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The Channel

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Trade Idea of the Day Presented by: The Fly

Fly Intel: Pre-market Movers

HIGHER: CDW (CDW), up 6% after being selected to enter the S&P 500 index at open on September 23... Construction Partners (ROAD), up 2% after its 5M share secondary priced at $14.25 per share... vTv Therapeutics (VTVT), up 6% after presenting additional data from its phase 2 Simplici-T1... Read More

Philly Fed Manufacturing shows Continued Expansion in September, At Slower Pace

From the Philly Fed: August 2019 Manufacturing Business Outlook Survey. Manufacturing activity in the region continued to expand this month, according to results from the September Manufacturing Business Outlook Survey. The survey's broad indicators remained positive, although their movements were mixed: The indexes for general activity and new orders fell, while the indexes for shipments and employment increased. The survey’s price indexes increased notably this month. The survey’s future general activity index moderated but continues to suggest growth over the next six months. The diffusion index for current general activity fell 5 points this month to 12.0, emphasis added. This was at the consensus forecast. Here is a graph comparing...

Citi sees working capital unwind as 'legitimate risk' for McDermott

Shares of McDermott dropped 63% yesterday following news that the company hired turnaround firm AlixPartners for "strategic and operational advice." Low liquidity, high leverage, and lingering headwinds associated with legacy CB&I-related projects pose elevated risk for the company, Citi analyst Andrew Kaplowitz tells investors in a research note. The analyst admits that he does not know what's causing McDermott to turn to AlixPartners. He sees a "wide range of possibilities with little visibility to near-term outcomes," which leads to his continued Neutral rating on the shares. McDermott has a "considerable amount of good assets" that are saleable and customers have an incentive to see the company succeed, says Kaplowitz...

Fly Intel: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. FedEx (FDX) downgraded to Hold from Buy at Deutsche Bank and Stifel, to Sector Weight from Overweight at KeyBanc, and to Market Perform from Outperform at BMO Capital. 2. Travelers (TRV) downgraded to Neutral from Buy at BofA/Merrill with analyst Jay Cohen citing valuation. 3. TerraForm Power (TERP) downgraded to Neutral from Overweight at JPMorgan with analyst Mark Strouse citing valuation. 4. Blackstone (BX) downgraded to Neutral from Buy at Citi with analyst William Katz citing valuation. 5. Masco (MAS) downgraded to Neutral from Buy at Buckingham with analyst Megan McGrath saying that given Masco's muted three-year pro forma outlook provided at its investor day on Tuesday, she believes that much further upside to...

FedEx reports Q1 adjusted EPS $3.05, consensus $3.16

Reports Q1 revenue $17.048B, consensus $17.06B. "Our performance continues to be negatively impacted by a weakening global macro environment driven by increasing trade tensions and policy uncertainty," said Frederick W. Smith, FedEx Corp. chairman and chief executive officer. "Despite these challenges, we are positioning FedEx to leverage future growth opportunities as we continue the integration of TNT Express, enhance FedEx Ground residential delivery capabilities and modernize the FedEx Express air fleet and hub operations." Operating results declined primarily due to weakening global economic conditions, increased costs to expand service offerings and continued mix shift to lower-yielding services. The impact of one....

Industrial Production Increased in August

From the Fed: Industrial Production and Capacity Utilization. Industrial production rose 0.6 percent in August after declining 0.1 percent in July. Manufacturing production increased 0.5 percent, more than reversing its decrease in July. Factory output has increased 0.2 percent per month over the past four months after having decreased 0.5 percent per month during the first four months of the year. In August, the indexes for utilities and mining moved up 0.6 percent and 1.4 percent, respectively. At 109.9 percent of its 2012 average, total industrial production was 0.4 percent higher in August than it was a year earlier. Capacity utilization for the industrial sector increased 0.4 percentage point in August to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2018) average. This graph shows Capacity...

Tuesday: Industrial Production, Homebuilder Survey

From Matthew Graham at Mortgage News Daily: Rates Recover Modestly, But Uncertainty Remains. [M]ortgage rates won't care in the slightest when and if the Fed cuts rates this Wednesday. The Fed's outlook on future rate cuts and on its policy stance in general will be of far more interest. Until we're through Fed day, volatility potential remains high. That said, the bond market was at least willing to respond to the weekend's Saudi oil news in an expected way (i.e. rates moved slightly lower as geopolitical risks flared). This suggests the bond market is approaching this week with a more open mind than last week (where traders pushed rates higher regardless of any argument to the contrary). [Most Prevalent Rates...

Fly Intel: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Halliburton (HAL) downgraded to Equal Weight from Overweight at Barclays with analyst J. David Anderson saying he sees "only modest upside" to the shares after revising his estimates lower. 2. Aurora Cannabis (ACB) downgraded to Sell from Hold at Stifel with analyst W. Andrew Carter saying he sees "meaningful downside" from current share levels following the company's "disappointing" Q4 earnings release. 3. HP Inc. (HPQ) downgraded to Neutral from Buy at UBS with analyst John Roy saying he points to downside risk for the company's flat expectations in its printing supplies business amid low visibility and uncertain macro backdrop. Roy further believes that HP's PC margin would decline by more than consensus as the company passes...

Purdue Pharma files for bankruptcy as part of $10B opioid settlement

Purdue Pharma last night announced that it has reached an agreement in principle on a framework for settling the U.S. opioid litigation facing the company with 24 state attorneys general, analogous officials from five U.S. territories, the Plaintiffs' Executive Committee in the multidistrict litigation, and co-lead counsel in the multidistrict litigation. The settlement structure is estimated to provide more than $10B of value to address the opioid crisis. To finalize and implement the settlement agreement, Purdue last night also filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. "This court-supervised process is intended to, among other things, facilitate an orderly and equitable resolution of all claims against Purdue, while...

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