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August 20, 2014 10:20 PM EDT
Updated: Aug 20, 2014 7:10 AM EDT  

Cantor Morning News®

 

 

Today's Stories From Cantor Fitzgerald

 Dogukan Aksoy  (212) 610-2348

        Nick Cernero (212) 610-3629

        Wednesday, August  20th  2014

TOP NEWS

 

o   US STOCK FUTURES:

o  U.S. stock-index futures were little changed, after equities rose for a second day, as investors awaited minutes from the Federal Reserve’s last meeting for clues about the interest-rate outlook.-BBG

o  FX: The dollar strengthened to an 11- month high versus the euro before the Federal Reserve releases the minutes of its July meeting, amid speculation policy makers are moving toward raising borrowing costs.-BBG

o  GOLD: Gold fell for a fourth day in London as a stronger dollar cut demand. Platinum slipped to a two-month low in the longest run of declines in six years.-BBG

o  TREASURIES:Treasuries were the best-performing sovereign debt market during the past month after accounting for currency gains as investors sought alternatives to Europe’s record-low yields.-BBG

o   European Markets: FTSE100 (0.39%), DAX (0.36%), CAC40 (0.29%)

o  European equity markets are trading flat and within narrow ranges with most benchmark indices seeing moves of less than half a percent.-SA

o  Asian Markets: Nikkei +0.03%, Hang Seng +0.15%,Shanghai Composite (0.23%)

o  Asian equity markets were flat today. Equities were mixed as volatility was range-bound in a relatively lackluster trading session-SA

o   BIG STORIES TODAY

o  Hertz Plunges After Saying Results to Miss Forecast Amid Review: Hertz Global Holdings Inc. plunged after saying 2014 results will be “well below” its forecast, citing costs for an accounting review and industrywide vehicle recalls that prevented it from meeting demand.-BBG

o  Argentina to Pay Bonds Locally to Skirt U.S. Court After Default: Argentina plans to pay its foreign-currency bonds locally to sidestep a U.S. court ruling that blocked payments last month and caused the nation to default for a second time in 13 years.-BBG

o  Samsung Develops Smartphone Chip to Replace Qualcomm’s: Co. began production of in-house developed communications chip this month to be used on upcoming smartphone models including the Galaxy Alpha, Maeil Business Newspaper reports, citing an unidentified industry official.-BBG

o  Apple Rises to Record on Optimism Over New Batch of Products: Apple Inc.’s stock closed at an all- time high, surpassing a 2012 record as investors look ahead to new products such as bigger-screen iPhones and a wristwatch-like device that may jump-start revenue growth.-BBG

o  Citigroup Said to Weigh Sale of Japan Consumer-Bank Business: Citigroup Inc., the firm that earns the most international revenue of any U.S. lender, is considering selling its consumer-banking business in Japan, two people with knowledge of the matter said.-BBG

o  Fund Manager Pay Curbs Seen Unlikely With FCA Lauding Incentives: Fund managers are entitled to be paid millions of pounds if they’re delivering high returns for investors, the U.K. markets regulator said, the first sign it won’t seek to impose wage caps on the industry.-BBG

o  AT&T Plots Zippiest Internet Speed to Homes in Google’s Backyard: AT&T Inc. is out to beat Google Inc. in a race to deliver some of the fastest Internet speeds in the country to residential users in the U.S. technology epicenter -- Silicon Valley.-BBG

o  Coast Guard Responds to Duke Energy Ohio River Diesel Spill: The U.S. Coast Guard is working to control a spill of diesel fuel in the Ohio River from Duke Energy Corp.’s Beckjord power plant about 20 miles (32 kilometers) east of Cincinnati.-BBG

o  PETM Said to be seeking to explore a potential sale; could review strategic alternatives - financial press

o  LZB Reports Q1 $0.20 (adj) v $0.21e, R$327M v $321Me; Increases share buyback for up to 5M additional shares (15% of outstanding) - Same store written sales for the Furniture Galleries store network +1% - Gross margin 34.1% v 33.2% y/y – TTN

o  [SNY] Sanofi-Aventis: Genzyme unit receives FDA approval for its drug to treat a form of gaucher disease-TTN

o  AAPL iWatch (iTime) launch said to have been delayed until 2015 - FT - Citing a note from KGI Securities, the FT suggests the delays are caused by issues with making enough special components and difficulties with new manufacturing methods. - TTN

o   TOP STOCK AND SECTOR MOVING STORIES

o   M&A

o   TMUS Iliad asking Google, Microsoft  for help with T-Mobile bid - NY Post

o   C Citi's Japanese retail clients seen as wealthy, so big players may bid for unit – WSJ

o  TSN Tyson Foods and Hillshire Brands announce extension of tender offer for shares of Hillshire Brands

o  SYNDICATE

o  IPO

o  No IPO news

o  OTHER

o  WHLR Wheeler Real Estate Investment Trust offers 120,000 units through Maxim and Newbridge

o  DOC Physicians Realty Trust enters At Market Issuance Sales agreements for up to $150M

o  ADMP Adamis Pharmaceuticals announces1.5M share private placement

o  TCP TC Pipelines enters $200M equity distribution agreement

o   TECH/MEDIA/TELECOM  

o  TMUS Iliad asking Google, Microsoft for help with T-Mobile bid - NY Post

o  AMZN Amazon.com to set up operations in Shanghai free-trade zone - WSJ, citing company

o  SOL ReneSola Ltd will provide 5.4 megawatts in solar modules to Welspun Energy Pvt. Ltd.

o  MSFT Microsoft mentioned positively at UBS

o  CSCO Cisco Systems COO hopes year-end layoffs aren't company's "new normal" - Business Insider

o  YOKU Youku Tudou reports Q2

o  ZPIN Zhaopin reports Q4

o  CBAK China BAK Battery reports Q4

o  CVV CVD Equipment receives fiber coating system order in excess of $2.75M

o  STV China Digital TV reports Q2

o  PLAB Photronics reports Q3

o  FFIV F5 Networks upgraded to strong buy from buy at ISI Group

o  ATRM Aetrium reports Q2

o  KTCC Key Tronic reports Q4

o  FINANCIALS/REITS

o  WHLR Wheeler Real Estate Investment Trust offers 120,000 units through Maxim and Newbridge

o  AHH Armada Hoffler Properties closes acquisition of Dimmock Square

o  C Citi's Japanese retail clients seen as wealthy, so big players may bid for unit – WSJ

o  FFIC Flushing Financial authorizes repurchase program of up to 1M shares

o  VTR Ventas completes Holiday Retirement acquisition

o  DOC Physicians Realty Trust enters At Market Issuance Sales agreements for up to $150M

o  BANC Banc of California holder PL Capital sends another letter to the board

o  EQY Equity One discloses fair value of investment property as of 30-Jun-14 $4.0B vs year-ago $3.7B

o  ASFI Asta Funding filed a lawsuit against Unifund CCR Partners

o  HTA Healthcare Trust of America CFO Kellie Pruitt to retire

o  HTGC Hercules enters amended credit agreement with MUFG Union Bank

o  CISG CNinsure announces final court approval for previously announced settlement of class action lawsuit

o   HEALTHCARE

o  ILMN Illumina upgraded to outperform from neutral at Wedbush Securities

o  NBY NovaBay Pharmaceuticals NVC-422 ophthalmic formulation did not meet the primary or secondary endpoints in Phase 2 study

o  BAX Baxter to invest ~$300M on hemodialysis dialyzer expansion

o  FOLD Amicus announces positive ph.3 data from Fabry monotherapy study 012

o  ADMP Adamis Pharmaceuticals announces1.5M share private placement

o  ULGX Urologix discloses resignation of CFO Brian Smrdel, effective immediately

o  OFIX Orthofix plans to restate prior periods’ financial statements

o  ULGX Urologix reports Q4

o   ENERGY/UTILITIES

o  DKL Delek Logistics Partners LP upgraded to outperform from market perform at Wells Fargo

o  JKS JinkoSolar to supply 40 MW of PV solar modules to 8i S.A. in Chile

o  MILL Miller Energy Resources announces increases in value of reserves

o  RGSE Real Goods Solar downgraded to neutral from buy at Roth Capital

o  PBF PBF Energy announces $200M share repurchase program

o  SOPW Solar Power, Inc. reports Q3

o  RGSE Real Goods Solar reports Q2

o  RGSE Real Goods Solar CEO Kam Mofid to pursue other interests

o   MATERIALS/INDUSTRIALS:

o  PENX Penford holder SEACOR provides names of candidates it nominated for board

o  AETI AETI completes sale of American Access Technologies business to Fabricating Technologies for $2.3M cash

o  WPP Wausau Paper sells assets to Higgins and Associates for $4.5M

o  ALTI Altair Nanotechnologies discloses resignation of interim CEO Guo-Hua

o   CONSUMERS/SERVICES:

o  FLXS Flexsteel Industries reports Q4

o  LZB La-Z-Boy reports Q1

o  LEG Leggett & Platt reaches tentative settlement of antitrust claims

o  RDEN Elizabeth Arden downgraded to neutral from buy at SunTrust Robinson Humphrey

o  MNST Monster Beverage reiterated top pick at RBC; sees additional upside

o  TSN Tyson Foods and Hillshire Brands announce extension of tender offer for shares of Hillshire Brands

o  JBSS John Sanfilippo & Son reports Q4

o  CTRN Citi Trends reports Q2

o  EJ E-House Holdings reports Q2

o  HTZ Hertz Global downgraded to neutral from overweight at JPMorgan

o  LOW Lowe's reports Q2

o  SPLS Staples reports Q2

o  LITB LightInTheBox reports Q2

o  PNRA Panera Bread upgraded to overweight from equal-weight at Barclays

o  DNKN Dunkin’ Brands upgraded to overweight from equal-weight at Barclays

o  ENVS Enova Systems reports Q2

o  HTZ Hertz Global downgraded to hold from buy at Deutsche Bank

o  WAG Forecasting error led to Walgreen's FY16 downgrade, CFO exit - WSJ 

o   AUTOS/TRANSPORTS:

o  GLOG GasLog reports Q2

o  JBLU JetBlue Airways upgraded to outperform from market perform at Cowen

o  GAMING, LODGING, & LEISURE

o  BYI Scientific Games and Bally announce early termination of HSR antitrust waiting period

o  WBAI 500.com Ltd announces CFO Pan to become President; Min Yu to take on CFO role

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