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$PNC PNC Bank removed from the Short-Term Buy List at UBS (61.00 )
$KOL Coal retirements -- EPA signaling greater flexibility on clean air regulation - FBR Capital (31.98 )
FBR Capital's conversations suggest that the Environmental Protection Agency is increasingly likely to incorporate industry-friendly flexibility in crafting Clean Air Act rules that are expected to force widespread retirements of coal-fired generation. Consistent with (but separate from) the President's recent Executive Order on Improving Regulation and Regulatory Review, we note a distinctively more accommodative tone in EPA's approach to upcoming controls. This flexibility could reduce the expected power plant shutdowns or push out compliance deadlines to help mitigate potential economic impacts. Compared to consensus expectations of 60-plus GW of shutdowns, this nuance implies greater U.S. coal demand and less bullish power price increases for utilities in the near term. However, they do reiterate that EPA regulations are inevitable and will, in the long run, lead to coal plant retirements.
$VZ Verizon announces pension and other post-employment benefits accounting method change; change to result in pre-tax charge of $600 mln for FY10 (34.61 )
Co lowers its assumed discount rate, which was 6.25% at the end of 2009, to 5.75% for purposes of determining its pension and OPEB liability. This change increased the liability by $2.9 billion in 2010. The estimated return on pension assets in 2010 was ~14%, compared with an assumption of 8.5%, resulting in an actuarial gain of ~$1 billion. Health care and other retiree benefit costs were favorable compared to assumptions, resulting in a $1.3 billion reduction in liabilities.
GM Diva 8)
$ACOR Acorda Therapeutics confirms in 8-K BIIB's annoucement that the EMA did not approve FAMPYRA, the trade name in Europe for the product commercialized in the US by Co under trade name AMPYRA (27.83 )
$ACOR Acorda Therapeutics confirms in 8-K BIIB's annoucement that the EMA did not approve FAMPYRA, the trade name in Europe for the product commercialized in the US by Co under trade name AMPYRA (27.83 )
$RVBD Riverbed Technology initiated with an Overweight at JP Morgan - tgt $43 (35.44 )
$SYNA Synaptics: Color on qtr (32.05 ) -Update-
* Kaufman notes, last night, SYNA reported a strong December quarter with $160 mln in rev and $0.72 in EPS, the strongest in history, easily exceeding consensus at $158 mln and $0.68 in EPS. A lower tax rate helped EPS by $0.03, but nonetheless it was still a solid beat. The strength was due to better-than-expected momentum in its smart phone business (55% of rev), offset by weaker-than-expected results in its PC business (45%), due to sluggishness in consumer. Of note, the co is shipping in more than 40 mobile handsets, up from 35 last quarter.
* Collins Stewart notes, while PC NB revs were muted on weak consumer demand, smartphone demand was robust and drove upside in the quarter. Management guides both FQ3'11 (Mar) and FY'11 (Sept) higher on the heels of higher backlog and continued strong smartphone growth. However, SYNA expects to see a continued transition from modules to chips in its product mix through FY'12 driven by the transition to in-cell/on-cell touch modules, the ramp of tablets, and the introduction of low-cost solutions. While firm anticipates an uplift to GM, this transition will likely pose headwinds to growth in FY'12 as blended ASPs trend lower.
* Oppenheimer notes SYNA delivered humdrum F3Q11 results and guidance, but below the surface a great, roiling transition appears underway in both SYNA's end-markets and market approach. The challenge is determining whether the transformation is ultimately good or bad. The bad: Synaptics' bedrock notebook market has turned stone cold; and the high-ASP touch module that's supported its mobile business is rapidly fading in favor of lower-ASP chips. The good: those mobile chips have good margins; tablet wins are starting to come in; and SYNA expects in-cell chip solutions (the future of capacitive touch) to kick in materially in FY12.
* As mentioned earlier, SYNA was also downgraded to Underperform from Hold at Needham.
* SYNA is trading at $29.95 pre market (very light volume).
$ASGN On Assignment upgraded to Outperform from Market Perform at BMO Capital (7.90 )
$HHGP Hudson Highland Grp upgraded to Outperform from Market Perform at BMO Capital (4.93 )
$IPI Intrepid Potash pre-announces better than expected sales - Oppenheimer (34.59 )
Oppenheimer notes IPI pre-announced better than expected preliminary sales data for 4Q10. Intrepid sold 210-220K tons of potash at $380-390/ton and 20-30K tons of Trio at $215-225/ton, which brings their 4Q10 up by $0.06 to $0.20 (consensus: $0.17). They are also flowing through higher potash and Trio prices starting in 2011, they have also raised their '11 est by $0.25 to $1.46 (cons: $1.42). As they wrote on their 3Q10 report for IPI "ag market dynamics have taken a turn for the better," as prices have risen for corn, soybeans, and other crops.
$DD DuPont commences public tender offer to acquire Danisco (48.12 )
Co announces that DuPont Denmark Holding ApS, a wholly owned and fully controlled subsidiary of co, has commenced its previously announced voluntary recommended public offer to purchase all of the outstanding shares of Danisco at a price of DKK 665 in cash per share.
$STBZ State Bank Financial initiated with a Outperform at FBR Capital; tgt $18 (15.60 )
FBR Capital initiates STBZ with a Outperform and price target of $18 saying the co has largely levered the original $292 mln in common equity that it raised, and management would like to pursue two to four additional bank deals around $250 mln in assets each. They note, however, that these transactions are not necessary for the company to continue to generate meaningful returns to investors, a distinct advantage to the State Bank story. With failed asset accretion driving meaningful interest income, STBZ is currently generating returns on equity in excess of 12% and returns on assets in excess of 1.5%, and they expect that returns of a comparable quality will continue into 2012.
$NG NovaGold Resources upgraded to Sector Perform from Underperform at RBC (13.46 )
HPQ Hewlett-Packard: ISI Group discusses change to its Board of Directors (46.78 )
ISI Group notes, yesterday, HPQ announced that it will be appointing five new directors effective January 21st while four incumbent directors will not stand for re-election at the company's annual stockholder meeting on March 23rd. The new directors include Shumeet Banerji, CEO of Booz & Co; Gary Reiner, former CIO of GE; Patricia Russo, former CEO of ALU; Dominique Senequier, CEO of AXA Private Equity; and Meg Whitman, former President and CEO of EBAY. All in, ISI views these new appointments as positive given the recent series of controversial decisions by HPQ's previous board. ISI expects the co's new CEO, Apotheker, to outline his vision for the co over the next couple of months.
LOVE---> $PBCT People's United Financial downgraded to Neutral from Overweight at JP Morgan (13.69 )
SCANX Early premarket gappers -Technical-
Gapping up: DNBK +29.3%, BIOF +21.2%, ISRG +11.4%, PEIX +11.2%, LEI +11.1%, PLCM +7.4%, RBS +6.8%, PULS +5%, GMXR +4.5%, STD +3.7%, AHL +3.4%, TPX +3.4%, HUGH +3.1%, MXIM +3.1%, VSI +2.9%, TI +2.8%, ING +2.7%, BBVA +2.6%, MT +2.6%, YMI +2.2%, DB +2.2%, ARMH +1.9%, LVS +1.9%, GOOG +1.6%, UBS +1.5%.
Gapping down: CVU -13.1%, IGT -5.8%, PBCT -5%, ELX -4.3%, MTXX -3%, JNY -2.8%, SYNA -2.6%, MTXX -2.3%, SLW -2.2%, SWKS -2.2%, CORT -2%, ARR -1.9%, BAC -1.3%, CCL -1.1%, BT -1.1%, SLV -1%,
SCANX Early premarket gappers -Technical-
Gapping up: DNBK +29.3%, BIOF +21.2%, ISRG +11.4%, PEIX +11.2%, LEI +11.1%, PLCM +7.4%, RBS +6.8%, PULS +5%, GMXR +4.5%, STD +3.7%, AHL +3.4%, TPX +3.4%, HUGH +3.1%, MXIM +3.1%, VSI +2.9%, TI +2.8%, ING +2.7%, BBVA +2.6%, MT +2.6%, YMI +2.2%, DB +2.2%, ARMH +1.9%, LVS +1.9%, GOOG +1.6%, UBS +1.5%.
Gapping down: CVU -13.1%, IGT -5.8%, PBCT -5%, ELX -4.3%, MTXX -3%, JNY -2.8%, SYNA -2.6%, MTXX -2.3%, SLW -2.2%, SWKS -2.2%, CORT -2%, ARR -1.9%, BAC -1.3%, CCL -1.1%, BT -1.1%, SLV -1%,
SCANX Early premarket gappers -Technical-
Gapping up: DNBK +29.3%, BIOF +21.2%, ISRG +11.4%, PEIX +11.2%, LEI +11.1%, PLCM +7.4%, RBS +6.8%, PULS +5%, GMXR +4.5%, STD +3.7%, AHL +3.4%, TPX +3.4%, HUGH +3.1%, MXIM +3.1%, VSI +2.9%, TI +2.8%, ING +2.7%, BBVA +2.6%, MT +2.6%, YMI +2.2%, DB +2.2%, ARMH +1.9%, LVS +1.9%, GOOG +1.6%, UBS +1.5%.
Gapping down: CVU -13.1%, IGT -5.8%, PBCT -5%, ELX -4.3%, MTXX -3%, JNY -2.8%, SYNA -2.6%, MTXX -2.3%, SLW -2.2%, SWKS -2.2%, CORT -2%, ARR -1.9%, BAC -1.3%, CCL -1.1%, BT -1.1%, SLV -1%,
$AMD Advanced Micro: Color on qtr (8.02 )
* Oppenheimer notes, after the close, AMD reported 4Q EPS (non-GAAP) of $0.14 on revs of $1.65B (+2% Q/Q), in line with guidance (1/10/11). Graphics (+9% Q/Q) drove growth, while flattish PC units were in line with expectations. Server continued to lag. Despite mgmt's optimism toward share gains in 2H11, Opco anticipates investors to continue to take a wait-and-see approach. 1Q rev outlook for flat to down 4% is better than seasonal, but also benefits from an extra week. Opco is raising its Street-low ests, but remain underweight AMD given lack of valuation support, lack of balance sheet support, poor execution record and limited evidence of share gain traction.
* Auriga notes, following last week's departure of CEO Meyer and the release of preliminary FQ410 revenue, there were few surprises left for the AMD's earnings call. The bull case seems to rest on AMD's ability to gain market share with Llano (high-end combo CPU/GPU) -- not only is Llano expected to penetrate segments where AMD does not currently participate, it is also supposed to be higher ASP, as well as lower cost. Given AMD's prior history of poor execution, the lack of a CEO, an aroused competitor that is embarking on a "scorched earth" spending spree, and the lack of an evident strategy to grow in mobility, this seems at best a high-risk proposition.
* FBR Capital Mkts notes AMD reported mixed 4Q results and 1Q guidance Thursday, though the firm's bungled CEO dismissal is the primary overhang on shares. While FBR wanted to get positive on AMD in 2011, CEO Meyer's dismissal (misguided in its opinion) leaves AMD without a leader or strategy at a critical time as it ramps integrated APU Fusion processors. With Fusion AMD's top priority, FBR fails to understand how dismissing the firm's reasonably well-executing CEO and top champion is going to ramp that product steeper.
* AMD is trading at $8.17 pre market (light volume).
$FHN First Horizon reports Q4 (Dec) results, misses on revs (12.00 )
Reports Q4 (Dec) loss of $0.20 per share, may not be comparable to the Thomson Reuters consensus of ($0.03); revenues fell 9.8% year/year to $393.2 mln vs the $424.4 mln consensus. "Our priorities for 2011 include growing our business by developing and deepening relationships with our customers, improving our efficiency ratio, effectively deploying capital, continuing to improve credit quality and focusing on the future by remaining nimble and fast in making decisions and responding to our customers' needs and changes in the market."
$TRV Travelers upgraded to Outperform from Neutral at Macquarie (54.88 )
Macquarie also upgrades CNA Financial (CNA) to Outperform from Neutral.
$RBS Royal Bank of Scotland up nearly 7% following strength overseas; strength attributed to reports of possible earlier than expected exit from govt asset protection scheme (13.48 )
Click here for Reuters.com story.
$BAC Bank of America misses by $0.10, misses on revs (14.54 )
Reports Q4 (Dec) earnings of $0.04 per share, excluding a $2 bln impairment charge from the Home Loans and Insurance segment and including multiple other non-recurring items, $0.10 worse than the Thomson Reuters consensus of $0.14; revenues fell 16.0% year/year to $22.67 bln vs the $24.87 bln consensus. Credit quality continued to improve during the fourth quarter, with net charge-offs continuing to decline across nearly all portfolios. Credit costs, while still at elevated levels, fell for the sixth consecutive quarter. Additionally, delinquencies 30 days past due or more and still accruing, excluding Federal Housing Administration-insured loans, declined for the seventh consecutive quarter, and reservable criticized utilized levels decreased for the fifth consecutive quarter. Net charge-offs declined $414 mln from the third quarter of 2010, reflecting improvement in both the consumer and commercial portfolios. The decrease was primarily driven by the impact of a continued decline in delinquencies and bankruptcies across the U.S. Global Card Services loan portfolios and a decline in delinquencies in the home equity portfolio. The allowance for loan and lease losses to annualized net charge-off coverage ratio improved in the fourth quarter to 1.56 times, compared with 1.53 times in the third quarter of 2010 and 1.11 times in the fourth quarter of 2009. Nonperforming loans, leases and foreclosed properties were $32.7 bln at Dec 31, 2010, down 5 percent from $34.6 bln at Sept 30, 2010, and 9 percent from $35.7 bln at Dec 31, 2009. The provision for credit losses was $5.1 bln, $267 mln lower than the third quarter and $5.0 bln lower than the same period a year earlier. The provision was $1.7 bln lower than net charge-offs, resulting in a reduction in the allowance for loan and lease losses for the quarter. This compares with a $1.8 bln reduction in the third quarter and the addition of $1.7 bln a year earlier. Tier 1 common 8.6%; tangible book value $12.98.
WIRES On The Wires -Update-
* L & L Energy (LLEN) announced that on January 19, 2011, L&L entered into a commitment document with Zhanjiang Port Co, to conduct a feasibility study working towards establishing a large coal blending and distribution center inside the Harbor.
* Zero Emission Energy Plants announced it has entered into a definitive agreement with Eastman Chemical Company Investments, a subsidiary of Eastman Chemical Company (EMN), to purchase all of the membership interests of TX Energy.
* International Flavors & Fragrances (IFF) reconfirmed that it plans to invest over $100 million in Greater Asia over the next three years. The investment will be allocated to a variety of projects, including a new state-of-the-art liquid flavors and fragrances manufacturing facility in Singapore.
* Atlantic Southern Financial Group (ASFN), announced its intent to voluntarily delist the Company's common stock from the Nasdaq Stock Market.
$BAC Bank of America CEO, on CNBC, says he wouldn't describe this qtr as a "kitchen sink" report, says this qtr basically took care of the GSEs (14.53 ) -Update-
Says there are many in and outs in the numbers this qtr. Says cleaning up makes the numbers a bit difficult.
$PTP Platinum Underwriters downgraded to Neutral from Outperform at Macquarie (45.49 )
$BCRX BioCryst Pharm discloses CFO, Stuart Grant, to resign effective 5/31/2011; Grant to spend more time with family following loss of son last year (4.32 )
$BCRX BioCryst Pharm discloses CFO, Stuart Grant, to resign effective 5/31/2011; Grant to spend more time with family following loss of son last year (4.32 )
$AKAM Akamai Tech initiated with a Hold at Collins Stewart; tgt $57 (50.34 )
Collins Stewart initiates AKAM with a Hold and price target of $57 saying they believe that the company is uniquely positioned at the cross-roads of the Internet growth that appears to be recharged by online video and wireless content delivery, in addition to the continued solid demand for its more proprietary value-added services. Firm says competitive threats remains uncertain for now.
$NVS Novartis AG gains positive CHMP opinion for Gilenya, first oral multiple sclerosis treatment recommended for approval in the European Union (56.25 )
The European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion for Gilenya 0.5 mg daily as a disease modifying therapy in patients with highly active relapsing-remitting multiple sclerosis (MS) despite treatment with beta interferon, or in patients with rapidly evolving severe relapsing- remitting MS.
$NVS Novartis AG gains positive CHMP opinion for Gilenya, first oral multiple sclerosis treatment recommended for approval in the European Union (56.25 )
The European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion for Gilenya 0.5 mg daily as a disease modifying therapy in patients with highly active relapsing-remitting multiple sclerosis (MS) despite treatment with beta interferon, or in patients with rapidly evolving severe relapsing- remitting MS.
$VRX Valeant Pharmaceuticals and GSK receive positive opinion in Europe from the CHMP for Trobalt (10.43 )
GlaxoSmithKline and Valeant Pharmaceuticals International announce that the European Medicines Agency's Committee for Medicinal Products for Human Use has issued a positive opinion, recommending marketing authorisation for Trobalt (retigabine) as an adjunctive (add-on) treatment of partial onset seizures, with or without secondary generalisation in adults aged 18 years and above with epilepsy.
ManicPick--------->$PEIX Ethanol names higher in premarket on reports the EPA is expected to allow E15 fuel (15% ethanol) in cars for models as old as 2001 (0.81 )
Weeeeeeeeeeeeeeeeeeeeeeeeee
BIO +21%, PEIX +10%
$NOVA Novamed to be acquired by Surgery Partners for $13.25 Per Share (12.91 )
Co announces it has entered into a definitive merger agreement to be acquired by an affiliate of Surgery Center Holdings in a transaction valued at ~$214 mln, including the assumption or repayment of ~$105 mln of indebtedness. Surgery Partners is an affiliate of H.I.G. Capital, a global private equity investment firm. NOVA stockholders would receive $13.25 per share in cash, representing a premium of 54.6% over the closing price of co's common stock as of the time of Surgery Partners' initial offer on August 2, 2010; a 17.7% premium over the co's 90 day average closing price; and a 10.7% premium over the co's 30 day average closing price.
$VVUS Vivus Provides regulatory update on QNEXA NDA: FDA requested that VIVUS assess the feasibility of analyzing existing healthcare databases (10.43 )
Co announces that it held an End-of-Review meeting with the Food and Drug Administration for the New Drug Application for QNEXA, an investigational drug for the treatment of obesity. The meeting occurred on January 19th at the FDA's offices in Maryland and was attended by senior members of the FDA and VIVUS' management and consultants. At this meeting the FDA requested that VIVUS assess the feasibility of analyzing existing healthcare databases to determine the historical incidence of oral cleft in offspring of women treated with topiramate for migraine prophylaxis.
$VVUS Vivus Provides regulatory update on QNEXA NDA: FDA requested that VIVUS assess the feasibility of analyzing existing healthcare databases (10.43 )
Co announces that it held an End-of-Review meeting with the Food and Drug Administration for the New Drug Application for QNEXA, an investigational drug for the treatment of obesity. The meeting occurred on January 19th at the FDA's offices in Maryland and was attended by senior members of the FDA and VIVUS' management and consultants. At this meeting the FDA requested that VIVUS assess the feasibility of analyzing existing healthcare databases to determine the historical incidence of oral cleft in offspring of women treated with topiramate for migraine prophylaxis.
CALLS Early Research Calls 2
Upgrades:
* DHT Holdings (DHT 4.9) upgraded to Overweight from Neutral at JP Morgan; tgt $6.50
* CarMax (KMX 31.9) upgraded to Outperform from Neutral at Credit Suisse; tgt $39
* Rockwell Collins (COL 62.84) upgraded to Outperform from Neutral at Credit Suisse
* Bancolombia S.A. (CIB 57.22) upgraded to Neutral From Sell at Goldman
* Banco Santander (SAN 86.45) upgraded to Neutral from Sell at Goldman
* Banco Santander Brasil (BSBR 12.30) upgraded to Buy from Neutral at Goldman
Downgrades:
* Synaptics (SYNA 32.05) downgraded to Neutral from Overweight at JP Morgan
* Meadowbrook Insurance Group (MIG 9.76) downgraded to Sector Perform from Outperform at RBC; tgt $10
* General Maritime (GMR 3.17) downgraded to Neutral from Overweight at JP Morgan
* Nordic American Tanker Shipping (NAT 25.64) downgraded to Underweight from Neutral at JP Morgan; tgt $22
* Frontline (FRO 25.61) downgraded to Underweight from Overweight at JP Morgan; tgt $23
* Harleysville Group (HGIC 36.43) downgraded to Sector Perform from Outperform at RBC; tgt $37
* The Chubb (CB 58.05) downgraded to Sector Perform from Outperform at RBC; tgt $61
* Freeport-McMoRan Copper & Gold (FCX 110.90) downgraded to Hold from Buy at Citigroup
* Patni Computer (PTI 20.67) downgraded to Reduce from Neutral at Nomura
Miscellaneous:
* Logitech (LOGI 18.52) initiated with Neutral at JP Morgan; tgt $22
* Booz Allen Hamilton (BAH 18.09) initiated with Buy at BB&T; tgt $25
$TNCC Tennessee Commerce Bancorp beats by $0.01 (5.09 )
Reports Q4 (Dec) earnings of $0.05, $0.01 above the $0.04 Thomson Reuters consensus. The loan loss provision of $3.8 mln for the fourth quarter of 2010 was the lowest provision expense recorded since the $3.3 mln provision expense for the fourth quarter of 2008. Net charge-offs for the fourth quarter of 2010 amounted to $4.0 mln, compared to $5.8 mln for the third quarter of 2010.
$GOOG Google target raised to $700 at ISI Group (626.77 )
ISI Group raises their GOOG tgt to $700 from $675 after strong earnings. ISI notes growth of website revenues accelerated meaningfully, which they view was driven by an 11% increase in aggregate paid clicks on a sequential basis, a level that has not been achieved since the 22% q/q growth registered in 4Q06. Although firm continues to view the co as having multiple solid growth engines, they remain on the sidelines as they expect the co's top line growth to decelerate in CY11 which coupled with its investment initiatives suggests the potential for a governor on operating margins.