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Top Analyst Upgrades & Downgrades (ALTR, BAC, SAM, CHK, CRUS, ERJ, EZPW, GTE, XXIA, LL, MYGN, NXY, OKE, PAA, RVBD, SNDK, SYNM)

Administrator — Fri, 20 Apr 2012 12:31:02 +0000

These are some of the top analyst upgrades, downgrades and initiations seen in Wall Street research calls this Friday.

Altera Corporation (NASDAQ: ALTR) Cut to Neutral at Citigroup.

Bank of America Corporation (NYSE: BAC) Cut to Sell from Underperform at Credit Agricole.

Boston Beer Co. Inc. (NYSE: SAM) Started as Neutral at UBS.

Chesapeake Energy Corporation (NYSE: CHK) Cut to Market Perform at Wells Fargo; called “a stock to avoid on more ‘off balance sheet’ debt and ‘Founders Well’ issues” by Argus.

Cirrus Logic Inc. (NASDAQ: CRUS) Started as Buy at Stern Agee.

Embraer SA (NYSE: ERJ) Cut to Neutral at Goldman Sachs.

EZCORP, Inc. (NASDAQ: EZPW) Cut to Underperform at Stern Agee.

Gran Tierra Energy, Inc. (AMEX: GTE) Started as Outperform at Credit Suisse.

Ixia (NASDAQ: XXIA) Raised to Buy at Wunderlich.

Lumber Liquidators Holdings, Inc. (NYSE: LL) Cut to Neutral at Goldman Sachs.

Myriad Genetics Inc. (NASDAQ: MYGN) Raised to Outperform at Cowen.

Nexen Inc. (NYSE: NXY) Raised to Outperform at Credit Suisse.

ONEOK Inc. (NYSE: OKE) Raised to Buy at UBS.

Plains All American Pipeline, L.P. (NYSE: PAA) Started as Overweight at Barclays.

Riverbed Technology, Inc. (NASDAQ: RVBD) Cut to Neutral at JPMorgan; Cut to Perform at Oppenheimer; downgrades and price target and estimates have been cut at multiple boutique firms.

SanDisk Corporation (NASDAQ: SNDK) Cut to Hold at Deutsche Bank; downgraded or estimate and price targets cut at several other boutique firms.

Syntroleum Corporation (NASDAQ: SYNM) Started as Market Outperform with $1.80 price target at JMP Securities.

If you enjoyed the top analyst upgrades and downgrades, you can join our free email newsletter that includes analyst summaries each morning sent right to your inbox. We also cover top issues such as IPOs, special financial exclusives, mergers and more. Sign up in the box below.

JON C. OGG

Filed under: Analyst Calls Tagged: ALTR, BAC, CHK, CRUS, ERJ, EZPW, GTE, LL, MYGN, NXY, OKE, PAA, RVBD, SAM, SNDK, SYNM, XXIA

24/7 Wall St. Closing Bell (ACI, NFLX, KMI, KMP, HNZ, AVP, GT, WPI, ARB, BWA, CPLA, FOSL, HSP, OMC, ZIP, KORS, SYNM, CHTP, ENER, JKS)

Paul Ausick — Tue, 14 Feb 2012 21:10:40 +0000

US stock markets opened lower this morning and gradually lost ground throughout the day. A fractionally lower opening bell has translated to around a -0.6% loss on each of the major indexes about half an hour before closing. Last night’s downgrade of the sovereign debt of six European countries set the tone in both Asia and Europe, but by mid-day, a fairly weak report on US retail sales and a more modest than expected rise in business inventories kept share prices from rising. In the late afternoon, Eurozone leaders canceled tomorrow’s meeting on the Greek bailout saying that Greece had failed to meet several demands related to the proposed $172 billion bailout. Germany’s finance minister even displayed a “who cares?” attitude toward the possibility of a Greek default (our story here). Crude oil was mixed today, with larger early gains lost on the weak news and the stronger dollar. WTI crude rose 0.08% to $100.99/barrel and Brent crude rose 0.25% to $117.68/barrel. Gold was down -0.4%, settling at $1,717.70/ounce.

The unofficial closing bells put the DJIA up about 4 points to 12,878.28 (0.03%), the NASDAQ rose less than 1 point (0.02%) to 2,931.83, and the S&P 500 fell -0.09% or just over 1 point to 1,350.5.

There were several analyst upgrades and downgrades today, including Arch Coal Inc. (NYSE: ACI) cut to ‘hold’ at Argus; Netflix Inc. (NASDAQ: NFLX) raised to ‘outperform’ and target price raised to $140 at Credit Suisse; Kinder Morgan Inc. (NYSE: KMI) raised to ‘buy’ at Deutsche Bank; Kinder Morgan Energy Partners L.P. (NYSE: KMP) raised to ‘buy’ at Deutsche Bank; and H.J. Heinz Co. (NYSE: HNZ) started as ‘underweight’ at Morgan Stanley.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Avon Products Inc. (NYSE: AVP) is up 1.2% at $17.74; Goodyear Tire & Rubber Co. (NYSE: GT) is down -5.7% at $13.18; Watson Pharmaceuticals Inc. (NYSE: WPI) is up 3.8% at $59.89; Arbitron Inc. (NYSE: ARB) is up 4.4% at $36.94; BorgWarner Inc. (NYSE: BWA) is up 0.42% at $79.18; Capella Education Co. (NASDAQ: CPLA) is down -13.3% at $39.30; Fossil Inc. (NASDAQ: FOSL) is up nearly 13% at $118.02; Hospira Inc. (NYSE: HSP) is up 6.7% at $36.50; Omnicom Group Inc. (NYSE: OMC) is down -0.23% at $47.91; and Zipcar Inc. (NASDAQ: ZIP) is down -13% at $13.99, a new 52-week low.

Other standouts from today include the following stocks:

Michael Kors Holdings Ltd. (NYSE: KORS) is up nearly 25% at $41.92 after posting a new high of $42.43 earlier today. The apparel company reported better-than-expected earnings today, and the shares have more than doubled since the company’s IPO in mid-December.

Syntroleum Corp. (NASDAQ: SYNM) is up up 20% at $1.32. The biodiesel maker’s joint venture with Tyson Foods Inc. (NYSE: TSN) has signed a deal to distribute synthetic diesel fuel.

Chelsea Therapeutics International Inc. (NASDAQ: CHTP) is up nearly 19% at $3.69. The company’s shares fell almost -40% yesterday, but bargain hunters can’t resist. We mentioned this possibility yesterday.

Energy Conversion Devices Inc. (NASDAQ: ENER) is down more than -80% to $0.29. The solar maker filed for bankruptcy this morning. We have more coverage here.

JinkoSolar Holding Co. Ltd. (NYSE: JKS) is down nearly -12% at $7.95. The solar panel maker is just one more victim among solar stocks today of a proposed cutback in Germany’s solar subsidies and the bankruptcy of ECD. More coverage here.

Stay tuned for Wednesday. Dallas Fed President Richard Fisher is giving a speech. We have noted the following events on the schedule (all times Eastern):

7:00 a.m. – Mortgage Bankers Association purchase applications
8:30 a.m. – Empire State manufacturing survey
9:15 a.m. – Industrial production
10:00 a.m. – Housing market index
10:30 a.m. – EIA weekly petroleum status report
2:00 p.m. – FOMC minutes released

Paul Ausick

Filed under: General Tagged: ACI, ARB, AVP, BWA, CHTP, CPLA, ENER, FOSL, GT, HNZ, HSP, JKS, KMI, KMP, KORS, NFLX, OMC, SYNM, WPI, ZIP

Mid-day Movers (SYNM, KORS, LPSN, ENER, YGE)

Paul Ausick — Tue, 14 Feb 2012 17:08:28 +0000

At about noon today, the three major equity indexes are all trading lower following a weak report on US retail sales and a smaller-than-expected rise in business inventories. The DJIA is down about 23 points at about 12,851, the Nasdaq is down about 11 points at around 2,921, and the S&P 500 is down about 5 points to 1,347. All have lost strength since this mornings opening. The dollar has gained strength against the euro, the British pound, and the Japanese yen, and the dollar index is up 0.31% at 79.381, up more than 0.2% from its pre-open level.

Among the major movers at around noon today are Syntroleum Corp. (NASDAQ: SYNM), Michael Kors Holdings Ltd. (NYSE: KORS), LivePerson Inc. (NASDAQ: LPSN), Energy Conversion Devices Inc. (NASDAQ: ENER), and Yingli Green Energy Holding Co. Ltd. (NYSE: YGE).

Syntroleum is up nearly 21% at $1.33. Volume is about more than 10x the daily average of around 425,000 shares traded. The biodiesel maker’s joint venture with Tyson Foods Inc. (NYSE: TSN) has signed a deal to distribute synthetic diesel fuel.

Kors is up more than 22% at $41.15 after posting a new 52-week high of $42.17 earlier this morning. Volume is about 2.5x the daily average of around 2.2 million shares traded. The apparel company posted better-than-expected earnings this morning and forecast current quarter earnings above estimates.

LivePerson is up more than 19% at $14.99 after posting a new 52-week high of $15.33 earlier. Volume is more than 6x the daily average of about 285,000 shares traded. The maker of customer contact software reported in-line earnings and revenues last night, and forecast more of the same for the current quarter.

Energy Conversion Devices is down more than -80% at $0.29. Volume is about 10x the daily average of 50,000 shares traded. The solar maker filed for bankruptcy this morning. We have more coverage here.

Yingli Green Energy is down nearly -10% at $4.77. Volume is already equal to the daily average of about 90,000 shares traded. The Chinese solar panel maker is among many other solar makers being affected by ECD’s bankruptcy and a likely cut in German subsidies. More coverage here.

Paul Ausick

Filed under: 24/7 Wall St. Wire Tagged: ENER, KORS, LPSN, SYNM, YGE

Key Secondary Offerings Impacting Stocks (AHT, CTIC, SYNM, SKT)

Administrator — Thu, 30 Jun 2011 13:48:48 +0000

No money was injured while filming

The impact of secondary offerings is being felt this morning. Some key deals announced are from Ashford Hospitality Trust, Inc. (NYSE: AHT), Cell Therapeutics, Inc. (NASDAQ: CTIC), Syntroleum Corporation (NASDAQ: SYNM), Tanger Factory Outlet Centers Inc. (NYSE: SKT). We have identified the offering terms of each deal and provided the appropriate color on each deal.

Ashford Hospitality Trust, Inc. (NYSE: AHT) was supposed to sell 6 million shares but sold 7 million shares at $12.50 per share. Ashford will repay its outstanding debt under its senior credit facility, for general corporate purposes, financing future hotel-related investments, capital expenditures and working capital or repayment of other debt or obligations. Morgan Stanley, Credit Suisse, KeyBanc Capital Markets, and UBS are managers for the offering and Ashford granted the underwriters a 30-day option to purchase up to an additional 1,050,000 shares to cover over-allotments. Ashford closed at $12.44 yesterday and shares are indicated up around $12.50 after being at $13.20 earlier in the week. Its 52-week range is $6.46 to $14.32

Cell Therapeutics, Inc. (NASDAQ: CTIC) is down almost 15% at $1.66 after going back to the capital well after closing at $1.96 yesterday. The company sold $30 million of shares of its Series 13 Preferred Stock and warrants to six institutional investors, with each preferred share convertible at the option of the holder into 588 shares of common stock at $1.70 per share as the conversion price for a total of approximately 17,647,059 shares of common stock. The adjusted 52-week range is $1.26 to $3.30.

Syntroleum Corporation (NASDAQ: SYNM) sold 15,900,000 shares of common stock and warrants to purchase up to 7,950,000 shares of our common stock at a price of $1.58 per share with 0.5 of a 5 year warrant to purchase one share of common stock at an exercise price of $2.36. Syntroleum is set to get gross proceeds of $25.1 million from the stock sale and an additional $18.8 million if all the warrants are exercised. The deal was sold for the company’s benefit and by the company through JMP Securities LLC; net proceeds are for general corporate purposes, working capital for its Dynamic Fuels, LLC investment and initial natural gas to liquids project development. Shares are getting pounded as a result of the offering by almost 25% of a drop to $1.49. The new adjusted market cap before the effects of this offering is about $122 million.

Tanger Factory Outlet Centers Inc. (NYSE: SKT) announced the pricing of a 4 million share offering at $25.95 per share. The shares were previously sold to Jefferies & Company, Inc., who also happens to be the sole underwriter of the offering. There is a 30-day option to purchase up to 600,000 additional shares to cover overallotments. The company said that it intends to use the net proceeds to pay down funds in its senior unsecured lines of credit and for general corporate purposes. Tanger was at $26.80 earlier in the week and closed at $26.32 yesterday. Oddly, it is getting a boost and shares are up 1.7% at $26.76 on the offering. What helped this morning was that Credit Suisse began coverage with an Outperform rating and a $30 price target.

JON C. OGG

Filed under: Secondary Offering, Trading Alert Tagged: AHT, CTIC, SKT, SYNM

Syntroleum & Tyson Get Tax-Free Bond Status for Dynamic Fuels Venture (SYNM, TSN)

247wallst — Fri, 20 Jun 2008 08:54:33 +0000

Syntroleum Corporation (NASDAQ: SYNM) has announced that Dynamic Fuels LLC, a 50-50 joint venture between Syntroleum and Tyson Foods Inc. (NYSE: TSN), has received final approval from the Louisiana State Bond Commission for $100 million in tax exempt Gulf Opportunity Zone (GO Zone) Bonds.

This will be used to fund the building of the venture’s renewable synthetic fuels facility located in Geismar, Louisiana. This $100 million is the maximum amount that can be granted for a project under policy guidelines adopted by Louisiana’s Bond Commission. The companies are planning on initial production starting in early 2010.

Dynamic Fuels was set up to convert low-grade inedible fats and greases into renewable synthetic diesel, jet and military fuel.

If you are flying a plane in 2011 or beyond and you think you keep smelling fried chicken, you might be a Dynamic Fuels client.

Jon C. Ogg
June 20, 2008

The Business Day In Global Warming (XEL, FTEK, AIG, SYNM, AKNS, USBE, DASTY, CLNE, DSTI, FSLR, HOKU, PBW, GEX)

247wallst — Tue, 13 Nov 2007 17:02:08 +0000

Xcel Energy’s (NYSE:XEL) 345-kilovolt transmission line along with two major 115 kV lines will deliver the power into the Minnesota High voltage transmission grid allowing delivery of the power from the Fenton Wind farm and other wind power resources from the Buffalo Ridge region of the state into the twin Cities area. Minnesota’s largest wind farm and the state’s largest transmission line built to carry wind power into the Twin Cities were dedicated today and will soon become fully operational. The only thing between the Twin Cities and the North Pole is a picket fence and it blew down.

Fuel Tech, Inc. (Nasdaq: FTEK) announced receipt of a FUEL CHEM® demonstration order from a new electric utility customer in the Midwestern United States on a large Powder River Basin coal-fired boiler, with chemical feed scheduled to commence later this quarter. Unfortunately for the company shareholders, shares slid nearly 3% to $24.39 after a miserable day yesterday.

Jim Cramer recently gave a large summary of his stock picks that would win from the move to a greener U.S., although some are far from "green" companies.

Lexington Insurance Company, a member company of American InternationalGroup, Inc. (NYSE:AIG), today announced Upgrade To GreenSM Residential,an insurance coverage allowing U.S. homeowner policyholders to rebuildtheir property to “green” standards following a covered loss.

Syntroleum Corporation (NASDAQ: SYNM) today announced it has retainedDallas-based Halliburton Investor Relations to manage the company’sinvestor relations program. Akeena Solar, Inc. (NASDAQ:AKNS) shares fell some 24% to $5.50 todayafter posting wider losses, although shares are sill up about 80% off52-week lows.Dassault Systèmes (NASDAQ:DASTY) announced that electric carmanufacturer Tesla Motors has selected CATIA PLM Express as its productdevelopment solution.

US BioEnergy Corp. (NASDAQ:USBE) shares rose 16% to $7.45 today afterit announced net income of $11.1 million, or $0.15 per share, for thequarter ended September 30, 2007; this included a one-time impairmentcharge of $2.5 million. It is positioned to bring total productioncapacity to 750 million gallons per year (mgy) by the end of 2008.Gross margins improved 50% to $28.8 compared to the second quarter of2007. During the third quarter of 2007, the company sold 73.2 milliongallons of ethanol at an average selling price of $1.76 per gallon.

T. Boone Pickens’ alternative energy stock Clean Energy Fuels Corp. (NASDAQ:CLNE) saw sharesfall 3.6% today to $17.83 after yesterday’s earnings report. For thethird quarter of 2007, the Company’s combined volume of CNG and LNGdelivered increased to 20.0 million gasoline gallon equivalents(Gallons), compared with 18.2 million Gallons in the same period a yearago. It will be interesting to know if T. Boone Pickens is still expecting $100/barrel oil.

Despite some massive selling yesterday and a recovery for most ofTuesday, alternative energy stocks are still seeing sellers hit theshares as oil is falling more and more. Owning alternative energystocks is like having a leveraged trade on a high-beta stock when oilprices are fluctuating wildly as these will benefit from higher oilprices. That sword cuts both ways.

Yesterday came the announcement that former VP Al Gore had joinedpremiere VC-firm Kleiner Perkins Caulfield & Byers as a partner forgreen investing. The crowd that refuses to accept the term "globalwarming" or even "climate change" probably laughed hard that this wason the same day that many alternative energy stocks got crushed.

A boutique investment banking and research firm named BroadpointCapital initiated coverage of DayStar Tech (NASDAQ:DSTI), First Solar (NASDAQ:FSLR),and HOKU Scientific (NASDAQ:HOKU) all with Buy ratings today.

The PowerShares WilderHill Clean Energy ETF (AMEX:PBW) rose 4.8% to $23.60and the Market Vectors Global Alternative Energy ETF (NYSE:GEX) rose0.2% to $53.76.

-Jon C. Ogg
November 13, 2007

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