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PUMP

ProPetro Holding

$7.88 /

-0.47 (-5.63%)

06:09
10/10/19
10/10
06:09
10/10/19
06:09

ProPetro announces substantial completion of fact finding for internal review

ProPetro yesterday announced a number of changes to its Executive Leadership Team in connection with the substantial completion by the Audit Committee of fact finding associated with its previously disclosed internal review. Fact-Finding Key Items: Substantially completed fact finding for previously disclosed internal review. The Audit Committee and management have not identified to date any items that would require restatement of the Company's previously reported balance sheets, statements of operations, statements of shareholders' equity or statements of cash flows. Announced new management appointments along with improved organizational structure to strengthen internal controls. The company is continuing to review one or more related party transactions. The related party transactions currently under review involve real estate transactions and do not involve any of the company's current or former customers or vendors. The Audit Committee and management have not identified to date any items that would require restatement of the Company's previously reported balance sheets, statements of operations, statements of shareholders' equity or statements of cash flows. However, the Audit Committee's internal review has identified a number of internal control deficiencies. As a result of these internal control deficiencies, the company's management is likely to conclude that there were one or more material weaknesses that resulted in the company's internal control over financial reporting and disclosure controls and procedures not being effective as of a prior date. To address the internal and disclosure control deficiencies noted above, the Board and management have implemented certain, and are continuing to evaluate and expect to implement a number of additional, remedial measures. Since the Original Form 8-K, the company has formed a Disclosure Committee, appointed Trey Wilson as the company's Chief Disclosure Officer, and revised and expanded key Company policies to enhance its internal and disclosure control environment. The company is also adopting enhanced documentation and revising key accounting policies and procedures with an emphasis on transactions involving related parties or potential conflicts of interest and travel and entertainment and expense reimbursement. Although significant work has been completed and a number of control deficiencies are in the process of being remediated, management has not yet completed its evaluation of certain internal control deficiencies identified as a result of the internal review, but it is likely to conclude that there were one or more material weaknesses that resulted in the company's disclosure controls and procedures not being effective. The company expects to include additional information with respect to any identified material weaknesses in future filings with the SEC.

PUMP ProPetro Holding
$7.88 /

-0.47 (-5.63%)

10/10/19 Piper Sandler
ProPetro Holding upgraded to Overweight from Neutral at Piper Jaffray
09/12/19 Cowen
ProPetro Holding downgraded to Market Perform from Outperform at Cowen
09/04/19 Lafferty
ProPetro Holding downgraded to Hold from Buy at Lafferty
09/03/19 Piper Sandler
Piper downgrades ProPetro on uncertainty following general counsel exit

TODAY'S FREE FLY STORIES

Periodicals
Tesla, Panasonic end joint solar cell production partnership, Nikkei reports » 05:56
02/26/20
02/26
05:56
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05:56
TSLA

Tesla

$799.75 /

-34.07 (-4.09%)

, PCRFY

Panasonic

$0.00 /

+ (+0.00%)

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Initiation
VerticalNet initiated with an Outperform at Cowen » 05:56
02/26/20
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VERT

VerticalNet

$0.00 /

+ (+0.00%)

Cowen analyst Lance…

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Recommendations
Amarin shares can rally 20% on litigation win in March, say Citi » 05:56
02/26/20
02/26
05:56
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05:56
AMRN

Amarin

$17.54 /

-0.05 (-0.28%)

Citi analyst Joel Beatty…

Citi analyst Joel Beatty maintains a Buy rating on Amarin with a $24 price target following last night's Q4 results. The stock in premarket trading is down 32c to $17.18. The analyst believes Amarin will be successful in its Vascepa patent litigation and sees 20% upside upon the court's decision in March. However, the stock can drop 50% on a negative ruling, Beatty tells investors in a post-earnings research note. In addition, the analyst believes Vascepa sales growth will be strong throughout 2020. The biggest factor impacting Amarin's stock price over the next year is monetizing the European rights to Vascepa, and the implied valuation of the total company from any type of partnership or other transaction that takes place, contends the analyst. He thinks an outright acquisition of Amarin would likely be the best near-term outcome for stockholders. However, if the end of 2020 is reached without some sort of European partnership appearing imminent, it is unlikely the stock price will be much higher at year-end compared to today, contends Beatty.

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Conference/Events
Resonant to host business news update webinar » 05:55
02/26/20
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RESN

Resonant

$1.68 /

-0.08 (-4.55%)

Webinar to be held on…

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Conference/Events
ConocoPhillips management to meet with JPMorgan » 05:55
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COP

ConocoPhillips

$53.83 /

-2.55 (-4.52%)

Meetings to be held in…

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Earnings
Interface sees FY20 adj. EPS $1.60-$1.70, consensus $1.69 » 05:49
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TILE

Interface

$15.70 /

-0.4 (-2.48%)

Sees FY20 revenue up…

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Alcon upgraded to Buy from Hold at Berenberg » 05:49
02/26/20
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ALC

Alcon

$58.75 /

-1.755 (-2.90%)

Berenberg analyst Scott…

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Earnings
Interface reports Q4 adj. EPS 46c, consensus 41c » 05:48
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TILE

Interface

$15.70 /

-0.4 (-2.48%)

Reports Q4 revenue $339M,…

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Samsonite International upgraded to Buy from Hold at Jefferies » 05:47
02/26/20
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SMSEY

Samsonite International

$0.00 /

+ (+0.00%)

Jefferies analyst Anne…

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Woolworths Group upgraded to Neutral from Underperform at Credit Suisse » 05:46
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WOLWF

Woolworths Group

$0.00 /

+ (+0.00%)

Credit Suisse analyst…

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Hot Stocks
Jupai Holdings announces $10M share repurchase program » 05:46
02/26/20
02/26
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JP

Jupai Holdings

$1.21 /

+0.12 (+11.01%)

Jupai Holdings announced…

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Downgrade
Pearson downgraded to Underperform from Neutral at Exane BNP Paribas » 05:45
02/26/20
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PSO

Pearson

$7.49 /

+0.05 (+0.67%)

Exane BNP Paribas analyst…

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Hot Stocks
City Office REIT sees FY20 Core FFO $1.13-$1.18 » 05:45
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CIO

City Office REIT

$13.18 /

-0.55 (-4.01%)

Sees FY20 Same Store Cash…

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Meggitt upgraded to Hold from Sell at Societe Generale » 05:44
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MEGGY

Meggitt

$0.00 /

+ (+0.00%)

Societe Generale analyst…

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Earnings
City Office REIT reports Q4 EPS 2c, consensus (4c) » 05:43
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CIO

City Office REIT

$13.18 /

-0.55 (-4.01%)

Reports Q revenue $,…

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Downgrade
Toyota downgraded to Neutral from Overweight at JPMorgan » 05:43
02/26/20
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05:43
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TM

Toyota

$134.02 /

-0.475 (-0.35%)

JPMorgan analyst Akira…

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Bancolombia upgraded to Buy from Hold at HSBC » 05:42
02/26/20
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CIB

Bancolombia

$49.13 /

+0.6 (+1.24%)

HSBC analyst Carlos…

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Regeneron upgraded to Buy from Hold at Canaccord » 05:41
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REGN

Regeneron

$442.34 /

+16.05 (+3.77%)

Canaccord Genuity analyst…

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Nevro upgraded to Buy from Hold at Canaccord » 05:40
02/26/20
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05:40
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NVRO

Nevro

$132.50 /

-3.01 (-2.22%)

Canaccord Genuity analyst…

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Earnings
Weibo sees Q1 revenue down 15%-20%, says 'significantly' impacted by coronavirus » 05:39
02/26/20
02/26
05:39
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05:39
WB

Weibo

$43.40 /

+0.63 (+1.47%)

For the first quarter of…

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Earnings
Weibo reports Q4 EPS 77c, consensus 72c » 05:36
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WB

Weibo

$43.40 /

+0.63 (+1.47%)

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Earnings
Sina reports Q4 adj. EPS $1.17, consensus 74c » 05:35
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05:35
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SINA

Sina

$35.35 /

-0.58 (-1.61%)

Reports Q4 revenue…

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Earnings
National Energy Services reports Q4 adj. EPS 21c, consensus 21c » 05:32
02/26/20
02/26
05:32
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NESR

National Energy Services

$7.89 /

-0.02 (-0.25%)

Reports Q4 revenue $185M,…

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Hot Stocks
Marathon Petroleum refinery in Los Angeles in flames after explosion » 05:30
02/26/20
02/26
05:30
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MPC

Marathon Petroleum

$53.09 /

-2.78 (-4.98%)

A Marathon Petroleum…

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Recommendations
Home Depot price target raised to $270 from $245 at Stifel » 05:26
02/26/20
02/26
05:26
02/26/20
05:26
HD

Home Depot

$237.41 /

-2.36 (-0.98%)

Stifel analyst John Baugh…

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