Seeking Alpha
  • Today - Tuesday, June 2, 2015

  • 5:33 PM
    • Ten environmental groups today filed suit at the San Francisco-based 9th U.S. Circuit Court of Appeals against the U.S. government to overturn the approval of Royal Dutch Shell's (RDS.A, RDS.B) plan for Arctic offshore drilling.
    • The Bureau of Ocean Energy Management last month signed off on Shell's exploratory drilling plan in the Chukchi Sea, which calls for two drill rigs and a support flotilla that includes spill response vessels.
    • The environmental groups say federal regulators' review of the Shell drilling plan was cursory; Shell says its plans are arguably the most scrutinized in North American history after pursuing exploratory drilling off Alaska for eight years.
    | Comment!
  • 5:30 PM
  • 5:24 PM
    • After a few months of talks, News Corp. (NWS, NWSA) and Twenty-First Century Fox (FOX, FOXA) have reached a deal to move into a joint headquarters at the World Trade Center site.
    • The two will set up in a new 99-story skyscraper, 2 World Trade Center, to be built at 200 Greenwich St.
    • It's the fourth and last tower planned for the site, and the News Corp./Fox space would include TV studios at the base, along with newsrooms and office space for employees across both companies' businesses.
    • The move will put a button on a transformation of lower Manhattan over the past decade, as information, media and tech companies have set up there, including Condé Nast, The Daily News, Time Inc. and others.
    | Comment!
  • 5:14 PM
    • Chevron Phillips Chemical, the joint venture of Chevron (NYSE:CVX) and Phillips 66 (NYSE:PSX), says it is considering a second “megaproject” in the U.S. that would take advantage of low natural gas prices for making plastics and other materials.
    • JV CEO Peter Cella says the company is on schedule to begin producing ethylene in mid-2017 at its $6B project near Houston, and he is looking globally for a place to build the next ethylene and derivatives plants, given the multiyear timeline to complete major projects.
    • Plants that use low cost gas from shale formations will help U.S. production of basic chemicals increase for the next four years, starting with a 3.1% rise this year and peaking at 6% in 2018, according to the American Chemistry Council; Cella made his remarks at today's annual meeting of the group.
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  • 5:08 PM
    • A day after Boris Teksler officially took over as CEO, Unwired Planet (NASDAQ:UPIP) states it has given Teksler options to buy 5.05M shares; that's equal to nearly 5% of UPIP's current share count.
    • The options sport an exercise price of $0.6797 (matching yesterday's close), and will expire in 10 years. A third of the options will vest after one year, and the rest in quarterly installments over the following two years.
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  • 5:05 PM
    • Delaware Enhanced Global Dividend&Income Fund (NYSE:DEX) declares $0.075/share monthly dividend, in line with previous.
    • Forward yield 7.85%
    • Payable June 26; for shareholders of record June 12; ex-div June 10.
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  • 5:02 PM
    • ABM Industries (NYSE:ABM): Q2 EPS of $0.37 beats by $0.02.
    • Revenue of $1.27B (+3.3% Y/Y) misses by $10M.
    • Press Release
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  • 5:00 PM
     
    • S&P 0.01%.
    • 10-yr -0.5%.
    • Euro +2.04% vs. dollar.
    • Crude -0.2% to $61.04.
    • Gold -0.05% to $1,193.10.
    | Comment!
  • 4:58 PM
    • Delaware Investments Dividend&Income Fund (NYSE:DDF) declares $0.0525/share monthly dividend, in line with previous.
    • Forward yield 6.05%
    • Payable June 26; for shareholders of record June 12; ex-div June 10.
    | Comment!
  • 4:58 PM
    • Though it beat FQ3 revenue estimates (while missing on EPS), Guidewire (NYSE:GWRE) forecasts FQ4 revenue of $119.3M-$123.3M, below a $123.6M consensus. A strong dollar is expected to have a $10M impact. EPS guidance of $0.23-$0.28 is in-line with a $0.25 consensus.
    • Business performance: FQ3 license revenue +4% Y/Y to $33.3M; maintenance revenue +17% to $12.2M; services +1% to $40M. Rolling 4-quarter term license/maintenance revenue +26% to $208.9M. Guidewire expects 20% or greater FY16 (ends July '16) term license revenue growth.
    • Financials: GAAP operating expenses +19% Y/Y to $54.2M - R&D spend totaled $24.6M, sales/marketing $18.8M, and G&A $10.9M. The deferred revenue balance rose 9% Y/Y to $63.8M. Guidewire ended FQ1 with $550M in cash/short-term investments, and no debt.
    • GWRE -1% AH to $46.95.
    • FQ3 results, PR
    | Comment!
  • 4:58 PM
    • Disney's (NYSE:DIS) latest line of toys marks a change from the status quo, as the company has designed them in-house rather than merely licensing out its media properties.
    • The activity-oriented Playmation line features a package of high-tech wearables (and is initially centered on Marvel's Avengers, including an Iron Man glove).
    • They're not Uncle Walt's playsets, though, using infrared, Bluetooth and motion sensors to operate together, with those from other children as well as action figures which will interact with the wearables. A companion app offers extra "missions," but no screens are required for play.
    • The sets are up for pre-order in July and go on sale in October starting at $120. "Hulk Hands" will follow in November.
    • Annual sales are being projected at $500M just from the Avengers-themed line, and surpassing $1B as it's expanded to Disney's other brands (get ready for Star Wars and Frozen Playmation toys coming over the next two years).
    • Partner Hasbro (NASDAQ:HAS) will make and distribute the line for Disney.
    | 2 Comments
  • 4:57 PM
    • Chevron (NYSE:CVX) pays a ~$940K fine for a fatal 2014 explosion at one its Pennsylvania gas wells that state regulators say may be the largest amount paid for a single incident.
    • The state's Department of Environmental Regulation says CVX supervisors at the well site were preoccupied with paperwork and did not properly oversee the work done by Cameron International (NYSE:CAM) contractors, one of whom was killed when natural gas escaping from a well exploded.
    • CVX paid a reported $5M to the deceased man's family to settle their wrongful death lawsuit.
    | Comment!
  • 4:56 PM
    • Dreyfus Municipal Bond Infrastructure Fund (NYSE:DMB) declares $0.0625/share monthly dividend, in line with previous.
    • Forward yield 6.37%
    • Payable July 1; for shareholders of record June 17; ex-div June 15.
    | Comment!
  • 4:43 PM
    • Energizer (NYSE:ENR) announces a new share repurchase program that allows the company to buy up to 10M shares.
    • The authorization plan replaces a prior one with 5M shares still untapped that will transfer to Edgewell Personal Care when the business spins off in July.
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  • 4:37 PM
    • Affimed (NASDAQ:AFMD) initiated with Outperform rating and $14 (26% upside) price target by Oppenheimer.
    • Prothena (NASDAQ:PRTA) initiated with Buy rating and $58 (36% upside) price target by UBS.
    • ATyr Pharma (Pending:LIFE) initiated with Overweight rating by JP Morgan.
    • Adaptimmune (Pending:ADAP) initiated with Outperform rating by Cowen & Co.
    • CoLucid Pharmaceuticals (Pending:CLCD) initiated with Buy rating and $15 (63% upside) price target by Stifel Nicolaus.
    • Collegium Pharmaceuticals (Pending:COLL) initiated with Buy rating and $20 (14% upside) price target by Jefferies.
    • Fate Therapeutics (NASDAQ:FATE) initiated with Outperform rating and $10 (67% upside) price target by Leerink Swann.
    | Comment!
  • 4:36 PM
    • Cimarex Energy (NYSE:XEC) says CFO Paul Korus plans to retire on or before Sept. 1, and has appointed Mark Burford as CFO effective when Kuros retires.
    • Burford joined XEC in 2005 and is now serving as VP of capital markets and planning.
    | Comment!
  • 4:33 PM
    • Globalstar (NYSEMKT:GSAT) finished up 4.5% today, recovering some ground from yesterday's 13% decline on Microsoft's opposition to its Terrestrial Low Power Service petitions.
    • The company today says it's hired Yippy (OTCPK:YIPI), a tiny cloud-services provider, to provide private cloud services via Globalstar's satellite network.
    • The two will build a solution using Yippy's EASE 360 platform, with an end goal of "more closely aligning the user's satellite experience with terrestrial applications," says Globalstar CEO Jay Monroe.
    | 1 Comment
  • 4:30 PM
    • Guess (NYSE:GES) reports North American retail store comps fell 3.8% in Q1.
    • Segment revenue: Europe -14% to $137.4M, North America Retail -6% to $214.25M Asia -9% to $64.04M, North American Wholesale -13% to $37.28M, Licensing +1% to $25.87M.
    • Operating margin by segment: Europe -2.7%, North America Retail -3.4%,   Asia +7.2%,  North American Wholesale 18.1%, Licensing 89.0%.
    • Store count -30 Y/Y to 1,667.
    • Guidance: Fossil expects full-year EPS of $0.80-$1.02 vs $0.75-$0.95 prior and $0.87 consensus.
    • Previously: Guess beats by $0.09, misses on revenue
    • GES -0.3% after hours.
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  • 4:27 PM
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  • 4:25 PM
     
    • Stocks tipped slightly lower late in today's session, failing to hold early gains as investors remained cautious ahead of Friday's jobs report and a looming deadline for Greece and its lenders to find a solution to the debt crisis.
    • The energy sector (+0.5%) outperformed, supported by a 1.7% rally in crude oil and a 1.5% decline in the Dollar Index.
    • Utilities were far and away the day's worst performing group (-1.3%) after long-dated U.S. Treasury debt yields rose to two-week highs.
    • Treasury prices fell throughout the day, with the benchmark 10-year note settling just above its worst level of the day, with its yield gaining 8 bps at 2.26%.
    • Investor participation totaled only 712M shares changing hands at the NYSE floor, but it was a slight improvement from yesterday.
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