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Fly News Breaks for March 29, 2018
PPC, INVH, AMH, IP, SPOT, BWXT, ESL, HXL, RTN, TGI, LMT, HRS, ARNC, GD, LLL, HII, BDRBF, NOC, SPR, TXT, ATI, BA
Mar 29, 2018 | 10:20 EDT
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Boeing (BA), Allegheny Technologies (ATI), Textron (TXT), Spirit AeroSystems (SPR), Northrop Grumman (NOC), Bombardier (BDRBF), Huntington Ingalls (HII), L3 (LLL) and General Dynamics (GD) were initiated with an Overweight at Barclays, while Arconic (ARNC), Harris (HRS), Lockheed Martin (LMT), Triumph Group (TGI), Raytheon (RTN) and Hexcel (HXL) initiated with an Equal Weight and Esterline (ESL) and BWX Technologies (BWXT) were initiated wtih an Underweight. 2. Spotify (SPOT) initiated with an Outperform at RBC Capital. 3. International Paper (IP) initiated with a Buy at UBS. 4. American Homes 4 Rent (AMH) and Invitation Homes (INVH) initiated with an Outperform at Baird. 5. Pilgrim's Pride (PPC) initiated with a Buy at Mizuho. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
News For BA;ATI;TXT;SPR;NOC;BDRBF;HII;LLL;GD;ARNC;HRS;LMT;TGI;RTN;HXL;ESL;BWXT;SPOT;IP;AMH;INVH;PPC From the Last 2 Days
LMT
Mar 27, 2024 | 17:34 EDT
Lockheed Martin was awarded a $439.89M firm-fixed-price modification to a previously awarded cost-plus-fixed-fee, cost-plus-incentive-fee, firm-fixed-price, and fixed-price-incentive-fee, indefinite-delivery/indefinite-quantity contract. This modification exercises options to provide support equipment, pilot flight equipment, and post ejection survival training material, as well as associated administrative, contract management, planning and readiness reviews and non-recurring introduction to service support in support of site activation and initial sustainment activities for the F-35A, F-35B and F-35C aircraft for the Air Force, Marine Corps, Navy, non-Department of Defense participants, and Foreign Military Sales customers. Work is expected to be completed in December 2029. No funds will be obligated at the time of award; funds will be obligated on individual orders as they are issued. Naval Air Systems Command is the contracting activity.
SPOT
Mar 27, 2024 | 15:57 EDT
Welcome to "#SocialStocks," The Fly's weekly recap of Wall Street's reactions to social media stock news. GOVERNMENT SCRUTINY: The Biden... To see the rest of the story go to thefly.com. See Story Here
IP
Mar 26, 2024 | 16:25 EDT
Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here
IP
Mar 26, 2024 | 14:02 EDT
International Paper (IP) issued the following statement to the London Stock Exchange: "International Paper Company notes the recent announcement by DS Smith and confirms that it is in discussions with DS Smith regarding a Possible Offer. International Paper confirms that it has made an all-equity proposal (the "Proposal") to acquire the entire issued share capital of DS Smith. Under the terms of the Proposal, DS Smith shareholders would receive 0.1285 shares in International Paper for each share they own in DS Smith resulting in DS Smith shareholders owning approximately 33.8 per cent. of the combined group. Based on the International Paper share price of $40.85 at close of business on 25 March 2024, the terms of the Proposal represent a value of 415 pence and premium of 48 per cent. to DS Smith's undisturbed share price on 7 February 2024 (being the day prior to the commencement of the offer period in respect of DS Smith) of 281 pence per DS Smith share. There is compelling strategic and financial rationale for a combination between International Paper and DS Smith, as it would: create a truly global leader in sustainable packaging solutions that is well positioned in attractive and growing markets; significantly strengthen the combined corrugated packaging business in Europe with greater customer offerings; create the opportunity to integrate the mill and box networks, balance the paper positions, and optimise the supply chains, of the respective companies in Europe and the US; leverage market expertise of two experienced and innovative management teams to further enhance innovation, solutions and sustainability products for all customers; enhance value creating solutions for global customers in attractive fast-moving consumer goods and e-commerce segments; drive significant synergies including higher integration, commercial and operational improvements, and economies of scale across sourcing, supply chain and administration; result in significant value creation for both International Paper and DS Smith shareholders; and result in a combined group with a strong balance sheet that is expected to maintain an investment grade credit rating. There can be no certainty that any offer will ultimately be made for DS Smith. The International Paper Board continues to consider M&A in a disciplined manner and believes an acquisition of DS Smith is aligned with International Paper' strategy to enhance its corrugated packaging business in Europe and would create significant value for both International Paper and DS Smith shareowners. In accordance with Rule 2.6(a) of the U.K. Takeover Code, International Paper is required, by not later than 5.00 p.m. on 23 April 2024, to either announce a firm intention to make an offer for DS Smith in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code. In accordance with Rule 2.5(a) of the U.K. Takeover Code, International Paper reserves the right to make an offer for DS Smith on less favourable terms than those set out in this announcement: (i) with the agreement or recommendation of the DS Smith Board; or (ii) if a third party announces (after the date of this announcement) a firm intention to make an offer or a possible offer for DS Smith which, at that date, is of a value less than the value implied by the Exchange Ratio. International Paper reserves the right to introduce other forms of consideration and/or vary the mix or composition of consideration of any offer. This announcement has been made by International Paper without the prior agreement or approval of DS Smith. A further announcement will be made if and when appropriate."
BA
Mar 26, 2024 | 13:45 EDT
Moody's placed the Baa2 senior unsecured rating and Prime-2 short-term rating of Boeing on review for downgrade. The rating outlook was previously stable. "Placing the ratings on review for downgrade follows Moody's belief that Boeing will be unable to deliver 737 narrow-body aircraft at the volumes required for it to materially expand its free cash flow and retire debt in a reasonable timeframe," the ratings agency said in a statement. The aftereffects of the door plug ejection on Alaska Airlines flight 1282 on January 6, and investments in components and parts inventory in an attempt to reduce travelled work in the production of 737s will result in about $4.5B of negative free cash flow in Q1, it points out. Moody's says Boeing's cash will fall well below $10B come March 31.
BA
Mar 26, 2024 | 13:17 EDT
Japan looks to collaborate with the private sector to develop a next-generation passenger aircraft, hoping to avoid the pitfalls that doomed Mitsubishi Heavy Industries' (MHVYF) SpaceJet by encouraging the participation of multiple companies and helping create technology standards, Nikkei's Riho Nagao reports. The project is expected to explore propulsion systems beyond jet engines that are mainstream now, including the development of hydrogen-combustion engines, the report says. Other publicly traded companies in the space include Boeing (BA) and Airbus (EADSY). Reference Link
IP
Mar 26, 2024 | 13:11 EDT
Mark Kleinman of Sky News tweeted: "EXCLUSIVE: International Paper, the US-listed paper producer with a market capitalisation of over $14bn, is weighing a move to gatecrash a GBP 10bn merger of DS Smith and Mondi, two London-listed rivals, by tabling a GBP 5bn-plus offer for DS Smith. Full story on @skynews shortly." Reference Link
SPOT
Mar 26, 2024 | 12:26 EDT
"Game On" is The Fly's weekly recap of the stories powering up or beating down video game stocks. NEW RELEASES: While... To see the rest of the story go to thefly.com. See Story Here
LMT
Mar 26, 2024 | 08:33 EDT
KULR Technology (KULR) announces receiving a six-figure contract from Lockheed Martin (LMT) for developing phase change material heat sinks that are pivotal for the thermal regulation of essential electronics within long-range precision missiles. This achievement follows a series of successful evaluations that showcased the efficiency of KULR's solutions in cooling critical onboard systems. With over two decades of pioneering work in heat dissipation technologies, KULR has become a trusted provider for demanding sectors, including defense, aerospace, and beyond. This latest contract with Lockheed Martin underscores KULR's role as a source of innovative cooling solutions.
SPOT
Mar 26, 2024 | 05:40 EDT
BofA added Spotify (SPOT) to its US 1 List while removing Netflix (NFLX). The list is a collection of the firm's best ideas.