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WIN

Windstream

$1.96

0.03 (1.55%)

, UNIT

Uniti Group

$17.36

0.85 (5.15%)

08:33
09/26/17
09/26
08:33
09/26/17
08:33

Windstream says allegations in purported notice of default 'without merit'

In a regulatory filing last night, Windstream (WIN) disclosed that the company received a purported notice of default dated September 21 from a noteholder that claims to hold greater than 25% in aggregate principal amount of the company's 6 3/8% Senior Notes due 2023 issued under the indenture dated January 23, 2013 between the company, as issuer, Windstream Finance Corp., as co-issuer, the guarantors party thereto and U.S. Bank National Association, as trustee. The filing stated: "The Notice alleges that the transfer of certain assets and the subsequent lease of those assets in connection with the spinoff of Communications Sales & Leasing, Inc. (now known as Uniti Group, Inc.) in April 2015 constituted a Sale and Leaseback Transaction which did not comply with the Sale and Leaseback covenant under the Indenture. The transactions did not constitute a Sale and Leaseback Transaction, and the Company asserts no default occurred, and that no default is continuing, under the Sale and Leaseback covenant under the Indenture. The Notice further alleges that the Company violated the restricted payment covenant under the Indenture by not delivering an officers' certificate as required by the Indenture and that it made a restricted payment in reliance on the restricted payment builder basket during the pendency of an alleged default which is prohibited by the Indenture. The Company delivered the requisite officers' certificate and was not in default when it made any restricted payments. The allegations in the Notice are without merit, and the Company believes those allegations are intended to manipulate the prices of the Notes and other securities. The Company is in compliance with all of the covenants under the Indenture. The Company will vigorously defend against these allegations and pursue all appropriate remedies, including, but not limited to, action(s) against any party alleging default."

WIN

Windstream

$1.96

0.03 (1.55%)

UNIT

Uniti Group

$17.36

0.85 (5.15%)

  • 02

    Oct

WIN Windstream
$1.96

0.03 (1.55%)

09/19/17
RAJA
09/19/17
NO CHANGE
RAJA
Windstream, Uniti selloff on S&P change unfounded, says Raymond James
Raymond James analyst Frank Louthan attributes the weakness today in shares of Windstream (WIN) and Uniti Group (UNIT) to Standard & Poor's lowering its ratings on both companies to B from B+. The rating agency's analysis is "very weak" and seems a reaction to recent market moves rather than new information, Louthan tells investors in an intraday research note. The review does not take into account the recent "highly" free cash flow accretive acquisitions or the dividend cut, the analyst adds. He calls the selloff in the stocks "unfounded."
08/16/17
WELS
08/16/17
NO CHANGE
WELS
Uniti Group risk/reward ratio attractive, says Wells Fargo
Wells Fargo believes that fears that Uniti Group (UNIT) will have to renegotiate its lease deal with Windstream (WIN) are overdone. The firm does not see this as a risk in the near-term, and it consequently believes that the risk/reward ratio of Uniti Group "is attractive at current levels." Wells keeps an Outperform rating on Uniti and a Market Perform rating on Windstream.
08/14/17
JPMS
08/14/17
NO CHANGE
Target $31
JPMS
Overweight
Uniti Group selloff since Q2 results overdone, says JPMorgan
JPMorgan analyst Philip Cusick views the 21% selloff in Uniti Group (UNIT) shares since the company's Q2 results on August 3 as overdone. He attributes the weakness to fears around Windstream's (WIN) dividend cut and notes Windstream shares are down 45% in the same period. The analyst looks at Uniti's lease with Windstream as "essentially secured debt" and sees no reason that Uniti would reduce or renegotiate its lease with Windstream in or out of bankruptcy. He estimates Uniti shares are now pricing in a 22%-28% lease reduction and subsequent 35%-44% dividend cut. Cusick, however, views Windstream's dividend cut as a positive for Uniti as it "strengthens the durability of the Windstream lease payment." He reiterates an Overweight rating on the shares with a $31 price target.
08/04/17
BOFA
08/04/17
DOWNGRADE
Target $2.5
BOFA
Underperform
Windstream downgraded to Underperform from Buy at BofA/Merrill
BofA/Merrill analyst David Barden downgraded Windstream two notches to Underperform from Buy and cut its price target to $2.50 from $8 following the company's surprising move to eliminate its 15c quarterly dividend. Barden believes investors were attracted by the yield and said the valuation premise of the company has materially changed, and its current declining business warrants a discount to peers.
UNIT Uniti Group
$17.36

0.85 (5.15%)

08/23/17
MSCO
08/23/17
NO CHANGE
Target $26
MSCO
Overweight
CenturyLink, Uniti Group risk/reward attractive, says Morgan Stanley
Morgan Stanley analyst Simon Flannery is surprised by the magnitude of share declines for Overweight rated CenturyLink (CTL) and Uniti Group (UNIT) and continues to view risk/reward as attractive. Flannery said Q2 results showed cable continued to to drive consumer sub growth, reinforcing his view to own these two infrastructure assets that will benefit from growing business IP/mobile traffic. The analyst trimmed CenturyLink's price target to $26 from $27 and cut Uniti's to $24 from $32.
08/15/17
08/15/17
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. Deere (DE) downgraded to Neutral from Buy at BofA/Merrill with analyst Ross Gilardi saying he is cautious into the print given recent data and expects the pace of earnings performance relative to expectations to begin to subside. 2. Zynerba (ZYNE) was downgraded to Perform from Outperform at Oppenheimer and to Hold from Buy at Jefferies. 3. Uniti Group (UNIT) downgraded to Neutral from Buy at BofA/Merrill with analyst David Barden saying Windstream's (WIN) dividend cut increases concerns about the health of the business and, combined with Uniti's increasing cost of capital, creates a negative feedback loop for the stock. 4. Farmland Partners (FPI) downgraded to Neutral from Outperform at Baird with the firm's analyst saying financial leverage is moving towards 18x EBITDA following the recent preferred offering, and the participating rights could create a liability for the common holders that could grow over time and a common dividend AFFO payout ratio over 130% estimated through YE19. 5. Banco Santander (SAN) downgraded to Neutral from Buy at Goldman Sachs with analyst Jose Abad seeing the valuation as full following the recent outperformance of the shares. The analyst lowered his price target for the shares to EUR 6.40. 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

CNCE

Concert Pharmaceuticals

$13.96

-0.62 (-4.25%)

, INCY

Incyte

$115.14

-0.5 (-0.43%)

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CNCE

Concert Pharmaceuticals

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INCY

Incyte

$115.14

-0.5 (-0.43%)

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CNCE

Concert Pharmaceuticals

$13.96

-0.62 (-4.25%)

, INCY

Incyte

$115.14

-0.5 (-0.43%)

12:31
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CNCE

Concert Pharmaceuticals

$13.96

-0.62 (-4.25%)

INCY

Incyte

$115.14

-0.5 (-0.43%)

03/08/13
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FNSR

Finisar

$21.98

0.34 (1.57%)

12:30
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  • 19

    Oct

TWN

Taiwan Fund

$21.16

-0.19 (-0.89%)

12:29
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10/19
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Breaking Hot Stocks news story on Taiwan Fund »

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AGEN

Agenus

$4.71

0.04 (0.86%)

, ADRO

Aduro Biotech

$9.55

-0.1 (-1.04%)

12:25
10/19/17
10/19
12:25
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12:25
Conference/Events
William Blair biotech analyst holds an analyst/industry conference call Aduro Biotech »

Biotech Analyst Phipps,…

AGEN

Agenus

$4.71

0.04 (0.86%)

ADRO

Aduro Biotech

$9.55

-0.1 (-1.04%)

03/08/13
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TSM

TSMC

$41.06

-0.445 (-1.07%)

12:22
10/19/17
10/19
12:22
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12:22
Downgrade
TSMC rating change  »

TSMC downgraded to Hold…

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AAPL

Apple

$159.76

-0.71 (-0.44%)

, AXP

American Express

$91.42

-0.6599 (-0.72%)

12:21
10/19/17
10/19
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General news
On The Fly: Top stock stories at midday »

Stocks opened in negative…

AAPL

Apple

$159.76

-0.71 (-0.44%)

AXP

American Express

$91.42

-0.6599 (-0.72%)

VZ

Verizon

$49.81

1.16 (2.38%)

TRV

Travelers

$130.89

0.87 (0.67%)

PM

Philip Morris

$108.30

-4.21 (-3.74%)

ADBE

Adobe

$153.00

2.62 (1.74%)

EBAY

eBay

$37.97

0.48 (1.28%)

CRBP

Corbus Pharmaceuticals

$7.00

-0.05 (-0.71%)

UAL

United Continental

$60.75

-7.24 (-10.65%)

AAL

American Airlines

$52.03

-0.04 (-0.08%)

DAL

Delta Air Lines

$51.75

-1.11 (-2.10%)

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    Nov

COTY

Coty

$15.66

-0.105 (-0.67%)

12:20
10/19/17
10/19
12:20
10/19/17
12:20
Options
Far downside put buyers in Coty Inc as implied volatility moves higher »

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12:20
10/19/17
10/19
12:20
10/19/17
12:20
General news
U.S. equities rebounded from lows »

U.S. equities rebounded…

12:18
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10/19
12:18
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Conference/Events
Stephens food & agribusiness analyst holds an analyst/industry conference call »

Food/Agribusiness Analyst…

$NSD

NASDAQ Market Internals

12:17
10/19/17
10/19
12:17
10/19/17
12:17
Technical Analysis
NASDAQ market internals summary »

Volume is average for…

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FB

Facebook

$176.03

-0.08 (-0.05%)

, AAPL

Apple

$159.76

-0.71 (-0.44%)

12:16
10/19/17
10/19
12:16
10/19/17
12:16
Periodicals
Apple can't agree with terms for Facebook's subscription tool, Recode reports »

Facebook's (FB) new…

FB

Facebook

$176.03

-0.08 (-0.05%)

AAPL

Apple

$159.76

-0.71 (-0.44%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 22

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$NYE

NYSE Market Internals

12:16
10/19/17
10/19
12:16
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Volume is below average…

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PYPL

PayPal

$67.26

0.59 (0.88%)

, VNTV

Vantiv

$68.99

0.03 (0.04%)

12:15
10/19/17
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Earnings
On The Fly: What to watch in PayPal earnings report »

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PYPL

PayPal

$67.26

0.59 (0.88%)

VNTV

Vantiv

$68.99

0.03 (0.04%)

MSFT

Microsoft

$77.61

0.02 (0.03%)

MA

MasterCard

$145.45

-0.74 (-0.51%)

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GM

General Motors

$45.12

-0.0049 (-0.01%)

12:12
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  • 24

    Oct

UAL

United Continental

$60.70

-7.29 (-10.72%)

, AAL

American Airlines

$52.03

-0.04 (-0.08%)

12:12
10/19/17
10/19
12:12
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12:12
Hot Stocks
United Continental falls after Q4 guidance implies earnings miss »

United Continental's…

UAL

United Continental

$60.70

-7.29 (-10.72%)

AAL

American Airlines

$52.03

-0.04 (-0.08%)

DAL

Delta Air Lines

$51.50

-1.36 (-2.57%)

ALK

Alaska Air

$77.56

-2.875 (-3.57%)

03/08/13
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MLM

Martin Marietta

$208.03

4.68 (2.30%)

12:06
10/19/17
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Martin Marietta agrees not to consummate Panadero deal before January 31 »

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GS

Goldman Sachs

$238.50

-3.53 (-1.46%)

, MS

Morgan Stanley

$49.36

-0.79 (-1.58%)

12:06
10/19/17
10/19
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12:06
Periodicals
Banks line up about EUR5B for Unilever spreads sale, Reuters reports »

Banks including Goldman…

GS

Goldman Sachs

$238.50

-3.53 (-1.46%)

MS

Morgan Stanley

$49.36

-0.79 (-1.58%)

MFG

Mizuho Financial Group

$3.55

-0.03 (-0.84%)

UN

Unilever; also tag UL

$58.03

-3.36 (-5.47%)

UL

Unilever; also tag UN

$56.51

-3.35 (-5.60%)

BX

Blackstone

$34.36

0.8742 (2.61%)

KKR

KKR

$20.25

0.03 (0.15%)

APO

Apollo Global

$31.71

-0.02 (-0.06%)

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XPO

XPO Logistics

$64.45

-0.31 (-0.48%)

12:01
10/19/17
10/19
12:01
10/19/17
12:01
Recommendations
XPO Logistics analyst commentary  »

XPO recent selloff…

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  • 02

    Nov

SCSS

Select Comfort

$32.08

1.7 (5.60%)

12:00
10/19/17
10/19
12:00
10/19/17
12:00
Options
Put buyers in Select Comfort won't rest »

Put buyers in Select…

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UAL

United Continental

$61.63

-6.36 (-9.35%)

11:57
10/19/17
10/19
11:57
10/19/17
11:57
Hot Stocks
Breaking Hot Stocks news story on United Continental »

United Continental…

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  • 19

    Oct

BX

Blackstone

$34.33

0.835 (2.49%)

11:55
10/19/17
10/19
11:55
10/19/17
11:55
Hot Stocks
Breaking Hot Stocks news story on Blackstone »

Blackstone says creating…

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QCOM

Qualcomm

$52.21

-0.2 (-0.38%)

11:50
10/19/17
10/19
11:50
10/19/17
11:50
Options
Defensive option play in Qualcomm opens a big position »

Defensive option play in…

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  • 01

    Nov

FIZZ

National Beverage

$97.74

0.15 (0.15%)

11:47
10/19/17
10/19
11:47
10/19/17
11:47
Hot Stocks
National Beverage attributes volatility to 'falsehoods' and 'rumors' »

National Beverage…

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WPM

Wheaton Precious Metals

$20.59

0.586 (2.93%)

11:45
10/19/17
10/19
11:45
10/19/17
11:45
Options
Wheaton Precious Metals call volume above normal and directionally bullish »

Bullish option flow…

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  • 10

    Nov

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