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Fly News Breaks for December 20, 2019
CAT, ETN, OSK, DE, EPAC, ALSN
Dec 20, 2019 | 07:53 EDT
JPMorgan analyst Ann Duignan removed Eaton (ETN) from her firm's Analyst Focus List while adding Caterpillar (CAT). The analyst names Caterpillar her "top Value pick" in U.S. Machinery into 2020 saying it is more leveraged to an improving global economy. The analyst maintains Overweight ratings on Caterpillar, Eaton and Oshkosh (OSK) citing "compelling" valuations. She remains Underweight Deere (DE), Enerpac Tool (EPAC) and Allison Transmission (ALSN).
News For CAT;ETN;OSK;DE;EPAC;ALSN From the Last 2 Days
DE
Feb 21, 2020 | 16:11 EDT
The S&P 500 ended down for the holiday-shortened week, as did the other major averages, amid renewed concerns around the coronavirus as the number of confirmed cases has risen outside of China, including a spike seen in South Korea over the last two days. Apple (AAPL) headlined... To see the rest of the story go to thefly.com. See Story Here
DE
Feb 21, 2020 | 12:00 EDT
Stocks have been under pressure since the open after new COVID-19 virus cases were reported in China, South Korea, Japan and Iran. Data releases overnight... To see the rest of the story go to thefly.com. See Story Here
DE
Feb 21, 2020 | 10:07 EST
The company's FY19 Worldwide Financial Services net income was $539M. Guidance taken from Q1 earnings conference call slides.
DE
Feb 21, 2020 | 10:03 EST
The company's FY19 Worldwide Agriculture & Turf operating margin was 10.6%. Guidance taken from Q1 earnings conference call slides.
DE
Feb 21, 2020 | 09:00 EST
HIGHER: Sprint (S), up 6% after modifying the T-Mobile (TMUS) combination agreement and announcing the deal could close as early as April 1... Chewy (CHWY), up 4% after RBC Capital analyst Mark Mahaney upgraded shares to Outperform from Sector Perform with an unchanged $38 price target. The analyst sees FY20 as a profitability inflection year for the company and believes that the stock offers a "highly favorable" risk-reward. UP AFTER EARNINGS: Deere (DE), up 6%... Dropbox (DBX), up 15%... Sprouts Farmers Market (SFM), up 9%. DOWN AFTER EARNINGS: Cinemark (CNK), down 5%... First Solar (FSLR), down 10%... TrueCar (TRUE), down 28%... Zscaler (ZS), down 13%. ALSO LOWER: T-Mobile, down 1% after Raymond James analyst Ric Prentiss downgraded the stock to Outperform from Strong Buy with a price target of $107, up from $99... Agile Therapeutics (AGRX), down 13% after its 15M share spot secondary offering priced at $3.00 per share... BlueLinx Holdings (BXC), down 28% after the company responded to a press release issued by an investment firm that goes by the name of Bluefin Acquisitions, which claimed that it was making a tender offer to acquire at least 35% of the company's common stock at a price of $24.50 per share. "The company was not aware of this purported offer," BlueLinx stated in its response last night after the market close.
DE
Feb 21, 2020 | 06:56 EST
Sees FY20 Construction & Forestry revenue down 10%-15%. "Deere's worldwide sales of agriculture and turf equipment are forecast to decline 5 to 10 percent for fiscal-year 2020, including a negative currency-translation effect of about 1 percent. Industry sales of agricultural equipment in the U.S. and Canada are forecast to be down about 5 percent, driven by lower demand for large equipment in Canada. Full-year industry sales in Europe are forecast to be approximately flat as are South American industry sales of tractors and combines. Asian sales are forecast to be about the same as the prior year. Industry sales of turf and utility equipment in the U.S. and Canada are expected to be about flat. Deere's worldwide sales of construction and forestry equipment are anticipated to be down 10 to 15 percent for 2020, with foreign-currency rates having an unfavorable translation effect of about 1 percent. The outlook reflects slowing construction activity as well as efforts to bring down field inventory levels. Industry construction-equipment sales in North America are expected to decline by 5 to 10 percent for the year. In forestry, global industry sales are expected to be down 5 to 10 percent due to weaker demand in North America and Russia. For Deere Financial Services, FY20 results are expected to benefit from lower losses on lease residual values and income earned from a higher average portfolio, partially offset by a higher provision for credit losses and prior-year favorable discrete adjustments to the provision for income taxes."
DE
Feb 21, 2020 | 06:54 EST
Construction & Forestry sales declined for the quarter due to lower shipment volumes and the unfavorable effects of currency translation, partially offset by price realization. Operating profit moved lower as a result of lower shipment volumes / sales mix and voluntary employee-separation expenses. These items were partially offset by price realization.
DE
Feb 21, 2020 | 06:49 EST
Reports Q1 revenue $7.63B, consensus $6.42B. "John Deere's first-quarter performance reflected early signs of stabilization in the U.S. farm sector," said John May, CEO. "Farmer confidence, though still subdued, has improved due in part to hopes for a relaxation of trade tensions and higher agricultural exports. At the same time, activity in the construction sector has slowed leading to lower sales and profit for our Construction & Forestry division. Also impacting results in Deere's construction equipment business were our actions to reduce factory production and lower inventories in response to current market conditions. Additionally, the quarter included costs of a voluntary employee-separation program, which is among the steps Deere is taking to improve flexibility and efficiency. "Looking ahead, we are particularly encouraged by the broad use of precision technologies and believe the company is well-positioned to strengthen its leadership in this vital area," May said. "In addition, we are proceeding with a series of measures to create a more focused organizational structure that can operate with greater speed and agility. These steps are leading to improved efficiencies and helping the company focus its resources and investments on areas that have the most impact on performance."