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Fly News Breaks for January 11, 2016
XL, WBMD, WETF, WPX, WSM, VFC, TEP, USAC, SXCP, UA, TDW, GASS, SWN, RRMS, SXE, PUK, SSW, PSEC, PAA, PBFX, NE, NGL, OAK, LYB, JNS, ITT, HOS, MMC, LBTYA, JPM, HPP, HSY, MTB, KNOP, JPEP, HST, HOG, MJN, GPP, GLOP, DSX, KMX, SAM, GWW, FFIV, CNP, COG, CUDA, GHDX, DLNG, DRH, BC, ATO, AHT, ATW, AHP, ARCX, AFFX, APAM, AEO, GAS, ACAT, AZZ
Jan 11, 2016 | 10:01 EDT
Today's noteworthy downgrades include: AGL Resources (GAS) downgraded to Underweight from Equal Weight at Barclays... AZZ Inc. (AZZ) downgraded to Hold from Buy at BB&T... Affymetrix (AFFX) downgraded to Neutral from Buy at Mizuho... American Eagle (AEO) downgraded to Market Perform from Outperform at Telsey Advisory... Arc Logistics (ARCX) downgraded to Equal Weight from Overweight at Barclays... Arctic Cat (ACAT) downgraded to Market Perform from Strong Buy at Raymond James... Artisan Partners (APAM) downgraded to Hold from Buy at Jefferies... Ashford Hospitality Prime (AHP) downgraded to Market Perform from Outperform at JMP Securities... Ashford Hospitality (AHT) downgraded to Market Perform from Outperform at JMP Securities... Atmos Energy (ATO) downgraded to Underweight from Equal Weight at Barclays... Atwood Oceanics (ATW) downgraded to Market Perform from Outperform at Cowen... Azure downgraded to Market Perform from Outperform at FBR Capital... Barracuda (CUDA) downgraded to In-Line from Outperform at Imperial Capital... Boston Beer (SAM) downgraded to Neutral from Buy at Nomura... Brunswick (BC) downgraded to Market Perform from Outperform at Raymond James... Cabot Oil & Gas (COG) downgraded to Equal Weight from Overweight at Barclays... CarMax (KMX) downgraded to Buy from Conviction Buy at Goldman... CenterPoint Energy (CNP) downgraded to Neutral from Buy at SunTrust... DiamondRock (DRH) downgraded to Market Perform from Outperform at JMP Securities... Diana Shipping (DSX) downgraded to Underweight from Equal Weight at Barclays... Dynagas LNG (DLNG) downgraded to Underweight from Equal Weight at Barclays... F5 Networks (FFIV) downgraded to Mixed from Positive at OTR Global... GasLog Partners (GLOP) downgraded to Equal Weight from Overweight at Barclays... Genomic Health (GHDX) downgraded to Neutral from Overweight at Piper Jaffray... Grainger (GWW) downgraded to Underweight from Equal Weight at Morgan Stanley... Green Plains Partners (GPP) downgraded to Equal Weight from Overweight at Barclays... Harley-Davidson (HOG) downgraded to Underperform from Market Perform at Raymond James... Hershey (HSY) downgraded to Neutral from Overweight at JPMorgan... Hornbeck Offshore (HOS) downgraded to Market Perform from Outperform at Cowen... Host Hotels (HST) downgraded to Market Perform from Outperform at JMP Securities... Hudson Pacific (HPP) downgraded to Neutral from Outperform at Credit Suisse... ITT Corp. (ITT) downgraded to Hold from Buy at Vertical Research... JP Energy (JPEP) downgraded to Equal Weight from Overweight at Barclays... JPMorgan (JPM) downgraded to Neutral from Buy at Goldman... Janus Capital (JNS) downgraded to Neutral from Buy at Goldman... KNOT Offshore Partners (KNOP) downgraded to Equal Weight from Overweight at Barclays... Liberty Global (LBTYA) downgraded to Equal Weight from Overweight at Morgan Stanley... LyondellBasell (LYB) downgraded to Underperform from Outperform at CLSA... M&T Bank (MTB) downgraded to Neutral from Buy at Goldman... Marsh & McLennan (MMC) downgraded to Neutral from Outperform at Credit Suisse... Mead Johnson (MJN) downgraded to Neutral from Overweight at JPMorgan... NGL Energy Partners (NGL) downgraded to Hold from Buy at Wunderlich... Noble Corp. (NE) downgraded to Market Perform from Outperform at Cowen... Oaktree Capital (OAK) downgraded to Buy from Conviction Buy at Goldman... PBF Logistics (PBFX) downgraded to Equal Weight from Overweight at Barclays... Plains All American (PAA) downgraded to Equal Weight from Overweight at Barclays... Prospect Capital (PSEC) downgraded to Underperform from Market Perform at Wells Fargo... Prudential plc (PUK) downgraded to Hold from Buy at Deutsche Bank... Rose Rock Midstream (RRMS) downgraded to Equal Weight from Overweight at Barclays... Seaspan (SSW) downgraded to Equal Weight from Overweight at Barclays... Southcross Energy Partners (SXE) downgraded to Neutral from Buy at Citi... Southwestern Energy (SWN) downgraded to Equal Weight from Overweight at Barclays... StealthGas (GASS) downgraded to Equal Weight from Overweight at Barclays... SunCoke Energy Partners (SXCP) downgraded to Underweight from Equal Weight at Barclays... Tallgrass Energy (TEP) downgraded to Equal Weight from Overweight at Barclays... Tidewater (TDW) downgraded to Market Perform from Outperform at Cowen... USA Compression (USAC) downgraded to Underweight from Equal Weight at Barclays... Under Armour (UA) cut to sell on apparel share losses at Morgan Stanley... VF Corp. (VFC) downgraded to Underweight, market share has peaked, says Morgan Stanley... WPX Energy (WPX) downgraded to Underweight from Equal Weight at Barclays... WebMD (WBMD) downgraded to Neutral from Buy at SunTrust... Williams-Sonoma (WSM) downgraded to Neutral from Outperform at Wedbush... WisdomTree (WETF) downgraded to Sell from Neutral at Goldman... XL Group (XL) downgraded to Neutral from Outperform at Credit Suisse.
News For GAS;AFFX;AZZ;AEO;ARCX;ACAT;APAM;AHP;AHT;ATO;ATW;CUDA;SAM;BC;COG;KMX;DRH;CNP;DSX;DLNG;FFIV;GLOP;GHDX;GWW;GPP;HOG;HSY;HOS;HST;HPP;ITT;JPEP;JPM;JNS;KNOP;LBTYA;LYB;MTB;MMC;MJN;NGL;NE;OAK;PBFX;PAA;PSEC;PUK;RRMS;SSW;SXE;SWN;GASS;SXCP;TEP;TDW;USAC;VFC;UA;WPX;WBMD;WSM;WETF;XL From the Last 2 Days
GWW
Apr 19, 2018 | 08:58 EDT
HIGHER: Shire (SHPG), up 1% after confirming that it has received three conditional proposals from Takeda (TKPYY) regarding a possible offer for the company and has entered into a dialogue with Takeda's advisers to discuss whether a further, more attractive, proposal may be forthcoming... Bio-Path Holdings (BPTH), up 25% after announcing pre-clinical data for prexigebersen showing potential to treat tumors in gynecologic malignancies... Sientra (SIEN), up 12% after announcing FDA approval of the company's PMA supplement allowing commercialization of its OPUS-branded breast implant products manufactured by Vesta. UP AFTER EARNINGS: American Express (AXP), up 3.5%... Alcoa (AA), up 3.6%... Kinder Morgan (KMI), up 2%... Grainger (GWW), up 7%... Blackstone (BX), up 2%. DOWN AFTER EARNINGS: Philip Morris (PM), down 4.7%... Pier 1 Imports (PIR), down 18%... Sleep Number (SNBR), down 14%. LOWER: Aceto (ACET), down 53% after announcing the company is exploring strategic alternatives, suspending further guidance and reducing its dividend... Helios and Matheson (HMNY), down 34% after the company's 10.5M share spot secondary offering priced at $2.75 per share... Qualcomm (QCOM), down 2% and NXP Semiconductors (NXPI), down 2.7% after reporting that, at the request of the Ministry of Commerce in China, they have withdrawn and refiled the notice of acquisition regarding the companies' planned combination. In conjunction with the refiling, NXP and Qualcomm have agreed, among other things, to extend the end date of their purchase agreement from April 25, 2018 to July 25, 2018.
GWW
Apr 19, 2018 | 08:08 EDT
"Results for the quarter were strong, led by increased volume in our U.S. business with both large and medium customers, supported by a strong demand environment. Performance in Canada has improved although we are still in the early stages of the turnaround. Our single channel and international businesses also contributed to the strong performance," said DG Macpherson, Chairman and Chief Executive Officer. "We remain confident that the strategic actions we are executing in the United States and Canada are helping us create a stronger business. Based on the encouraging results we're seeing," Macpherson concluded, "we are increasing our sales and EPS guidance for the year." As a result, the company raised its 2018 sales and earnings per share guidance for the year and now expects sales growth of 5 to 8 percent and earnings per share of $14.30 to $15.30. The company's previous 2018 guidance, communicated on Jan. 24, 2018, was sales growth of 3 to 7 percent and earnings per share of $12.95 to $14.15.
DLNG
Apr 18, 2018 | 16:22 EDT
Stocks opened little changed and remained that way throughout the day. While the Dow was weighed down by the post-earnings slump in shares of IBM (IBM), the S&P and Nasdaq were able to post small gains in a relatively quiet session ahead of the next wave of corporate earnings reports. Oil prices closed nearly 3% higher and topped $68 a barrel for the first time since December 2014 after weekly data showed U.S. crude stockpiles fell by over 1 million barrels. ECONOMIC EVENTS: In the U.S., NYMEX crude rallied to fresh three-plus year highs following EIA inventory data that showed a 1.0M barrel drawdown in crude inventories. In the latest Beige Book report, the U.S. Federal Reserve said that economic activity continued to expand at a "modest to moderate pace" in March and early April. The Fed also said that labor markets are "tight" and that prices are rising at a "moderate pace." In White House news, CNBC reported that President Donald Trump's trade representative is briefing lawmakers to expect a negotiated NAFTA in three weeks. In Europe, the final Eurozone CPI for March was revised lower from up 1.4% to up 1.3%. Also, Eurozone auto registrations for March declined 5.3%. COMPANY NEWS: Shares of IBM declined 7.5% following last night's Q1 report. A lack of revenue growth "may not be a backbreaker," but IBM's "perplexing declaration" that gross margin "stabilization" has arrived despite Q1's 30 basis point year-over-year decline will likely frustrate investors, Barclays analyst Mark Moskowitz said... Morgan Stanley (MS) reported first quarter earnings and revenues that topped consensus expectations, with Chairman and CEO James Gorman calling out sales and trading as a "particular highlight in a more active environment"... In transportation, shares of rail operator CSX Corporation (CSX) and airline United Continental (UAL) each jumped after their respective first quarter results came in ahead of consensus forecasts. CSX rose 8%, while United shares gained about 5%... Meanwhile, Tesla (TSLA) shares were in focus after Bloomberg reported that California's Division of Occupational Safety and Health has opened an investigation into the car maker following a report about worker protections at the company's plant in Fremont, California. MAJOR MOVERS: Among the noteworthy gainers was SunPower (SPWR), which rose 12% after it agreed to acquire SolarWorld Americas. Also higher was Intuitive Surgical (ISRG), which advanced 8% after reporting quarterly results. Among the notable losers was Dynagas LNG (DLNG), which fell 8% after it cut its quarterly distribution. Also lower after reporting quarterly results were Lam Research (LRCX) and ADTRAN (ADTN), which fell a respective 4% and 7%. INDEXES: The Dow fell 38.56, or 0.16%, to 24,748.07, the Nasdaq gained 14.14, or 0.19%, to 7,295.24, and the S&P 500 advanced 2.25, or 0.08%, to 2,708.64.
JPM
Apr 18, 2018 | 14:57 EDT
The next head of the Federal Reserve Bank of New York, John Williams, does not expect the yield curve to invert, says Bloomberg. Speaking in Madrid on Tuesday, Williams said an authentic inversion of the yield curve" is a powerful signal of recessions" that historically has occurred "when the Fed is in a tightening cycle, and markets lose confidence in the economic outlook," but that is not happening now, he added, according to the Bloomberg report.Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
GWW
Apr 18, 2018 | 14:06 EDT
Notable companies reporting before tomorrow's open, with earnings consensus, include Philip Morris (PM), consensus 90c... Danaher (DHR), consensus 94c... Bank of New York Mellon (BK), consensus 96c... BB&T (BBT), consensus 92c... Blackstone (BX), consensus 63c... PPG Industries (PPG), consensus $1.40... Nucor (NUE), consensus $1.09... W.W. Grainger (GWW), consensus $3.42... Quest Diagnostics (DGX), consensus $1.50.
DLNG
Apr 18, 2018 | 12:10 EDT
Stocks opened little changed, but in positive territory. The Dow and S&P have been weighed down by shares of IBM (IBM), which are down more than 7% for the morning. Despite Big Blue's losses, the averages are still posting gains for the seventh time in the past eight days. Oil prices are higher after the weekly Department of Energy inventory report showed a drawdown of crude supply versus expectations for a slight build, pushing the price of oil above $68 a barrel. ECONOMIC EVENTS: In the U.S., NYMEX crude rallied to fresh three-plus year highs following EIA inventory data that showed a 1.0M barrel drawdown in crude inventories. The Fed's Beige Book is scheduled to be released later this afternoon. In Europe, the final Eurozone CPI for March was revised lower from up 1.4% to up 1.3%. Also, Eurozone auto registrations for March declined 5.3%. COMPANY NEWS: Shares of IBM (IBM) declined 7.5% following last night's Q1 report. A lack of revenue growth "may not be a backbreaker," but IBM's "perplexing declaration" that gross margin "stabilization" has arrived despite Q1's 30 basis point year-over-year decline will likely frustrate investors, Barclays analyst Mark Moskowitz stated in a post-earnings research note... Morgan Stanley (MS) reported first quarter earnings and revenues that topped consensus expectations, with Chairman and CEO James Gorman calling out sales and trading as a "particular highlight in a more active environment." Just like its big bank peers the last several days, the stock has faded from its opening levels, though Morgan Stanley shares remain fractionally higher near noon... In transportation, shares of rail operator CSX Corporation (CSX) and airline United Continental (UAL) each jumped in early trading after their respective first quarter results came in ahead of consensus forecasts. Near midday, CSX was up 6.5% while United shares rose 6%. MAJOR MOVERS: Among the noteworthy gainers was SunPower (SPWR), which rose 10% after it agreed to acquire SolarWorld Americas. Also higher was Oasis Petroleum (OAS), which gained 8.5% amid the strength in crude after JPMorgan resumed coverage of the stock with an Overweight rating. In addition, Intuitive Surgical (ISRG) advanced over 7.5% after reporting quarterly results. Among the notable losers was Dynagas LNG (DLNG), which fell 12% after it cut its quarterly distribution to 25c per unit from 42.25c. Also lower after reporting quarterly results were Lam Research (LRCX) and ADTRAN (ADTN), which fell a respective 5% and 6%. INDEXES: Near midday, the Dow was up 6 points to 24,792.68, the Nasdaq was up 25.50, or 0.35%, to 7,306.60, and the S&P 500 was up 7.94, or 0.29%, to 2,714.33.
MTB
Apr 18, 2018 | 10:12 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. eBay (EBAY) upgraded to Overweight from Underweight at Morgan Stanley with analyst Brian Nowak saying he expects the company to start pulling away from PayPal (PYPL) and intermediating its own payments in 2018, with a planned full transition in mid-2020. 2. First Solar (FSLR) upgraded to Buy from Neutral at BofA/Merrill with analyst Julien Dumoulin-Smith saying recent data is increasingly positive with unabated year-over-year Chinese solar demand, domestic safe harbor datapoints firming with a potential release in a couple months, firming domestic pricing, less likely import tariff exemptions, and a constructive cost trajectory for Series 65. 3. Dollar Tree (DLTR) upgraded to Buy from Hold at Loop Capital with analyst Anthony Chukumba saying while Dollar Tree's fiscal 2018 earnings guidance came up short of consensus expectations, management is correctly prioritizing long-term competitiveness over higher short-term profitability. 4. M&T Bank (MTB) upgraded to Neutral from Underperform at Baird with analyst David George citing its recent pullback as the shares have been hit hard and his belief this high quality bank should retain its premium valuation. 5. Pinnacle Financial (PNFP) upgraded to Outperform from Market Perform at Hovde Group and Fig Partners. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
DLNG
Apr 18, 2018 | 08:33 EDT
Dynagas LNG Partners announced that, following a strategic review of its financial profile and distribution policy, the board of the Partnership has approved a plan to reduce the quarterly distribution on the Partnership's common units to 25c per common unit from 42.25c per common unit, or from $1.69 per common unit to $1.00 per common unit on an annualized basis. The reduction will take effect on May 3, 2018, upon the payment of the common unit distribution with respect to the first quarter of 2018 to common unitholders of record as of the close of business on April 26, 2018.
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