Notable Analyst Rating Changes 10/31: (AXTI) (MPW) (ACHC) Upgraded; (ARR) (AVP) (TASR) Downgraded Oct 31, 2014 10:49AM

UPGRADES
B. Riley upgrades AXT, Inc. (Nasdaq: AXTI) from Neutral to Buy with a price target of $3.10.

JMP Securities raises Medical Properties Trust (NYSE: MPW) from Market Perform to Market Outperform with a price target of $14.25.

Deutsche Bank boosts Acadia Healthcare (Nasdaq: ACHC) from Hold to Buy and moved its price target from $52 to $72. Click Here for more color.

Societe Generale moves Alcatel-Lucent (NYSE: ALU) from Hold to Buy.

For daily real-time Upgrades go to http://www.streetinsider.com/Upgrades

DOWNGRADES
Compass Point cuts ARMOUR Residential (NYSE: ARR) from Buy to Neutral and moves its price target from $5 to $4.25. Click Here for more color.

Avon Products (NYSE: AVP) downgraded by two today:

  • B. Riley from Buy to Neutral and moves its price target from $16 to $11; and

  • Stifel from Buy to Hold while also removing its $16 price target.
CRT Capital drops TASER International (Nasdaq: TASR) from Fairly Valued to Sell with a price target of $12.

BB&T Capital reduces Walter Energy (NYSE: WLT) from Hold to Underweight.

For daily real-time Downgrades go to http://www.streetinsider.com/downgrades

NEW COVERAGE
Citi initiates New Media Investment Group (NYSE: NEWM) with a Buy rating and price target of $41. Click Here for more color.

Roth Capital starts Daqo New Energy (NYSE: DQ) with a Buy rating and $80 price target. Click Here for more color.

For daily real-time New Coverage go to http://www.streetinsider.com/New+Coverage

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Notable Mergers and Acquisitions of the Day 10/31: (OHI)/(AVIV) (GCAP) (EL) Oct 31, 2014 10:30AM

* Omega Healthcare Investors (NYSE: OHI) and Aviv REIT, Inc. (NYSE: AVIV) announced that the Boards of Directors of both companies have unanimously approved a definitive agreement under which Omega will acquire all of the outstanding shares of Aviv in a stock-for-stock merger. The transaction values Aviv at $3.0 billion, and creates the premier publicly traded pure-play skilled nursing facility real estate investment trust (“REIT”).

Under the terms of the agreement, Aviv shareholders will receive a fixed exchange ratio of 0.90 Omega shares for each share of Aviv common stock they own. Based on the closing stock price for Omega on Thursday, October 30th, 2014, this consideration would be equivalent to $34.97 of Omega stock for each Aviv share, representing a premium to Aviv shareholders of approximately 16.2% over Aviv’s closing stock price on that day. Upon closing of the transaction, Omega shareholders are expected to own approximately 70% and Aviv shareholders, together with the limited partners of Aviv Healthcare Properties Limited Partnership (“Aviv OP”), are expected to own beneficially approximately 30% of the combined company. The stock-for-stock transaction is intended to be tax-free to shareholders. Following the merger, Taylor Pickett, current Omega CEO, will continue to serve as CEO of the combined company while Craig Bernfield, current Aviv Chairman and CEO, will join the Board of Directors of the combined company.

“The combination of Omega and Aviv creates the premier pure-play skilled nursing facility REIT which, with the expertise and proven track records of the combined management teams, will be well-positioned to continue as the leading consolidator in the large, highly fragmented SNF industry,” Omega Chief Executive Officer Taylor Pickett said. “This merger is consistent with Omega’s long history of executing value-creating transactions. The combined sourcing and development capabilities of this company, coupled with its strong balance sheet, provides enhanced capacity to drive growth and is expected to continue to decrease our cost of capital. The combined company will have unrivaled resources to pursue attractive acquisition and development opportunities within its base of existing operator relationships and will also have the human and capital resources to pursue new operator relationships for continued external growth.”

Craig Bernfield, Chairman and Chief Executive Officer of Aviv, said, "This is a strategic combination of two best-in-class companies that have been the most dedicated and successful investors in the skilled nursing sector over the past few decades. The combined company will now be positioned to be the premier consolidator of SNF real estate for years to come. Our merger with Omega will allow us to take advantage of Omega's long term success in the public markets, the scale of the combined company, and Omega's superior access to capital and lower cost of capital, to continue to drive accretive growth by leveraging our relationships with high quality operators to find attractive off market and widely marketed acquisition opportunities.” Mr. Bernfield continued, “I am extremely enthusiastic about Omega's prospects following the merger. The market opportunity is significant due to highly fragmented ownership and lack of competition from other well capitalized companies. The combined management team will be the most knowledgeable and experienced in the country. Taylor and I have known each other well during our careers and I know that he is eminently qualified to lead the combined company."

Transaction Rationale and Highlights

  • High Quality and Complementary Portfolio. The combined company will have a high quality diversified portfolio including the following characteristics:
    • Substantial scale and significant diversification with 83 operator relationships in 41 states
    • Long-term triple-net master leases with sector-leading rent coverage
    • Commitment to high quality properties
  • Platforms With Superior Historical Track Records. The transaction combines the management teams of two of the leading SNF platforms, with superior track records of value creation for shareholders.
    • Omega is the top performing REIT over the last ten years with a total shareholder return of 586 percent
    • Aviv total shareholder return of 64 percent since its IPO in 2013
  • Positioned for Continued Sector-Leading Growth. On a combined basis, Omega will be uniquely positioned to deliver SNF sector-leading growth
    • Demonstrated track record of attractive acquisitions and development
    • Consolidator in large, fragmented industry with attractive fundamentals
    • Combined operator relationships that are expected to provide an ongoing pipeline of accretive transactions
    • Over $900MM year-to-date combined investments
  • Attractive Financial Impact.
    • Expected to be accretive to Omega’s run rate Adjusted FFO and FAD. Preliminary combined company 2015 guidance for Adjusted Funds Available for Distribution (“FAD”) to common stockholders is a range of $2.81 to $2.87 per diluted share as compared to Omega’s 2014 FAD guidance of $2.58 to $2.61 per diluted share. The combined pipeline and unique sourcing capabilities, together with low leverage and improved cost of capital, should enable Omega to expand its growth profile with accretive transactions. Aviv’s development and redevelopment strategy, combined with Omega’s established capital expenditure financing program, is expected to provide attractive returns while enhancing asset quality. In addition, the combined company will maintain an UPREIT structure which will enable the combined company to structure tax-efficient transactions.
    • Strong balance sheet and lower cost of capital to drive future accretive growth. The combined company is expected to have a pro forma funded debt to total market capitalization ratio of less than 35%, funded debt to Adjusted EBITDA (Q3 annualized) ratio of less than 5.0x, secured debt to gross asset value of less than 5.0%, and an Adjusted Pro Forma EBITDA to interest coverage ratio greater than 3.5x as of September 30, 2014. The strong unsecured balance sheet, material increase in portfolio size and tenant diversity are expected to (i) enhance the combined company’s credit profile and (ii) lower the long-term cost of capital, driving further accretion. With a history of prudent balance sheet management, Omega believes that the strength of the combined company should create positive ratings momentum.
    • Stable and secure dividend with above-average growth potential, as well as a conservative pro forma payout ratio. Omega has increased its dividend at an 11% annual compounded rate since 2004 and expects continued dividend growth for shareholders of the combined company post-closing. Each company intends to continue its current dividend policy pending the closing of the transaction.

Effect on Aviv OP Limited Partners

In connection with Omega’s implementation of an UPREIT structure, holders of Aviv OP units will receive units of an Omega operating partnership based on the same exchange ratio as provided for Aviv common stock in the merger agreement. The Omega operating partnership units will be convertible into Omega common stock on a 1:1 basis following the completion of the merger (subject to adjustment based on future events as provided for in the partnership agreement).

Management and Board of Directors

Taylor Pickett, current CEO of Omega, will continue to serve as CEO of the combined company. Craig Bernfield, current Aviv Chairman and CEO, will serve in the same capacity until closing to ensure an orderly transition. Following the closing of the transaction, the Omega Board of Directors will be expanded to include three directors from Aviv, including Mr. Bernfield, bringing the total to 11 members. As part of the transaction, Omega will be requesting that its shareholders approve a proposal to de-classify Omega’s Board of Directors and provide for the annual election of directors.

Following the merger, Omega will maintain its corporate headquarters in Hunt Valley, Maryland. Dan Booth and Bob Stephenson will retain current roles as COO and CFO, respectively, of the combined company. Aviv’s Chicago based acquisition and development operations will continue to be based in Chicago under the leadership of Steven Insoft, augmenting Omega’s existing investment capabilities.

Anticipated Synergies

The combined companies expect to benefit from approximately $9 million of general and administrative cash savings and additional savings from reduced borrowing costs.

Approvals and Timing

Completion of the transaction is subject to satisfaction of customary closing conditions, including the approval of shareholders of both companies. LG Aviv LP, an affiliate of Lindsay Goldberg LLC, has entered into a voting agreement with Omega pursuant to which it has agreed to vote in favor of the transaction, subject to the terms and conditions set forth in the voting agreement. The transaction is expected to close in the first quarter of 2015.

Advisors

Morgan Stanley & Co. LLC is acting as the exclusive financial advisor to Omega, and Bryan Cave LLP, Doran Derwent, PLLC and Kaye Scholer LLP are acting as legal counsel. PJT Partners and Goldman, Sachs & Co. are acting as financial advisors to Aviv and Sidley Austin LLP is acting as legal counsel.

* Gain Capital (NYSE: GCAP) has entered into a definitive agreement to acquire City Index (Holdings) Limited ("City Index"), a leading online trading firm specializing in contracts-for-difference (CFDs), forex and UK spread betting, for approximately $118 million, or a net purchase price of $82 million, including $36 million in cash on the company's balance sheet.

The combination of GAIN Capital and City Index creates a global leader in online trading, operating two market-leading brands in GAIN's FOREX.com, a top retail forex brand globally, and City Index, a premier CFD and spread bet brand. The combined company will service 235,000 retail customers in over 180 countries with annual trading volumes of more than $3 trillion.

"The acquisition of City Index advances our growth strategy, creating scale for our retail business and accelerates the development of our innovative trading technology," said Glenn Stevens, GAIN's chief executive officer. "The combination will result in a balanced mix of customer volume, with approximately 61% of retail volume coming from FX and 39% from CFD trading/UK spread betting in other asset classes such as equities, indices and commodities. We look forward to leveraging the City Index brand in key markets and working with the team at City Index, who share our commitment to creating a superior customer experience."

"This transaction is a landmark moment in City Index's 30-year history as a leader in retail trading," said Mark Preston, City Index's Chairman and Chief Executive. "The combination of GAIN's unrivalled leadership in global foreign exchange with City Index's internationally-recognized CFD business creates a world-class industry leader, providing the scale and capability to deliver the ultimate trading experience to our clients around the world. The combined business will also offer greater opportunities for City Index's management and staff to flourish in a global business."

Founded in London in 1983 as one of UK's first spread betting companies, City Index is today one of the world's leading providers of CFDs, forex and UK spread betting, offering more than 10,000 products across equity, index, FX, commodity and bond CFDs and spread bets. City Index is majority owned by IPGL, the private holding company for the interests of Michael Spencer, Founder and Chief Executive of ICAP plc, the global markets operator.

"I am very pleased we have been able to agree to this transaction, which brings benefits for everyone," said Michael Spencer. "I believe GAIN is an outstanding company and will be able to move City Index to the next level, by leveraging its broad array of trading products and services onto a global platform. We believe this combination will enhance GAIN's leadership position in the FX/CFD industry by putting together two highly complementary companies to create significant value for customers and stakeholders. This is the latest example of the way that IPGL is able to invest actively in businesses over the long term to support their growth and development."

For the 12 month period ended September 30, 2014, City Index generated $124.8 million in revenue and $10.7 million in adjusted EBITDA. It had approximately 104,000 funded retail accounts and $344 million in customer assets as of September 30, 2014.

The combined company will have pro forma client assets of approximately $1.2 billion, and trailing twelve month revenues and adjusted EBITDA, for the period ended September 30, 2014, of $462 million and $61 million, respectively. GAIN has identified $45 million - $55 million of fixed operating expense synergies, relative to the combined company's trailing twelve-month expenses, and expects to begin realizing theses synergies promptly after closing with full integration achieved over the ensuing 18-24 months. GAIN expects for this acquisition to become highly accretive over this time period and anticipates achieving accretive results by the fourth quarter following closing.

The transaction follows the successful acquisition and integration of GFT, which closed in September 2013, where GAIN Capital achieved approximately $40 million of run rate expense synergies.

City Index clients will not see any immediate impact to the customer service they receive, their account administration or how they trade. All clients will receive more detailed information about the benefits the combined company can offer them, once the acquisition is completed.

Terms of the Transaction

The purchase price will consist of $20 million in cash, $60 million of convertible notes and the issuance of approximately 5.3 million GAIN shares. The total purchase price of $118 million represents a $28 million premium above City Index's book value as of September 30, 2014.

In addition to the $36 million of cash on its books as of September 30, 2014, City Index also has $65 million of net operating losses which can be carried forward following the closing of the transaction.

The transaction is subject to approval by GAIN Capital stockholders, regulatory approvals and customary closing conditions. The deal is expected to close in the first quarter of 2015.

Jefferies LLC is serving as exclusive financial advisor to GAIN Capital. Keefe, Bruyette & Woods, A Stifel Company is serving as financial advisor to IPGL. Davis Polk & Wardwell advised GAIN Capital on U.S. and UK legal matters. Macfarlanes advised IPGL and City Index on UK legal matters and Kirkland & Ellis advised IPGL and City Index on U.S. legal matters.

* Estée Lauder (NYSE: EL) has acquired RODIN olio lusso, a luxury skin care brand founded by the iconic New York stylist Linda Rodin. Terms of the deal were not disclosed.

Founded in 2007, RODIN olio lusso – which translates to “luxury oil,” to honor the easygoing Italian beauty aesthetic that has long inspired Ms. Rodin – provides a highly selective line of premium, sensorial products that appeal to discriminating consumers of all ages and skin types. RODIN olio lusso has unique positioning in the high-growth subcategory of skin care oils, and a devoted following of fashion and beauty connoisseurs around the world. The brand is currently sold in select high-end, trend-setting boutiques and specialty-retail channels, including Barney’s, Colette and Liberty.

The centerpiece of RODIN olio lusso is The Luxury Face Oil, which is mixed from a combination of eleven essential oils derived from flowers and botanicals. Many of these same oils are featured in the brand’s other products, including body oil, luxury hand and body cream, perfume, soap, a scented candle, and hair oil developed in partnership with renowned hairstylist Bob Recine.

“RODIN olio lusso is the ultimate ‘insider’ beauty brand,” said Fabrizio Freda, President and Chief Executive Officer of The Estée Lauder Companies. “With its luxurious product line and strong creative point of view, we believe it has the potential to be a high-growth global skin care brand that strategically enhances our portfolio. Linda is truly an authentic creative force and has an incredible entrepreneurial spirit. I am thrilled to welcome her and her brand to The Estée Lauder Companies.”

Linda Rodin has had an exceptional career encompassing many facets of the fashion industry, from model to stylist. In 2007, she added “entrepreneur” to her resumé, when she began experimenting in her Manhattan apartment with mixing essential oils to create face and body oil products. Ms. Rodin started bringing samples of these oils on set, where they quickly gained a passionate following – soon, the brand was a “must-have” at certain photo shoots and backstage at select global fashion events. Ms. Rodin has led the expansion of the business since its inception, with the elegance and stylish minimalism that are the hallmarks of her brand.

“The guiding philosophy of my brand has always been that ‘there is beauty in simplicity,’” said Ms. Rodin. “The Estée Lauder Companies not only shares and embraces the core values that I’ve instilled into my business, but also has an amazing track record of nurturing and growing prestige brands while maintaining – and encouraging – the spark that makes them so unique. The Estée Lauder Companies is truly the perfect home for RODIN olio lusso.”

“The Estée Lauder Companies shares with RODIN olio lusso a deep-rooted legacy of creativity and entrepreneurialism,” said William P. Lauder, Executive Chairman of The Estée Lauder Companies. “This acquisition continues our strong history of identifying brands with unique positioning and nurturing them to realize their full growth potential. We are so pleased to welcome Linda to our family.”

The brand will be overseen by John Demsey, Estée Lauder Companies’ Group President, responsible for the Estée Lauder, M·A·C, Tom Ford, Prescriptives, Bobbi Brown, Bumble and bumble, Jo Malone, La Mer, Smashbox, and Aramis & Designer Fragrance brands.

Lowenstein Sandler LLP served as legal counsel to The Estée Lauder Companies Inc., while Linda Rodin received financial advice from Susan Newman, CPA, and legal counsel from Greenberg Traurig, LLP.

To keep up on all the Mergers & Acquisitions data in real-time, go to our M&A Insider page.


Pre-Open Stock Movers 10/31: (MELI) (GPRO) (SRPT) (LNKD) Higher; (AEGR) (TPX) (TRMB) (SBUX) Lower (more...) Oct 31, 2014 09:25AM

Aegerion Pharmaceuticals (NASDAQ: AEGR) 31.9% LOWER; reported Q3 EPS of ($0.20), $0.06 worse than the analyst estimate of ($0.14). Revenue for the quarter came in at $43.7 million versus the consensus estimate of $48.6 million. Aegerion now expects full-year JUXTAPID net product sales to be between $150 and $160 million, revised from the previous expectation of the lower end of the range of between $180 and $200 million. Multiple downgrades.

Mercado Libre, Inc. (NASDAQ: MELI) 16.3% HIGHER; reported Q3 EPS of $0.87, $0.22 better than the analyst estimate of $0.65. Revenue for the quarter came in at $147.9 million versus the consensus estimate of $131 million. Upgraded at BofA/Merrill Lynch.

GoPro (NASDAQ: GPRO) 15.9% HIGHER; reported Q3 EPS of $0.12, $0.04 better than the analyst estimate of $0.08. Revenue for the quarter came in at $280 million versus the consensus estimate of $263.9 million. GoPro (NASDAQ: GPRO) sees Q4 revs of $550 - $580 million, with estimates at $500.2 million. The company also sees Q4 EPS of $0.65 - $0.69, versus the consensus of $0.53.

Sarepta Therapeutics, Inc. (NASDAQ: SRPT) 13.4% HIGHER; the FDA issues a clarification letter saying it expects the NDA for eteplirsen will qualify for a priority review

Tempur Sealy (NYSE: TPX) 10.6 LOWER; reported Q3 EPS of $0.88, $0.01 worse than the analyst estimate of $0.89. Revenue for the quarter came in at $827.4 million versus the consensus estimate of $796.9 million. Tempur Sealy sees FY2014 EPS of $2.60-$2.70, versus the consensus of $2.73. Tempur Sealy sees FY2014 revenue of $2.97-3.00 billion, versus the consensus of $2.95 billion.

Trimble (NASDAQ: TRMB) 10.2% LOWER; reported Q3 EPS of $0.33, $0.05 worse than the analyst estimate of $0.38. Revenue for the quarter came in at $584.8 million versus the consensus estimate of $603.8 million. Trimble sees Q4 2014 EPS of $0.26-$0.32, versus the consensus of $0.41. Trimble sees Q4 2014 revenue of $560-590 million, versus the consensus of $637.95 million.

AXT, Inc. (NASDAQ: AXTI) 10% HIGHER; reported Q3 EPS of $0.02, $0.01 better than the analyst estimate of $0.01. Revenue for the quarter came in at $23.1 million versus the consensus estimate of $21.8 million. Separately, the company announced a program authorizing the repurchase of up to $5 million of the company's common stock.

Staar Surgical Co (NASDAQ: STAA) 10% LOWER; reported Q3 EPS of $0.00, $0.02 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $18.2 million versus the consensus estimate of $19.53 million. Multiple downgrades.

LinkedIn (NYSE: LNKD) 9.7% HIGHER; reported Q3 EPS of $0.52, $0.05 better than the analyst estimate of $0.47. Revenue for the quarter came in at $568 million versus the consensus estimate of $557.5 million.

Tuesday Morning (NASDAQ: TUES) 9% HIGHER; reported Q1 EPS of ($0.14), in-line with the analyst estimate of ($0.14). Revenue for the quarter came in at $202.2 million versus the consensus estimate of $195 million. Comparable store sales increased 11.3% compared to the same period a year ago, and were comprised of a 10.5% increase in customer transactions and a 0.7% increase in average ticket.

Boyd Gaming (NYSE: BYD) 8.5% HIGHER; reported Q3 EPS of $0.00, $0.02 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $738.8 million versus the consensus estimate of $735 million.

Brightcove (NASDAQ: BCOV) 7.6% HIGHER; reported Q3 EPS of ($0.03), $0.05 better than the analyst estimate of ($0.08). Revenue for the quarter came in at $31.5 million versus the consensus estimate of $30.2 million. Brightcove sees Q4 2014 EPS of ($0.08)-($0.09), versus the consensus of ($0.1). Brightcove sees Q4 2014 revenue of $30.3-30.8 million, versus the consensus of $30.5 million.

Ambarella, Inc. (NASDAQ: AMBA) 5.7% HIGHER; Up on strong results from GoPro

CommScope (NASDAQ: COMM) 5.6% LOWER; reported Q3 EPS of $0.62, $0.05 better than the analyst estimate of $0.57. Revenue for the quarter came in at $1 billion versus the consensus estimate of $999.4 million. CommScope sees Q4 2014 EPS of $0.30-$0.35, versus the consensus of $0.48. CommScope sees Q4 2014 revenue of $810-850 million, versus the consensus of $923.4 million. CommScope sees FY2014 EPS of $2.15-$2.20, versus the consensus of $2.27. CommScope sees FY2014 revenue of $3.8-3.85 billion, versus the consensus of $3.92 billion.

Zendesk, Inc. (NYSE: ZEN) 5% HIGHER; reported Q3 EPS of ($0.09), $0.09 better than the analyst estimate of ($0.18). Revenue for the quarter came in at $33.9 million versus the consensus estimate of $31.25 million.

Atmel Corporation (NASDAQ: ATML) 4.6% HIGHER; upgraded at FBR Capital

Starbucks Coffee (NASDAQ: SBUX) 4.2% LOWER; reported Q4 EPS of $0.74, in-line with the analyst estimate of $0.74. Revenue for the quarter came in at $4.2 billion versus the consensus estimate of $4.23 billion. Comp sales increase 5% globally. Starbucks Coffee sees FY2015 EPS of $3.08-$3.13, versus the consensus of $3.16.

Microchip Technology (NASDAQ: MCHP) 3.6% HIGHER; reported Q2 EPS of $0.67, in-line with the analyst estimate of $0.67. Revenue for the quarter came in at $546.2 million versus the consensus estimate of $548.6 million. Microchip Technology sees FY2014 EPS of $0.59-$0.64, versus the consensus of $0.62. Microchip Technology sees FY2014 revenue of $504-535.3 million, versus the consensus of $525.40 million.

Groupon (NASDAQ: GRPN) 3.5% HIGHER; reported Q3 EPS of $0.03, $0.02 better than the analyst estimate of $0.01. Revenue for the quarter came in at $757.1 million versus the consensus estimate of $749 million. Groupon sees Q4 of $0.02-$0.04, versus the consensus of $0.07. Groupon sees FY2014 revenue of $875-925 million, versus the consensus of $926 million. Adjusted EBITDA is seen between $80 million and $100 million.

Theravance (NASDAQ: THRX) 2.8% LOWER; reported Q3 EPS of ($0.19), $0.05 worse than the analyst estimate of ($0.14). Revenue for the quarter came in at $999 thousand versus the consensus estimate of $6.3 million.

Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) 2.7% HIGHER; announced the publication of results from TARGET, a pivotal phase III study evaluating the efcacy and safety of AVP-825 22mg in the January 2015 issue of Headache (Early access is now available). AVP-825 is an investigational drug-device combination product consisting of low-dose sumatriptan powder (22mg) delivered intranasally utilizing a novel Breath Powered delivery technology, for the acute treatment of migraine. A New Drug Application (NDA) for AVP-825 has been accepted and is currently under review by the U.S. Food and Drug Administration (FDA) with a Prescription Drug User Fee Act (PDUFA) goal date of November 26, 2014.

Western Union (NYSE: WU) 2.4% HIGHER; reported Q3 EPS of $0.44, $0.06 better than the analyst estimate of $0.38. Revenue for the quarter came in at $1.44 billion versus the consensus estimate of $1.43 billion. Western Union sees FY2014 EPS of $1.50, versus prior guidance of $1.4-$1.5 and the consensus of $1.47. The Company affirmed the full year revenue outlook for 2014 previously provided on July 31, 2014.

ON Semiconductor (NASDAQ: ONNN) 1.8% HIGHER; reported Q3 EPS of $0.21, $0.02 worse than the analyst estimate of $0.23. Revenue for the quarter came in at $833.5 million versus the consensus estimate of $884.4 million. ON Semiconductor sees Q4 2014 revenue of $835-875 million, versus the consensus of $867.1 million.

Crown Castle (NYSE: CCI) 1.6% LOWER; reported Q3 FFO of $1.05, $0.04 better than the analyst estimate of $1.01. Revenue for the quarter came in at $930.3 million versus the consensus estimate of $914 million. Crown Castle sees Q4 FFO of $1.04-$1.05 vs est of $1.06


After-Hours Stock Movers 10/30: (MELI) (GPRO) (AXTI) Higher; (AEGR) (TRMB) (TPX) (SBUX) Lower (more...) Oct 30, 2014 06:04PM

Aegerion Pharmaceuticals (NASDAQ: AEGR) 30.4% LOWER; reported Q3 EPS of ($0.20), $0.06 worse than the analyst estimate of ($0.14). Revenue for the quarter came in at $43.7 million versus the consensus estimate of $48.6 million. Aegerion now expects full-year JUXTAPID net product sales to be between $150 and $160 million, revised from the previous expectation of the lower end of the range of between $180 and $200 million.

Trimble (NASDAQ: TRMB) 15.2% LOWER; reported Q3 EPS of $0.33, $0.05 worse than the analyst estimate of $0.38. Revenue for the quarter came in at $584.8 million versus the consensus estimate of $603.8 million. Trimble sees Q4 2014 EPS of $0.26-$0.32, versus the consensus of $0.41. Trimble sees Q4 2014 revenue of $560-590 million, versus the consensus of $637.95 million.

Mercado Libre, Inc. (NASDAQ: MELI) 13.7% HIGHER; reported Q3 EPS of $0.87, $0.22 better than the analyst estimate of $0.65. Revenue for the quarter came in at $147.9 million versus the consensus estimate of $131 million.

Tempur Sealy (NYSE: TPX) 11.9% LOWER; reported Q3 EPS of $0.88, $0.01 worse than the analyst estimate of $0.89. Revenue for the quarter came in at $827.4 million versus the consensus estimate of $796.9 million. Tempur Sealy sees FY2014 EPS of $2.60-$2.70, versus the consensus of $2.73. Tempur Sealy sees FY2014 revenue of $2.97-3.00 billion, versus the consensus of $2.95 billion.

GoPro (NASDAQ: GPRO) 10.6% HIGHER; reported Q3 EPS of $0.12, $0.04 better than the analyst estimate of $0.08. Revenue for the quarter came in at $280 million versus the consensus estimate of $263.9 million. GoPro (NASDAQ: GPRO) sees Q4 revs of $550 - $580 million, with estimates at $500.2 million. The company also sees Q4 EPS of $0.65 - $0.69, versus the consensus of $0.53.

AXT, Inc. (NASDAQ: AXTI) 10% HIGHER; reported Q3 EPS of $0.02, $0.01 better than the analyst estimate of $0.01. Revenue for the quarter came in at $23.1 million versus the consensus estimate of $21.8 million. Separately, the company announced a program authorizing the repurchase of up to $5 million of the company's common stock.

Tuesday Morning (NASDAQ: TUES) 9% HIGHER; reported Q1 EPS of ($0.14), in-line with the analyst estimate of ($0.14). Revenue for the quarter came in at $202.2 million versus the consensus estimate of $195 million. Comparable store sales increased 11.3% compared to the same period a year ago, and were comprised of a 10.5% increase in customer transactions and a 0.7% increase in average ticket.

Boyd Gaming (NYSE: BYD) 8.5% HIGHER; reported Q3 EPS of $0.00, $0.02 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $738.8 million versus the consensus estimate of $735 million.

Brightcove (NASDAQ: BCOV) 7.6% HIGHER; reported Q3 EPS of ($0.03), $0.05 better than the analyst estimate of ($0.08). Revenue for the quarter came in at $31.5 million versus the consensus estimate of $30.2 million. Brightcove sees Q4 2014 EPS of ($0.08)-($0.09), versus the consensus of ($0.1). Brightcove sees Q4 2014 revenue of $30.3-30.8 million, versus the consensus of $30.5 million.

Zendesk, Inc. (NYSE: ZEN) 5% HIGHER; reported Q3 EPS of ($0.09), $0.09 better than the analyst estimate of ($0.18). Revenue for the quarter came in at $33.9 million versus the consensus estimate of $31.25 million.

Starbucks Coffee (NASDAQ: SBUX) 4.2% LOWER; reported Q4 EPS of $0.74, in-line with the analyst estimate of $0.74. Revenue for the quarter came in at $4.2 billion versus the consensus estimate of $4.23 billion. Comp sales increase 5% globally. Starbucks Coffee sees FY2015 EPS of $3.08-$3.13, versus the consensus of $3.16.

Microchip Technology (NASDAQ: MCHP) 3.6% HIGHER; reported Q2 EPS of $0.67, in-line with the analyst estimate of $0.67. Revenue for the quarter came in at $546.2 million versus the consensus estimate of $548.6 million. Microchip Technology sees FY2014 EPS of $0.59-$0.64, versus the consensus of $0.62. Microchip Technology sees FY2014 revenue of $504-535.3 million, versus the consensus of $525.40 million.

Groupon (NASDAQ: GRPN) 3.5% HIGHER; reported Q3 EPS of $0.03, $0.02 better than the analyst estimate of $0.01. Revenue for the quarter came in at $757.1 million versus the consensus estimate of $749 million. Groupon sees Q4 of $0.02-$0.04, versus the consensus of $0.07. Groupon sees FY2014 revenue of $875-925 million, versus the consensus of $926 million. Adjusted EBITDA is seen between $80 million and $100 million.

Theravance (NASDAQ: THRX) 2.8% LOWER; reported Q3 EPS of ($0.19), $0.05 worse than the analyst estimate of ($0.14). Revenue for the quarter came in at $999 thousand versus the consensus estimate of $6.3 million.

Western Union (NYSE: WU) 2.4% HIGHER; reported Q3 EPS of $0.44, $0.06 better than the analyst estimate of $0.38. Revenue for the quarter came in at $1.44 billion versus the consensus estimate of $1.43 billion. Western Union sees FY2014 EPS of $1.50, versus prior guidance of $1.4-$1.5 and the consensus of $1.47. The Company affirmed the full year revenue outlook for 2014 previously provided on July 31, 2014.

ON Semiconductor (NASDAQ: ONNN) 1.8% HIGHER; reported Q3 EPS of $0.21, $0.02 worse than the analyst estimate of $0.23. Revenue for the quarter came in at $833.5 million versus the consensus estimate of $884.4 million. ON Semiconductor sees Q4 2014 revenue of $835-875 million, versus the consensus of $867.1 million.

Crown Castle (NYSE: CCI) 1.6% LOWER; reported Q3 FFO of $1.05, $0.04 better than the analyst estimate of $1.01. Revenue for the quarter came in at $930.3 million versus the consensus estimate of $914 million. Crown Castle sees Q4 FFO of $1.04-$1.05 vs est of $1.06

LinkedIn (NYSE: LNKD) 1% HIGHER; reported Q3 EPS of $0.52, $0.05 better than the analyst estimate of $0.47. Revenue for the quarter came in at $568 million versus the consensus estimate of $557.5 million.


Market Wrap: Adv. Q3 GDP Outpaces; Citi Lowers Q3 Results; Starbucks Percolates in Q3 Oct 30, 2014 05:40PM

Market wrap for October 30th

End of the Day: S&P 500 up 12.4 to 1,994.65; Dow Jones up 221.1 to 17,195.42; Nasdaq up 16.9 to 4,566.14

* Real gross domestic product -- the value of the production of goods and services in the United States, adjusted for price changes -- increased at an annual rate of 3.5 percent in the third quarter of 2014, according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 4.6 percent ... The Bureau emphasized that the third-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The "second" estimate for the third quarter, based on more complete data, will be released on November 25, 2014. (Consensus estimates were looking for a gain of 3.0 percent.)

* In the week ending October 25, the advance figure for seasonally adjusted initial claims was 287,000, an increase of 3,000 from the previous week's revised level. (The Street was looking for 285,000.) The previous week's level was revised up by 1,000 from 283,000 to 284,000. The 4-week moving average was 281,000, a decrease of 250 from the previous week's revised average. There were no special factors impacting this week's initial claims.

* Apple (Nasdaq: AAPL) CEO Tim Cook announced that he was gay.

* MasterCard (NYSE: MA) reported Q3 EPS of $0.89, $0.11 better than the analyst estimate of $0.78. Revenue for the quarter came in at $2.5 billion versus the consensus estimate of $2.45 billion.

* Time Warner Cable (NYSE: TWC) reported Q3 EPS of $1.86, $0.05 worse than the analyst estimate of $1.91. Revenue for the quarter came in at $5.71 million versus the consensus estimate of $5.75 million.

* Citigroup (NYSE: C) announced that it is adjusting downward its third quarter 2014 financial results, from those reported on October 14, 2014, due to a $600 million increase in legal accruals. The increase resulted from rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters. The financial impact lowers Citi’s third quarter 2014 net income from $3.4 billion to $2.8 billion.

* Starbucks Coffee (Nasdaq: SBUX) reported Q4 EPS of $0.74, in-line with the analyst estimate of $0.74. Revenue for the quarter came in at $4.2 billion versus the consensus estimate of $4.23 billion. Comp sales increase 5% globally. Starbucks Coffee sees FY2015 EPS of $3.08-$3.13, versus the consensus of $3.16.

* Bristol-Myers Squibb Company (NYSE: BMY) announced results from CheckMate -063, a Phase 2 single-arm, open-label study of Opdivo (nivolumab), an investigational PD-1 immune checkpoint inhibitor, administered as a single agent in patients with advanced squamous cell non-small cell lung cancer (NSCLC) who have progressed after at least two prior systemic treatments with 65% receiving three or more prior therapies (n=117). With approximately 11 months of minimum follow up, the objective response rate (ORR, the study’s primary endpoint) was 15% (95% CI = 8.7, 22.2) as assessed by an independent review committee (IRC) using RECIST 1.1 criteria and the median duration of response was not reached. The estimated one-year survival rate was 41% (95% CI = 31.6, 49.7) and median overall survival (mOS) was 8.2 months (95% CI = 6.05, 10.91).

* Clean Diesel Technologies, Inc. (Nasdaq: CDTI) announced the United States Patent and Trademark Office (USPTO) awarded it two new patents covering CDTi's new technology that replaces costly platinum group and rare earth metals in catalytic converters. These patents represent the first of a family of patents for CDTi's Spinel™ technology, a proprietary clean emissions exhaust technology that promises to dramatically reduce the cost of attaining more stringent clean air standards.

* LinkedIn (NYSE: LNKD) reported Q3 EPS of $0.52, $0.05 better than the analyst estimate of $0.47. Revenue for the quarter came in at $568 million versus the consensus estimate of $557.5 million.

* GoPro (Nasdaq: GPRO) reported Q3 EPS of $0.12, $0.04 better than the analyst estimate of $0.08. Revenue for the quarter came in at $280 million versus the consensus estimate of $263.9 million. The company said it expects Q4 revenue of $550 - $580 million and EPS of $0.65 - $0.69, with consensus expectations at $500 million and $0.53, respectively.

* Groupon (Nasdaq: GRPN) reported Q3 EPS of $0.03, $0.02 better than the analyst estimate of $0.01. Revenue for the quarter came in at $757.1 million versus the consensus estimate of $749 million. Groupon sees Q4 of $0.02-$0.04, versus the consensus of $0.07. Groupon sees FY2014 revenue of $875-925 million, versus the consensus of $926 million. Adjusted EBITDA is seen between $80 million and $100 million

* Kandi Technologies Group (Nasdaq: KNDI) announced that the Car-Share Program is expected to be launched in Chengdu with the delivery of 1,000 Kandi brand electric vehicles before the year-end. For more color, click here.

* Lockheed Martin (NYSE: LMT) announced that it entered into a definitive agreement to acquire Systems Made Simple, a leading provider of health information technology solutions to the U.S. federal government.

* Facebook (Nasdaq: FB) filed to sell up to 162,698,114 shares of is Common Stock on behalf of selling shareholders connected with the company's WhatsApp acquisition.


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