Breaking News Instant updates and real-time market news.

WRK

WestRock

$41.92

0.98 (2.39%)

, KS

KapStone

$34.25

2.61 (8.25%)

12:17
10/30/18
10/30
12:17
10/30/18
12:17

Department of Justice clears WestRock acquisition of KapStone

WestRock (WRK) and KapStone Paper and Packaging (KS) announced that the U.S. Department of Justice has cleared WestRock's pending acquisition of KapStone through Whiskey Holdco. As this was the last antitrust approval required to complete the pending acquisition, WestRock and KapStone expect the pending acquisition to close on November 2, subject to customary closing conditions. As a result of the acquisition, among other things, Holdco will become the ultimate parent of WestRock, KapStone and their respective subsidiaries. Assuming the acquisition closes as expected, former KapStone stockholders will have the right to receive, with respect to each share of KapStone common stock they hold, either $35.00 in cash or, if they made and did not revoke a valid election in respect thereof by the election deadline at 5:00 p.m. New York City time on September 5, 2018, 0.4981 shares of Holdco common stock and cash in lieu of fractional shares. WestRock expects that shares of KapStone common stock will cease trading on the New York Stock Exchange prior to market open on November 5.

WRK

WestRock

$41.92

0.98 (2.39%)

KS

KapStone

$34.25

2.61 (8.25%)

  • 05

    Nov

WRK WestRock
$41.92

0.98 (2.39%)

10/23/18
BOFA
10/23/18
INITIATION
Target $52
BOFA
Buy
WestRock initiated with a Buy at BofA/Merrill
Seaport Global analyst Mark Weintraub initiated WestRock with a Buy and $52 price target telling investors shares are "too cheap." Weintraub said WestRock is gaining ground on competitors in Corrugated, and expects it to turn the corner in Consumer Packaging in 2019.
10/10/18
10/10/18
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. Vipshop (VIPS) downgraded to Neutral from Overweight at JPMorgan with analyst Alex Yao saying as the "tough competitive environment and harder-than-expected synergy generation," Vipshop is likely to adjust its strategy to re-focus on core off-season apparel distribution and prioritize profitability over sales growth. 2. International Paper (IP) downgraded to Neutral from Buy at Goldman Sachs while WestRock (WRK) was downgraded to Buy from Conviction Buy. 3. Clorox (CLX), Church & Dwight (CHD), and Kimberly-Clark (KMB) were downgraded to Sell from Hold at Deutsche Bank. 4. Sherwin-Williams (SHW) downgraded to Neutral from Buy at Citi with analyst P.J. Juvekar saying "tough" market comments from companies like H.B. Fuller (FUL), PPG (PPG) and RPM (RPL) suggest that coatings companies are likely to be challenged by rising raw materials costs and slowing growth in key end markets, including China. 5. KKR (KKR) downgraded to Neutral from Buy at BofA/Merrill with analyst Michael Carrier citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/10/18
GSCO
10/10/18
DOWNGRADE
Target $64
GSCO
Buy
WestRock downgraded to Buy from Conviction Buy at Goldman Sachs
Goldman Sachs analyst Brian Maguire removed WestRock from his firm's Americas Conviction List while keeping a Buy rating on the shares. The analyst also lowered his price target for the stock to $64 from $73. Following 12 new U.S. containerboard capacity announcements since July 2017, the analyst now forecasts 11% growth in North American capacity from 2019-2022 against an estimate of 2% per year demand growth. U.S. containerboard supply growth will outpace demand growth during the 2020-2022 period, which increases the risk of pricing/earnings declines in that time period, Maguire tells investors in a research note. The analyst admits that he underestimated the speed and severity of the supply response in the industry to the acceleration in demand.
10/10/18
GSCO
10/10/18
DOWNGRADE
Target $53
GSCO
Neutral
International Paper downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Brian Maguire downgraded International Paper (IP) to Neutral and lowered his price target for the shares to $53 from $63. The stock closed yesterday down $2.69 to $44.64. Following 12 new U.S. containerboard capacity announcements since his upgrade of the shares on July 12, 2017, the analyst now forecasts 11% growth in North American capacity from 2019-2022 against an estimate of 2% per year demand growth. U.S. containerboard supply growth will outpace demand growth during the 2020-2022 period, which increases the risk of pricing/earnings declines in that time period, Maguire tells investors in a research note. The analyst admits that he underestimated the speed and severity of the supply response in the industry to the acceleration in demand. Maguire also lowered his price target for Buy-rated WestRock (WRK) to $64 from $73 and removed the shares from his firm's Americas Conviction List. He also dropped his price target for Neutral-rated Packaging Corp. (PKG) to $108 from $119.
KS KapStone
$34.25

2.61 (8.25%)

09/21/18
WELS
09/21/18
INITIATION
Target $63
WELS
Market Perform
WestRock initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Gabe Hajde resumed coverage of WestRock (WRK) with a Market Perform rating and $63 price target, stating that uncertainty on the pending KapStone (KS) acquisition, an upcoming heavy capital spending cycle and broader investor concern about industry capacity leave the stock's risk/reward balanced at this point. Over the longer-term, Hajde believes WestRock maintains an inherent and sustainable competitive advantage and he is bullish on its ability to capture industry-proportionate growth in the North American corrugated market.
05/29/18
SPHN
05/29/18
NO CHANGE
SPHN
Nine Dragons deal increases uncertainty in containerboard market, says Stephens
Stephens analyst Mark Connelly noted that private Canadian printing paper and pulp producer Catalyst Paper agreed to sell its Maine and Wisconsin softwood paper mills to China's Nine Dragons, which he sees increasing uncertainty in the containerboard market and likely to further reduce investor interest in the space. Among companies in the space, Connelly currently recommends only Packaging Corp. (PKG). Others in the space include International Paper (IP), KapStone (KS), Domtar (UFS) and WestRock (WRK).
02/09/18
DADA
02/09/18
DOWNGRADE
Target $35
DADA
Neutral
KapStone downgraded to Neutral at DA Davidson on WestRock acquistion
As reported earlier, DA Davidson analyst Steven Chercover downgraded KapStone (KS) to Neutral from Buy and raised his price target to $35 from $28 after the recent offer by WestRock (WRK) to acquire the company at his target price point. The analyst believes it values the company fairly and does not expect a higher offer.
02/08/18
DADA
02/08/18
DOWNGRADE
DADA
Neutral
KapStone downgraded to Neutral from Buy at DA Davidson

TODAY'S FREE FLY STORIES

DDAIF

Daimler AG

$0.00

(0.00%)

05:51
11/14/18
11/14
05:51
11/14/18
05:51
Hot Stocks
Daimler to open new R&D center in China to accelerate localization »

Daimler announced plans…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

BTI

British American Tobacco

$37.04

-1.04 (-2.73%)

, MO

Altria Group

$60.01

-1.18 (-1.93%)

05:46
11/14/18
11/14
05:46
11/14/18
05:46
Hot Stocks
Juul to halt social media promotions, stop selling most flavors in stores »

Juul Labs said in a…

BTI

British American Tobacco

$37.04

-1.04 (-2.73%)

MO

Altria Group

$60.01

-1.18 (-1.93%)

PM

Philip Morris

$86.42

-1.48 (-1.68%)

FB

Facebook

$142.19

0.67 (0.47%)

SNAP

Snap

$6.72

0.06 (0.90%)

TWTR

Twitter

$32.49

0.49 (1.53%)

GOOG

Alphabet

$1,036.33

-2.89 (-0.28%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Nov

  • 26

    Nov

  • 28

    Nov

  • 03

    Mar

AIBRF

AIB Group

$0.00

(0.00%)

05:44
11/14/18
11/14
05:44
11/14/18
05:44
Upgrade
AIB Group rating change  »

AIB Group upgraded to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

AAPL

Apple

$192.23

-1.925 (-0.99%)

, LITE

Lumentum

$38.95

1.445 (3.85%)

05:42
11/14/18
11/14
05:42
11/14/18
05:42
Recommendations
Apple, Lumentum, Qorvo analyst commentary  »

UBS drops Apple price…

AAPL

Apple

$192.23

-1.925 (-0.99%)

LITE

Lumentum

$38.95

1.445 (3.85%)

QRVO

Qorvo

$63.68

-0.12 (-0.19%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Nov

AMZN

Amazon.com

$1,631.68

-5.02 (-0.31%)

05:38
11/14/18
11/14
05:38
11/14/18
05:38
Periodicals
Amazon decided to split HQ2 in two in September, WSJ reports »

Amazon officials made the…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Nov

  • 28

    Nov

  • 04

    Dec

RMED

Ra Medical Systems

$8.16

-0.455 (-5.28%)

05:33
11/14/18
11/14
05:33
11/14/18
05:33
Recommendations
Ra Medical Systems analyst commentary  »

Piper recommends purchase…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 27

    Nov

REGN

Regeneron

$342.12

-4.45 (-1.28%)

05:30
11/14/18
11/14
05:30
11/14/18
05:30
Recommendations
Regeneron analyst commentary  »

Regeneron survey…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 15

    Nov

  • 27

    Nov

  • 11

    Mar

  • 28

    Apr

  • 13

    May

PAAS

Pan American Silver

$14.13

-0.14 (-0.98%)

, TAHO

Tahoe Resources

$2.20

-0.055 (-2.44%)

05:28
11/14/18
11/14
05:28
11/14/18
05:28
Hot Stocks
Pan American Silver to acquire Tahoe Resources for $3.40 per share »

Pan American Silver…

PAAS

Pan American Silver

$14.13

-0.14 (-0.98%)

TAHO

Tahoe Resources

$2.20

-0.055 (-2.44%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

BHVN

Biohaven Pharmaceutical

$36.88

0.46 (1.26%)

05:20
11/14/18
11/14
05:20
11/14/18
05:20
Earnings
Breaking Earnings news story on Biohaven Pharmaceutical »

Biohaven Pharmaceutical…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Nov

  • 14

    Nov

  • 15

    Nov

  • 27

    Nov

BRKR

Bruker

$32.65

-0.21 (-0.64%)

05:19
11/14/18
11/14
05:19
11/14/18
05:19
Hot Stocks
Bruker agrees to acquire Alicona Imaging GmbH, terms not disclosed »

Bruker Corporation…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

ESLT

Elbit Systems

$120.29

-1.45 (-1.19%)

05:18
11/14/18
11/14
05:18
11/14/18
05:18
Hot Stocks
Elbit Systems awarded $167M contract from Asia-Pacific country »

Elbit Systems announced…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 20

    Nov

FTI

TechnipFMC

$23.53

-1.24 (-5.01%)

, CVX

Chevron

$115.35

-2.12 (-1.80%)

05:16
11/14/18
11/14
05:16
11/14/18
05:16
Hot Stocks
TechnipFMC signs surface technologies frame agreement with Chevron »

TechnipFMC (FTI) has…

FTI

TechnipFMC

$23.53

-1.24 (-5.01%)

CVX

Chevron

$115.35

-2.12 (-1.80%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 26

    Nov

05:15
11/14/18
11/14
05:15
11/14/18
05:15
General news
Oil prices erased losses »

Oil prices erased losses…

SERV

ServiceMaster

$43.03

0.545 (1.28%)

05:14
11/14/18
11/14
05:14
11/14/18
05:14
Initiation
ServiceMaster initiated  »

ServiceMaster initiated…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

SPGI

S&P Global

$180.07

-2.08 (-1.14%)

05:13
11/14/18
11/14
05:13
11/14/18
05:13
Initiation
S&P Global initiated  »

S&P Global initiated…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 15

    Nov

  • 03

    Dec

RENN

Renren

$1.53

0.08 (5.52%)

05:13
11/14/18
11/14
05:13
11/14/18
05:13
Hot Stocks
Renren sells SNS business to Beijing Infinities Interactive Media »

Beijing Infinities…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

MCO

Moody's

$148.05

-2.03 (-1.35%)

05:12
11/14/18
11/14
05:12
11/14/18
05:12
Initiation
Moody's initiated  »

Moody's initiated…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 15

    Nov

K

Kellogg

$63.48

-0.81 (-1.26%)

05:08
11/14/18
11/14
05:08
11/14/18
05:08
Downgrade
Kellogg rating change  »

Kellogg downgraded to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 03

    Mar

WYGPY

WorleyParsons

$0.00

(0.00%)

05:05
11/14/18
11/14
05:05
11/14/18
05:05
Upgrade
WorleyParsons rating change  »

WorleyParsons upgraded to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

SURRY

Sun Art Retail Group

$0.00

(0.00%)

05:02
11/14/18
11/14
05:02
11/14/18
05:02
Downgrade
Sun Art Retail Group rating change  »

Sun Art Retail Group…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

CTT

CatchMark Timber

$9.14

0.045 (0.49%)

04:59
11/14/18
11/14
04:59
11/14/18
04:59
Recommendations
CatchMark Timber analyst commentary  »

CatchMark Timber price…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

FLXN

Flexion

$16.40

0.17 (1.05%)

04:55
11/14/18
11/14
04:55
11/14/18
04:55
Conference/Events
Flexion management to meet with RBC Capital »

Meetings to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Nov

04:55
11/14/18
11/14
04:55
11/14/18
04:55
General news
Breaking General news story  »

Federal Reserve Chairman…

CRL

Charles River

$131.47

-2.125 (-1.59%)

, CRVS

Corvus Pharmaceuticals

$7.24

-0.28 (-3.72%)

04:55
11/14/18
11/14
04:55
11/14/18
04:55
Conference/Events
European Organization for Research & Treatment of Cancer to hold symposium »

The European Organization…

CRL

Charles River

$131.47

-2.125 (-1.59%)

CRVS

Corvus Pharmaceuticals

$7.24

-0.28 (-3.72%)

XCUR

Exicure

$0.00

(0.00%)

ZYME

Zymeworks

$13.04

-0.2 (-1.51%)

ARWR

Arrowhead

$12.48

-0.35 (-2.73%)

ALRN

Aileron Therapeutics

$2.21

0.33 (17.55%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Nov

  • 14

    Nov

  • 14

    Nov

  • 27

    Nov

BBT

BB&T

$51.07

0.53 (1.05%)

04:55
11/14/18
11/14
04:55
11/14/18
04:55
Conference/Events
BB&T to hold investor day »

Investor Day to be held…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Nov

  • 18

    Oct

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.