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Fly News Breaks for May 19, 2017
May 19, 2017 | 07:44 EDT
After The Wall Street Journal reported that Dynegy (DYN) is in talks to be acquired by Vistra Energy (VST), SunTrust analyst Ali Agha says that such a deal would make sense from a strategic perspective. He thinks that Dynegy is worth $14 per share and keeps an $11 price target and a Buy rating on the name.
News For DYN;VST From the Last 2 Days
May 23, 2017 | 17:33 EDT
UP AFTER EARNINGS: Container Store (TCS), up 36.1%... Tilly's (TLYS), up 14.8%... Intuit (INTU), up 8%... ViaSat (VSAT), up 5.4%. ALSO HIGHER: Sophiris Bio (SPHS), up 8.7% after it said that it received the regulatory clearance for the diluent... ImmunoGen (IMGN), up 4% after it sold its IMGN529/DEBIO 1562 to Debiopharm. DOWN AFTER EARNINGS: Aegean Marine (ANW), down 18.6%... Ooma (OOMA), down 14.6%. ALSO LOWER: Neurocrine (NBIX), down 10.3% it said that its Phase 2 trial of Ingrezza did not meet its primary endpoint... Scorpio Tankers (STNG), down 5.2% after it announced a $200M common stock offering... Syndax (SNDX), down 3.2% after it filed to sell $50M of common stock... Dynegy (DYN), Calpine (CPN), and Exelon (EXC), down a respective 4.4%, 2%, and 0.5% after a PJM capacity auction produced a price of $76.53/megawatt-day for resources in most of the PJM footprint... Alnylam (ALNY), down 1.7% after it filed to sell 5M shares of common stock... Achaogen (AKAO), down 0.7% after it filed to sell 5M shares of common stock.
May 23, 2017 | 17:29 EDT
PJM said that PJM Interconnection attracted a record amount of competitive resources meeting strict performance standards in its annual capacity auction. The auction procures power supply resources to meet consumers' electricity needs three years from now. The auction produced a price of $76.53/megawatt-day for resources in most of the PJM footprint. Prices are higher in some areas due to transmission limits and retiring generators. "The results show that PJM markets continue to achieve what they were originally intended to accomplish, ensuring reliability at the lowest reasonable cost," said Andrew L. Ott, PJM president and CEO. "Overall response to this auction, both in participation and competitive bids, reflects the market's ability to attract efficient, high performing and competitive resources that support reliability." PJM procured 165,109 megawatts of resources for the period June 1, 2020, to May 31, 2021. The procured capacity provides a 23.3% reserve margin. Companies in the power generator space include Dynegy (DYN), Calpine (CPN), and Exelon (EXC).
May 22, 2017 | 09:10 EDT
Last week, the Wall Street Journal reported Vistra Energy (VST) had made a takeover approach to acquire Dynegy (DYN). Morgan Stanley analyst Devin McDermott views the potential merger as an attractive potential way to create value given improved cash flows from synergies, stronger credit metrics, portfolio diversification, and deleveraging. The analyst sees further upside for Dynegy shares and believe a buyout price could be $14-$15 per share and reiterates his Overweight rating and $15 price target.
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