Seeking Alpha

Breaking News

  • Wednesday April 16, 11:54 AM ET
    • The Troy and Alana Pack Patient Safety Act is on the November ballot in California. If voters approve the measure the state will institute random drug tests on physicians with hospital privileges and testing after an adverse event such as a preventable death.
    • A USA Today report finds that over 100K doctors abuse prescription drugs every year yet few are ever caught despite the risk to patients.
    • The California Medical Board estimates that 18% of physicians will have a substance abuse problem at some point in their careers and 1% - 2% abuse drugs and/or alcohol at any given time.
    • In 2008 the state scrubbed a failed substance abuse treatment program because it did not have a mechanism to detect doctors who continued to take drugs nor did it provide for disclosure to patients.
    [Healthcare] Comment!
  • Wednesday April 16, 11:53 AM ET
    • Post Holdings (POST +4.1%) rips higher on a report it's won the bidding for Michael Foods. The other contender, Tyson Foods (TSN +0.4%) is nearly $1 off of its session high.
    • Previous: Post and Tyson in the running to buy Michael for around $2.5B
    [Consumer, On the Move, Breaking News] Comment!
  • Wednesday April 16, 11:53 AM ET
    • Though Adtran (ADTN -6.2%) has reiterated guidance for Q2 revenue of $172M-$180M (consensus is at $174.9M), the telecom equipment vendor is forecasting gross margin will drop to 49%-50% from Q1's 52.9%.
    • In addition, Adtran says U.S. carrier spending was slower than usual in seasonally soft Q1.
    • Shares are off sharply in response, after opening with just modest losses in response to Adtran's mixed Q1 results. Rival Calix (CALX -0.9%), which reports on April 29, is edging lower on an up day for the Nasdaq.
    [Tech, Earnings, On the Move] Comment!
  • Wednesday April 16, 11:51 AM ET
    • Shares of Eagle Bulk Shipping (EGLE +8.1%) are on the move after the company announced late yesterday an extension to waiver and forbearance agreements to allow further discussions with lenders about a potential credit agreement restructuring.
    • The lenders agreed to waive until June 30 certain potential events of default, subject to EGLE's compliance with certain conditions.
    [On the Move] Comment!
  • Wednesday April 16, 11:46 AM ET
    • The bears, though, are winning the day, with analyst Richard Ramsden saying the stock could see pressure - a result of questions about a path to reaching 2015 and 2016 EPS estimates of $1.60 and $1.85 combining with recent outperformance (stock's beating the BKX by 500 bps YTD).
    • The bulls, he says, can point to the best FICC results seen so far from the banks, rapidly declining LAS expenses, stable NIM, and strong capital and liquidity ratios.
    • He maintains a Neutral rating and $18 price target on Bank of America (BAC -2.4%).
    • Previous earnings coverage
    [Financials, Earnings, On the Move] Comment!
  • Wednesday April 16, 11:42 AM ET
    • Dejour Energy (DEJ +5.5%) says gross production at its Woodrush oil project in British Columbia has reached 540 boe/day (380 net), a 60% increase vs. gross daily production of 316 boe in Q4 2013.
    • Closed the purchase of natural gas producing assets and related processing facilities adjacent to Woodrush, including a 54% working interest in a currently producing Halfway formation well and a 74% working interest in three shut-in Halfway natural gas wells.
    [Energy, On the Move] Comment!
  • Wednesday April 16, 11:40 AM ET
    • ASML (ASML -5.5%) has lowered its 1H14 sales outlook. Moreover, the lithography equipment kingpin says logic IC customers are "encountering timing uncertainties in next-generation device designs" for 2H, and that NAND flash memory makers are "continuing their evaluation of [3D] NAND and future-node planar technologies, resulting in uncertainties for system demand."
    • ASML's remarks about logic customers might partly be a reference to Intel, which has reportedly delayed the launch of its 14nm Broadwell CPUs. NAND vendors have been keeping a lid on capex for some time; recent price pressure might encourage them to do so.
    • Chip equipment peers Applied Materials (AMAT -2%), KLA-Tencor (KLAC -2.5%), Lam Research (LRCX -2.5%), Axcelis (ACLS -2.6%), Camtek (CAMT -5.8%), and Ultratech (UTEK -0.9%) are off in sympathy. Compared with many other tech companies, the group has held up well during the March/April selloff.
    • One silver lining: ASML says multiple customers are qualifying 10nm EUV lithography equipment, and that it expects to recognize revenue on 8 EUV systems in 2014. Investments in both EUV and 450mm wafers have been delayed.
    • Gartner has forecast chip wafer fab equipment spend will grow 14.9% in 2014 to $31B, after falling 9.1% in 2013.
    [Tech, Earnings, On the Move] Comment!
  • Wednesday April 16, 11:34 AM ET
    • Icahn Enterprises (IEP +7.3%) gets its tail in the air after Barron's Andrew Bary - who issued a well-timed Sell call on the stock in December (and another one in March) - says the big decline in the shares has them looking undervalued once again.
    • What Icahn calls the "indicative net asset value" is likely still just below $80 per unit, writes Bary, putting them at a little more than a 10% premium - not an unreasonable price given Icahn's investing acumen.
    • In the end, IEP - with Icahn controlling nearly 90% of outstanding units - is a play on CVR Energy (CVI +0.9%), Federal-Mogul (FDML +0.2%). and Icahn's hedge fund which famously holds stakes in Apple, Herbalife, eBay, Transocean, and Chesapeake Energy, offset by some sizable shorts.
    [Financials, On the Move] Comment!
  • Wednesday April 16, 11:31 AM ET
    • Bar and restaurant online gaming firm NTN Buzztime (NTN -8.2%) closes its offering of 11.1M shares of common stock for $0.55/share.
    • Underwriters over-allotment is 1,665,000 shares.
    • Net proceeds are $5.5M and will be used for general corporate purposes.
    • Revenues for 2012 and 2013 were $24.1M and $23.7M, respectively.
    • EPS losses for both years were -$0.01.
    • CF Ops for the periods were $2.2M and $1.5M.
    • Nine mutual funds have positions, up from seven a year earlier.
    • Prospectus
    • 10-K
    [Consumer] Comment!
  • Wednesday April 16, 11:28 AM ET
    • Diamond Foods (DMND) announces it entered an expanded agreement with Transplace to use the firm's SaaS transportation management system.
    • The company says the move will help supply chain efficiencies and could help it boost margins.
    [Consumer] Comment!
More Breaking News »


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