2020-11-03 10:15:03 10:15 11/03/20 11/0310:15 11/03/2010:15 | U.S. factory orders rose 1.1% in SeptemberU.S. factory orders rose 1.1% in September following August's 0.6% (was 0.7%) gain. It's a fifth straight monthly increase as manufacturing and factory activity has continued to pick up from the pandemic plunge in the spring where March orders dropped -11.0% with April plunging a record -13.5%. Durable orders rose 1.9%. Transportation orders climbed 4.1% versus the -0.9% August decline. Excluding transportation, orders edged up 0.5% after a 0.9% (was 0.7%) August increase. Nondefense capital goods orders excluding aircraft increased another 1.0% in September versus 2.4% (was 2.1%) previously. Defense orders remained weak, falling -22.4% after sliding -6.0% in August. Shipments edged up 0.3%, as they did in August and is also a fifth month of gains. Nondefense capital goods shipments excluding aircraft were up 0.5% from August's 1.6% (was 1.5%). Inventories were unchanged again, the same as in August. The inventory-shipment ratio dipped to 1.42 from 1.43 in August and September, and is down from an all-time high of 1.70 in April when the world was basically shut. |
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Cinemark price target raised to $16 from $11 at Goldman Sachs »
04:52 01/25/21 01/2504:52 01/25/2104:52
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Imax downgraded to Neutral from Buy at Goldman Sachs »
04:51 01/25/21 01/2504:51 01/25/2104:51
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Cars.com price target raised to $12.50 from $9.50 at Goldman Sachs »
04:49 01/25/21 01/2504:49 01/25/2104:49
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CarGurus price target raised to $40 from $33 at Goldman Sachs »
04:48 01/25/21 01/2504:48 01/25/2104:48
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TrueCar reinstated with a Neutral at Goldman Sachs »
04:47 01/25/21 01/2504:47 01/25/2104:47
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TrueCar
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VF Corp. price target raised to $86 from $76 at Pivotal Research »
04:46 01/25/21 01/2504:46 01/25/2104:46
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Medifast upgraded to Buy from Hold at Jefferies »
04:44 01/25/21 01/2504:44 01/25/2104:44
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Atlantic Capital upgraded to Outperform from Market Perform at Raymond James »
04:42 01/25/21 01/2504:42 01/25/2104:42
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Magnite downgraded to Hold from Buy at Truist »
20:51 01/24/21 01/2420:51 01/24/2120:51
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Magnite
Truist analyst Matthew… Truist analyst Matthew Thornton downgraded Magnite to Hold from Buy with a price target of $37, up from $12. The analyst cites valuation for the downgrade, seeing a balanced risk/reward at current share a levels. Further, he believes lower reported growth in the second half of 2021 "could be a headwind." Magnite's revenue growth could slow to 12% in the second half from 60% from the first half as it lapses the Telaria merger and easy Q2 Covid-compares, Thornton tells investors in a research note. ShowHide Related Items >><<
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Fly Intel: Top five weekend stock stories »
20:02 01/24/21 01/2420:02 01/24/2120:02
NCR
NCR Corp.
Cardtronics
Blackstone
Foley Trasimene Acquisition Corp. II
Netflix
Clear Channel Outdoor
SBA Communications
CoreSite Realty
Equinix
LKQ Corp.
Catch up on the… Catch up on the weekend's top five stories with this list compiled by The Fly: 1. NCR Corp. (NCR) is nearing a deal to buy Cardtronics (CATM) for $39 per share or around $1.7B, Cara Lombardo and Miriam Gottfried of Wall Street Journal reported, citing people familiar with the matter. Cardtronics closed Friday down 41c to $40.86. NCR outbid Apollo Global Management (APO) and Hudson Executive Capital LP, who declined to raise their prior offer of $35 per share, according to Lombardo and Gottfried. The private equity firms opted to walk away and receive a breakup fee of more than $30M as the merger agreement stipulates, sources told the Journal. 2. A blank-check acquisition company backed by veteran investor Bill Foley is nearing an agreement to take Alight Solutions, the U.S. benefits services provider owned by Blackstone (BX), public at a valuation of $7.3B including debt, Reuters' David French reported, citing people familiar with the matter. The transaction calls for Alight to merge with special purpose acquisition company Foley Trasimene Acquisition Corp (BFT), and could be announced as soon as Monday, said the sources. 3. The Netflix (NFLX) story fundamentally changed this past week, with the surprising news that the company now plans to break even on a free-cash-flow basis this year, Eric Savitz wrote in this week's edition of Barron's. With more than 203 million subscribers paying on average $11 a month, Netflix now generates enough cash to cover its production costs. As the subscriber base continues to expand, the level of cash generation should grow, the author contended. 4. One of President Joe Biden's top economic aides on Sunday will press Democratic and Republican senators for a fresh $1.9T in coronavirus relief to help struggling Americans and avert a larger economic crisis, Reuters' Andrea Shalal and Susan Cornwell reported. Brian Deese, director of the National Economic Council, said he would speak to the senators as part of a push by the Biden administration to make the case for a large rescue plan, the authors noted. 5. Crown Castle (CCI), SBA Communications (SBAC), CoreSite Realty (COR), Equinix (EQIX) and LKQ Corp. (LKQ) saw positive mentions in this week's edition of Barron's. ShowHide Related Items >><<
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Glu Mobile downgraded to Neutral from Buy at Goldman Sachs »
19:52 01/24/21 01/2419:52 01/24/2119:52
GLUU
Glu Mobile
Goldman Sachs analyst… Goldman Sachs analyst Michael Ng downgraded Glu Mobile to Neutral from Buy with a price target of $10.40, down from $10.90. The analyst cites the stock recent outperformance and limited upside to his new target price against the backdrop of his below-consensus 2021 estimates. Since adding Glu Mobile to the America's Buy List on September 1, 2020, the stock is up 13% versus the S&P 500 of +8% and his video games coverage of +7%. ShowHide Related Items >><<
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Electronic Arts reinstated with a Buy at Goldman Sachs »
19:50 01/24/21 01/2419:50 01/24/2119:50
EA
Electronic Arts
Goldman Sachs analyst… Goldman Sachs analyst Michael Ng reinstated coverage of Electronic Arts with a Buy rating and $170 price target. The analyst believes Electronic Arts should benefit from strong live services momentum as stay-at-home measures continue to drive heightened video game engagement; the launch of Apex Legends mobile and in China, in addition to Battlefield in 2022; optionality from new game announcements including new Star Wars titles; and the continuation of share buybacks and tuck-in M&A. ShowHide Related Items >><<
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Take-Two reinstated with a Buy at Goldman Sachs »
19:48 01/24/21 01/2419:48 01/24/2119:48
TTWO
Take-Two
Goldman Sachs analyst… Goldman Sachs analyst Michael Ng reinstated coverage of Take-Two with a Buy rating and $234 price target. The analyst believes Take-Two is a best-in-class video game developer and publisher that should benefit from its live services momentum and a healthy upcoming game pipeline, while the transition to next-generation consoles should help catalyze price increases across its portfolio. ShowHide Related Items >><<
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IGM Financial downgraded to Market Perform from Outperform at BMO Capital »
18:23 01/24/21 01/2418:23 01/24/2118:23
IGIFF
IGM Financial
BMO Capital analyst Tom… BMO Capital analyst Tom MacKinnon downgraded IGM Financial to Market Perform from Outperform with an unchanged price target of C$37. The analyst cites valuation for the downgrade, seeing better risk/rewards in other names. With the right-sizing of IGM's non-commission expense growth rate now at the 3% targeted level, the company has fewer immediate opportunities to drive earnings growth, MacKinnon tells investors in a research note. ShowHide Related Items >><<
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NCR near deal to buy Cardtronics for $39 per share, WSJ reports »
18:21 01/24/21 01/2418:21 01/24/2118:21
CATM
Cardtronics
NCR Corp.
NCR Corp. (NCR) is… NCR Corp. (NCR) is nearing a deal to buy Cardtronics (CATM) for $39 per share or around $1.7B, Cara Lombardo and Miriam Gottfried of Wall Street Journal report, citing people familiar with the matter. Cardtronics closed Friday down 41c to $40.86. NCR outbid Apollo Global Management (APO) and Hudson Executive Capital LP, who declined to raise their prior offer of $35 per share, according to Lombardo and Gottfried. The private equity firms opted to walk away and receive a breakup fee of more than $30M as the merger agreement stipulates, sources told the Journal. Reference Link ShowHide Related Items >><<
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Foley-backed SPAC nears $7.3B deal with Blackstone's Alight, Reuters reports »
17:50 01/24/21 01/2417:50 01/24/2117:50
BX
Blackstone
Foley Trasimene Acquisition Corp. II
A blank-check acquisition… A blank-check acquisition company backed by veteran investor Bill Foley is nearing an agreement to take Alight Solutions, the U.S. benefits services provider owned by Blackstone (BX), public at a valuation of $7.3B including debt, Reuters' David French reports, citing people familiar with the matter. The transaction calls for Alight to merge with special purpose acquisition company Foley Trasimene Acquisition Corp (BFT), and could be announced as soon as Monday, said the sources. Reference Link ShowHide Related Items >><<
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Deutsche starts probe in relation to engagement with some clients, FT says »
17:40 01/24/21 01/2417:40 01/24/2117:40
DB
Deutsche Bank
Deutsche Bank is… Deutsche Bank is investigating whether its staff mis-sold sophisticated investment banking products to clients in breach of EU rules and then colluded with individuals within these companies to share the profits, Financial Times' Stephen Morris and Olaf Storbeck report. The internal probe - codenamed Project Teal - was triggered by client complaints last year, according to people familiar with the process. Reference Link ShowHide Related Items >><<
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Biden to impose South Africa travel ban to combat COVID variant, Reuters says »
16:12 01/24/21 01/2416:12 01/24/2116:12
ALK
Alaska Air
Southwest
Delta Air Lines
JetBlue
United Airlines
Spirit Airlines
American Airlines
President Joe Biden will… President Joe Biden will impose a ban on most non-U.S. citizens entering the country who have recently been in South Africa starting Saturday in a bid to contain the spread of a new variant of COVID-19, Reuters' David Shepardson reports, citing U.S. public health officials. Publicly traded companies in the space include Alaska Air (ALK), American Airlines (AAL), Delta Air Lines (DAL), JetBlue (JBLU), Southwest (LUV), Spirit Airlines (SAVE) and United Airlines (UAL).Reference Link ShowHide Related Items >><<
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Germany expects AstraZeneca to deliver 3M vaccine doses in February,Reuters says »
15:30 01/24/21 01/2415:30 01/24/2115:30
AZN
AstraZeneca
Germany expects… Germany expects AstraZeneca to deliver 3M doses of its COVID-19 vaccine in February despite the company's latest production problems, Health Minister Jens Spahn told Bild am Sonntag newspaper. AstraZeneca informed European Union officials it would cut deliveries of its COVID-19 vaccine to the bloc by 60% to 31M doses in the first quarter of the year due to production problems, a senior official told Reuters. Reference Link ShowHide Related Items >><<
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Volkswagen looks to claim damages from suppliers, Reuters reports »
15:25 01/24/21 01/2415:25 01/24/2115:25
VWAGY
Volkswagen
Volkswagen is in talks… Volkswagen is in talks with its main suppliers about possible claims for damages due to a shortage of semiconductors, Reuters' Michael Nienaber reports, citing a company spokesman. Automakers around the world are shutting assembly lines due to problems in the delivery of semiconductors, which in some cases have been exacerbated by the former Trump administration's actions against key Chinese chip factories, the author notes. "For Volkswagen, the top priority is to minimize the effects of the semiconductor bottleneck on production," the Volkswagen spokesman said, adding the company wanted to resolve the problem in close cooperation with its suppliers. Reference Link ShowHide Related Items >><<
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Biden to push Congress for $1.9T in COVID relief, Reuters says »
15:15 01/24/21 01/2415:15 01/24/2115:15
SPY
SPDR S&P 500 ETF Trust
S&P 500
One of President Joe… One of President Joe Biden's top economic aides on Sunday will press Democratic and Republican senators for a fresh $1.9T in coronavirus relief to help struggling Americans and avert a larger economic crisis, Reuters' Andrea Shalal and Susan Cornwell report. Brian Deese, director of the National Economic Council, said he would speak to the senators as part of a push by the Biden administration to make the case for a large rescue plan, the authors note. Reference Link ShowHide Related Items >><<
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