Frontrunning: March 11

Frontrunning: March 11
  • Malaysia Says Stolen Passport User Had No Links to Terror Groups (BBG)
  • Malaysia military tracked missing plane to west coast (Reuters)
  • Freescale loss in Malaysia tragedy leads to travel policy questions (Reuters)
  • Firms Suffer 23% Drop in Asia Fees Amid Search for Cash (BBG)
  • Putin Dismisses U.S. Proposal on Ukraine (WSJ)
  • Lenovo says China strike an IBM matter, but it won’t cut wages (Reuters)
  • Congress to Investigate GM Recall (WSJ)
  • New hedge funds face life or death battle for funding (FT)
  • Muni Bond Costs Hit Investors in Wallet (WSJ)
  • BOJ keeps stimulus in place, cuts view on exports in warning sign (Reuters)
  • ECB Homes In on Risky Assets as Inspectors Fan Out Across Europe  (BBG)
  • Snowden: “The Constitution was violated” (Reuters)
  • Lloyds Trader Said to Tip Off BP to $500 Million FX Deal (BBG)

Overnight Media Digest

NFIB small business optimism index for February at 7:30–consensus 93.8
Wholesale Trade Inventories for January at 10:00–consensus 0.4%

ANALYST RESEARCH

Upgrades

Altra Holdings (AIMC) upgraded to Buy from Hold at KeyBanc
Apple (AAPL) upgraded to Outperform from Sector Perform at Pacific Crest
BNY Mellon (BK) upgraded to Buy from Neutral at UBS
Bank of Ireland (IRE) upgraded to Buy from Neutral at BofA/Merrill
CDW Corporation (CDW) upgraded to Conviction Buy from Buy at Goldman
Hospitality Properties (HPT) upgraded to Outperform from Market Perform at Wells Fargo
Imperial Holdings (IFT) upgraded to Outperform from Market Perform at FBR Capital
InterMune (ITMN) upgraded to Buy from Neutral at Goldman
J.C. Penney (JCP) upgraded to Buy from Neutral at Citigroup
Knightsbridge Tankers (VLCCF) upgraded to Overweight from Equal Weight at Evercore
Lonmin (lnmiy) upgraded to Neutral from Sell at Goldman
Macy’s (M) upgraded to Outperform from Market Perform at Wells Fargo
Stanley Black & Decker (SWK) upgraded to Outperform at Wells Fargo
Wesco Aircraft (WAIR) upgraded to Outperform from Sector Perform at RBC Capital

Downgrades

Aixtron (AIXG) downgraded to Neutral from Outperform at Exane BNP Paribas
Amedisys (AMED) downgraded to Perform from Outperform at Oppenheimer
Arotech (ARTX) downgraded to Neutral from Buy at B. Riley
Brookfield Renewable (BEP) downgraded to Hold from Buy at Canaccord
FMC Corporation (FMC) downgraded to Market Perform from Outperform at Wells Fargo
FMC Corporation (FMC) downgraded to Neutral from Overweight at Piper Jaffray
Millicom (MIICF) downgraded to Underweight from Equal Weight at Morgan Stanley
Northern Trust (NTRS) downgraded to Sell from Neutral at UBS
NxStage Medical (NXTM) downgraded to Underperform from Market Perform at Wells Fargo
State Street (STT) downgraded to Neutral from Buy at UBS
Triumph Group (TGI) downgraded to Sector Perform from Outperform at RBC Capital
U.S. Bancorp (USB) downgraded to Market Perform from Outperform at Keefe Bruyette
Unisys (UIS) downgraded to Market Perform from Outperform at Raymond James
Vipshop (VIPS) downgraded to Neutral from Buy at Goldman

Initiations

AMD (AMD) initiated with a Buy at Ascendiant
Aeropostale (ARO) initiated with a Buy at Buckingham
Applied Micro Circuits (AMCC) initiated with a Buy at Ascendiant
Aruba Networks (ARUN) initiated with an Underperform at Bernstein
Cisco (CSCO) initiated with an Outperform at Bernstein
Destination XL (DXLG) initiated with a Buy at Canaccord
F5 Networks (FFIV) initiated with an Outperform at Bernstein
FLIR Systems (FLIR) initiated with an In-Line at Imperial Capital
GW Pharmaceuticals (GWPH) initiated with a Buy at BofA/Merrill
Immersion (IMMR) initiated with a Hold at Ascendiant
Infoblox (BLOX) initiated with an Overweight at Piper Jaffray
Inogen (ingn) initiated with an Outperform at Leerink
Inogen (ingn) initiated with an Overweight at JPMorgan
Intel (INTC) initiated with a Sell at Ascendiant
International Shipholding (ISH) initiated with an Outperform at Imperial Capital
InvenSense (INVN) initiated with a Hold at Ascendiant
Juniper (JNPR) initiated with a Market Perform at Bernstein
Magic Software (MGIC) initiated with an Equal Weight at Barclays
Neonode (NEON) initiated with a Buy at Ascendiant
RF Micro Devices (RFMD) initiated with a Buy at Ascendiant
Ruckus Wireless (RKUS) initiated with an Underperform at Bernstein
Skyworks (SWKS) initiated with a Buy at Ascendiant
Team Health (TMH) initiated with a Buy at UBS
Texas Instruments (TXN) initiated with a Buy at Ascendiant
TowerJazz (TSEM) initiated with a Buy at Ascendiant
TriQuint (TQNT) initiated with a Buy at Ascendiant
Ubiquiti Networks (UBNT) initiated with an Outperform at Bernstein

COMPANY NEWS

Yahoo (YHOO) named Alex Stamos as CISO
Bayer (BAYRY), Onyx (AMGN) reported Phase 3 study of Nexavar did not meet primary endpoint
Qualcomm (QCOM) named Derek Aberle as president
Document Security Systems (DSS) filed a patent claim against Samsung (SSNLF), Taiwan Semiconductor (TSM), and NEC Corporation of America
La Jolla Pharmaceutical (LJPC) announced that its Phase 2 trial of GCS-100 in chronic kidney disease reached its primary and key secondary endpoints
Activist hedge fund Elliott Associates disclosed a 4.99% stake in Boyd Gaming (BYD)
American Eagle Energy (AMZG) said it increased its interest in its Spyglass Area for a total consideration of $47M and said it plans capital spending of $86.1M in 2014
Honda (HMC) to create separate Acura, Honda divisions to spur sales

EARNINGS

Companies that beat consensus earnings expectations last night and today include:
E-House (EJ), Fontegra Financial (FRF), Atlas Financial (AFH), Douglas Dynamics (PLOW), Novavax (NVAX), LipoScience (LPDX), Medifast (MED), Limoneira (LMNR), Onconova (ONTX), PowerSecure (POWR), Urban Outfitters (URBN)

Companies that missed consensus earnings expectations include:
Gray Television (GTN), Sunshine Heart (SSH), Endeavour Silver (EXK), Park-Ohio (PKOH), Celluar Dynamics (ICELl), NMI Holdings (NMIH), Summit Midstream (SMLP), Fuel Tech (FTEK), Nuverra Environmental (NES), Dynavax (DVAX), Casey’s General Stores (CASY)

Companies that matched consensus earnings expectations include:
FuelCell (FCEL), United Natural Foods (UNFI)

NEWSPAPERS/WEBSITES

Sprint’s (S) Son confirms interest in buying T-Mobile (TMUS), WSJ reports
House Energy and Commerce Committee to look into General Motors (GM) recall, WSJ reports
Apple (AAPL) asks record labels for exclusive iTunes releases, LA Times reports
BHP Billiton (BHP) planning to sell West African iron ore assets, Australian Financial Review reports
Chobani working with Bank of America (BAC) to sell a 20% stake in the company that would value it at about $2.5B, Reuters reports
Sony (SNE), HTC and LG shifting to mid-range smartphone market, DigiTimes says
Judge denies Myriad Genetics (MYGN) request for injunction against rival, NY Times says

SYNDICATE

Access Midstream (ACMP) files to sell 8M common units for limited partners
American Eagle Energy (AMZG) files to sell 10M shares of common stock after split
China Recycling Energy (CREG) files to sell 8.77M shares of common stock for holders
ING U.S. (VOYA)files to sell $100M of common stock for holders
MakeMyTrip (MMYT) files to sell 3M shares of common stock for holders
Oxford Lane (OXLC) files to sell 2.35M shares of common stock
Post Holdings (POST) files to sell $250M senior notes, 4M shares of common stock
Stock Building Supply (STCK) files to sell 6.6M common shares for holders
Summit Midstream (SMLP) files to sell 8M common units for limited partners
Tekmira (TKMR) files to sell $60M of common stock
Vipshop (VIPS) files to sell 1.14M ADSs for holders

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