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July 30, 2014 7:14 PM EDT
Updated: Jul 30, 2014 6:27 AM EDT  

Cantor Morning News®

 

 

Today's Stories From Cantor Fitzgerald

 Dogukan Aksoy  (212) 610-2348

        Nick Cernero (212) 610-3629

        Wednesday, July  30th   2014

 

TOP NEWS

 

o   US STOCK FUTURES:

o  U.S. equity index futures climbed as company earnings from Twitter Inc. to Amgen Inc. beat analyst estimates. Russian shares rose and the ruble strengthened as some investors judged U.S. and European Union sanctions milder than they anticipated. -BBG

o  FX: The dollar rose to the highest in almost four months against major peers amid prospects jobs numbers will add to indicators of stronger economic growth, prompting the Federal Reserve to further taper stimulus at a meeting that concludes today.-BBG

o  GOLD:  Gold was little changed, after falling the previous two days, as investors weighed signs of an improving U.S. economy against tension over Ukraine and in the Middle East.

o  CRUDE: West Texas Intermediate crude’s discount to Brent narrowed as U.S. inventories fell and amid speculation that tougher sanctions against Russia won’t impact the nation’s fuel exports.-BBG

o  TREASURIES:Treasuries rose, with 30-year bond yields dropping to the lowest levels in more than a year, as a fixed-income rally in Europe enhanced the allure of higher- yielding U.S. debt.-BBG

o   European Markets: FTSE100 (0.06%), DAX (0.02%), CAC40 (0.24%)

o  US equity futures are trading above fair value amidst negative sentiment in Europe and generally higher close in Asia. Another slew of earnings reports will be the focus, including Garmin (GRMN), Goodyear Tire (GT) and Valero Energy (VLO) releasing numbers before the bell, whilst Allstate (ALL), Hartford Financial (HIG) and Kraft Foods (KRFT) report after the close.-SA

o   Asian Markets: Nikkei +0.18%, Hang Seng +0.37%, Shanghai Composite (0.09%)

o  European markets are trading lower with the exception of Spain, +0.46%, and Denmark, +0.31%, at the moment. Spain outperforms after slightly stronger than-expected Q2 GDP data. Focus in the early trading was on corporate releases.-SA

o   BIG STORIES TODAY

o  SEC May Revise Speed Rules on IEX Exchange Plans:  U.S. Securities and Exchange Commission may relax rules that require the fastest possible execution of securities trades, allowing IEX to keep its 350 millionths of a second delay to incoming orders when it becomes an exchange, Reuters reports, citing an unidentified person familiar.-BBG

o  McDonald’s Japan Pulls Profit Forecast Amid Supplier Scandal:  McDonald’s Corp.’s Japan business withdrew its forecast for the first profit increase since 2011 after suspending sales of chicken nuggets supplied by a company that acknowledged food safety problems at its Shanghai plant.-BBG

o  Barclays Returns to Second-Quarter Profit on Costs, Provisions: Barclays Plc, the U.K.’s second- largest bank by assets, returned to a profit in the second quarter, helped by lower provisions and cost cuts.-BBG

o  Putin Jeopardizes Russian Firms’ Access to $600 Billion in Funds: Escalating European Union and U.S. sanctions jeopardize access to funding for Russian companies, threatening to cut them off from international capital markets that have provided at least $600 billion in debt and equity financing since the country emerged from its 1998 default.-BBG

o  AstraZeneca to Acquire Almirall Lung Drugs for $875 Million: AstraZeneca Plc, the U.K. drugmaker that fended off a Pfizer Inc. takeover attempt, agreed to buy the rights to Almirall SA’s respiratory medicines for $875 million.-BBG

o  Toyota Outsells VW, GM in First Half on Rising Demand for SUVs: Toyota Motor Corp. kept its global sales lead over Volkswagen AG as the RAV4 maker benefited from Americans’ rising demand for SUVs.-BBG

o  Former Time Warner CEO Parsons Says Fox Offer Is ‘Way Off Mark’: Former Time Warner Inc. Chairman and Chief Executive Officer Richard Parsons said Rupert Murdoch’s $75 billion offer for his old company is inadequate.-BBG

o  Japan’s Output Drops Most Since 2011 as Consumers Spend Less: Japanese industrial output fell the most since the March 2011 earthquake, highlighting the widening impact to the economy of April’s sales-tax increase.-BBG

o  US adds additional state owned banks to Russia sanctions, adds VTB, Bank of Moscow, and Russian Agricultural Bank - press - TTN

o  TWTRReports Q2 +$0.02 v -$0.01e, R$312M v $280Me - Guides Q3 adj EBITDA $40-45M, Rev $330-340M v $322Me - Raises FY14 guidance adj EBITDA $210-230M, R$1.31-1.33B v $1.26Be (prior adj EBITDA $180-205M, R$1.20-1.25B) – TTN

o   TOP STOCK AND SECTOR MOVING STORIES

o   M&A

o  KODK Movie studios near deal to buy film from Eastman Kodak for several years; terms unreported – WSJ

o  http://online.wsj.com/articles/kodak-movie-film-at-deaths-door-gets-a-reprieve-1406674752  

o  GAGA Le Gaga Holdings enters definitive "going private" agreement at $4.06/ADS or $0.0812/sh

o  AMRE AmREIT rejects Regency Centers' (REG) $22/sh offer, to explore strategic alternatives

o  SYNDICATE

o  IPO

o  HES Hess to pursue formation and IPO of Master Limited Partnership

o  OTHER

o  TXMD TherapeuticsMD, Inc. 8.6M share secondary offering priced at $4.67/sh through Goldman Sachs

o  AAVL Avalanche Biotechnologies files amended S-1; to offer 5.4M shares in range of $16-17/share through Jefferies, Cowen and Piper Jaffray

o  UDR UDR files mixed shelf of indeterminate amount

o  CUZ Cousins Properties announces 18M share common stock offering through JPMorgan

o  KWK Quicksilver Resources files $1.75B mixed shelf

o  TXMD TherapeuticsMD announces $40M secondary through Goldman Sachs

o  BDBD Boulder Brands amends and re-prices senior credit facility

o   TECH/MEDIA/TELECOM

o  Cantor Research  Highlight: TWTR (BUY-$58.00)- Twitter reported very strong 2Q:14 results with both top and bottom lines comfortably exceeding consensus estimates. What's more important is that the drivers for this growth seem sustainable, implying faster-than-expected growth and margin over time. While monetization was the key revenue driver, MAUs were better than feared, helped by products and platform enhancements. We're maintaining our BUY rating and raising our PT to $58, from $40 previously. Stronger results amidst a negative sentiment should propel the stock higher.-Youssef Squali

o  TWTR Twitter downgraded to sell from hold at Pivotal Research

o  TWTR Twitter acquires Madbits; terms unreported - GigaOm, citing Madbits website

o  INVN Invensense upgraded to buy from hold at Ascendiant Capital Markets

o  ASTI Ascent Solar Technologies reports preliminary Q2

o  NVMI Nova Measuring reports Q2

o  FSL Freescale Semiconductor upgraded to equal-weight from underweight at Morgan Stanley

o  MXIM Maxim Integrated downgraded to underweight from equal-weight at Morgan Stanley

o  CPWR Compuware reiterates FY 2015 guidance revenue $720-735M vs FactSet $725.3M - conf call

o  AMCC Applied Micro guides Q2

o  GIGM GigaMedia reports Q2

o  INVN Invensense guides Q2

o  DRAM Dataram reports Q4

o  BTUI BTU International reports Q2

o  EXPE Expedia completes acquisition of Auto Escape Group

o  TRNS Transcat reports Q1

o  COVS Covisint reports Q1

o  INFA Informatica Chairman and CEO terminates previously disclosed 10b5-1 trading plan

o  FINANCIALS/REITS

o  MAC Macerich, Pennsylvania Real Estate Investment Trust enter jv for redevelopement of The Gallery in downtown Philadelphia

o  AMRE AmREIT rejects Regency Centers' (REG) $22/sh offer, to explore strategic alternatives

o  ADPT Adeptus Health enters into new Master Funding and Development agreement with Medical Properties Trust

o  PROV Provident Financial Holdings reports Q4

o  LPLA LPL Financial reports Q2

o  EVER EverBank Financial reports Q2

o  MS EU Commission sets a provisional deadline of 3-Sep to rule on Rosneft's buy of Morgan Stanley's Global Oil Merchanting unit

o  COR CoreSite Realty announced multi-year contract with China Telecom (728.HK) on behalf of third party

o   HEALTHCARE

o  MRGE Merge Healthcare reports Q2

o  ICLR StreetAccount Metrics Recap - ICON plc Q2 Earnings

o  ADPT Adeptus Health enters into new Master Funding and Development agreement with Medical Properties Trust

o  AAVL Avalanche Biotechnologies files amended S-1; to offer 5.4M shares in range of $16-17/share through Jefferies, Cowen and Piper Jaffray

o  ADPT Adeptus Health reports Q2

o  HAE Haemonetics reports Q1

o  HUM Humana reports Q2

o  ICLR ICON plc reports Q2

o  WLP WellPoint Health reports Q2

o  REGN FDA approves Eylea for the treatment of Diabetic Macular Edema

o  BCLI BrainStorm Cell Therapeutics initiated buy at Maxim Group

o  ICPT Intercept Pharmaceuticals upgraded to buy from neutral at Nomura Securities

o  ESRX Express Scripts reports Q2 results

o  NUVA Nuvasive reports Q2

o  ESRX Express Scripts reports Q2

o  CELG Celgene discloses HIPAA subpoenas

o   ENERGY/UTILITIES

o  NEP NextEra Energy Partners initiated market perform at Wells Fargo

o  PCG Grand jury adds new charges against PG&E over 2010 San Bruno pipeline explosion - WSJ

o  VTNR Vertex Energy begins due diligence of Heartland Group Holdings in anticipation of a potential acquisition

o  JKS JinkoSolar Holding to receive $225M PE investment for 45% stake in company

o  DRQ Dril-Quip reports Q2

o  NOV National Oilwell Varco downgraded to hold from buy at Jefferies

o  ENB Enbridge removed from Conviction Buy List at Goldman Sachs; stock remains rated buy

o  SPWR SunPower signs definitive agreement to supply Nangoku with 29-MWdc of E20/327 solar panel

o  COP ConocoPhillips to complete sale of Nigerian assets to Oando

o  OPTT Ocean Power Technologies reports Q4

o  APU AmeriGas Partners reports Q

o  SM SM Energy reports Q2

o  CELP Cypress Energy declares Q2

o  GPRE Green Plains reports Q2

o  NFX Newfield Exploration reports Q2

o  NFX Newfield signs to sell Granite Wash assets for $588M to Templar Energy ; updates Pearl repairs

o  FE FirstEnergy downgraded to sell from neutral at UBS

o  UGI UGI Corporation increases annual dividend by 10.2%

o  GAS AGL Resources reports Q2

o   MATERIALS/INDUSTRIALS

o  WLKP Westlake Chemical Partners 11.25M-unit IPO priced at $24/unit through Barclays and UBS

o  UFS Domtar downgraded to neutral from buy at Goldman Sachs

o  NEM Newmont Mining reports Q2

o  SLCA US Silica reports Q2

o  RKT Rock-Tenn reports Q3

o  NEU NewMarket reports Q2

o  CHMT Chemtura reports Q2

o  WTS Watts Water reports Q2

o  X U.S. Steel reports Q2

o  OI Owens-Illinois reports Q2

o  BOOM Dynamic Materials reports Q2

o  TX Ternium reports Q2

o  ROG Rogers Corp reports Q2

o  AEGN Aegion reports Q2

o  CTO Consolidated-Tomoka Land reports Q2

o  RBC Regal Beloit reports Q2

o  AXR AMREP Corporation reports FY

o  ISSC Innovative Solutions reports Q

o  SPW SPX Corp reports Q2

o   CONSUMERS/SERVICES:

o  KODK Movie studios near deal to buy film from Eastman Kodak for several years; terms unreported – WSJ

·        http://online.wsj.com/articles/kodak-movie-film-at-deaths-door-gets-a-reprieve-1406674752        

o  OSK Oshkosh upgraded to outperform from neutral at RW Baird

o  WNC Wabash National reports Q2

o  INGR Ingredion reports Q2

o  SPB Spectrum Brands reports Q3

o  GAGA Le Gaga Holdings enters definitive "going private" agreement at $4.06/ADS

o  MLP Maui Land & Pineapple Company reports Q2

o  USNA USANA reports Q2

o  LNDC Landec reports Q4

o  BDBD Boulder Brands amends and re-prices senior credit facility

o  WIN Windstream Holdings upgraded to neutral from sell at UBS

o  CVC Cablevision downgraded to sell from neutral at Citi

o  RESI Altisource Residential upgraded to outperform from market perform at Keefe, Bruyette & Woods

o  RRD RR Donnelley reports Q2

o  VZ Verizon downgraded to neutral from outperform at Macquarie

o  DEST Destination Maternity reports Q3

o  Nomura Securities upgrades WIN; downgrades FTR

o  COR CoreSite Realty announced multi-year contract with China Telecom on behalf of third party

o   AUTOS/TRANSPORTS:

o  CHRW C.H. Robinson upgraded to neutral from underperform at Bank of America Merrill Lynch

o  XPO XPO Logistics reports Q2

o  CHRW C.H. Robinson reports Q2

o  SB Safe Bulkers reports Q2

o  TRN Trinity Industries Inc. reports Q2

o  CAP CAI International reports Q2

o  GAMING, LODGING, & LEISURE

o  MGAM Multimedia Games reports Q3

 

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