nasdaq's earnings trajectory accelerating to 12% in 2025 and 2026 supported by the integration of Adenza, the analyst tells investors in a research note. Meanwhile, the company faces cyclical tailwinds from "resilient" U.S. cash equity and options volumes and robust growth in its index business, says the firm. Goldman sees Nasdaq's earnings mix evolving with greater than 50% of operating income coming from the "higher-valued" Fin Tech and index businesses by 2025.