Month: January 2013

Arthur J. Gallagher (AJG) was upgraded by Bank of America/Merrill Lynch from neutral to buy with a price target of $41, as the company is experiencing strong organic growth, and carrying a lot of momentum.

Lackluster earnings and disappointing economic data kept the markets under pressure today. The number of Americans filing initial jobless claims rose by 38,000 to a seasonally adjusted 368,000 last week, according to the Labor Department.

KaloBios Pharmaceuticals (KBIO) announced the pricing of its previously announced IPO of 8,750,000 shares of common stock at a price to the public of $8.00 per share, less underwriting discounts and commissions. KaloBios has granted the underwriters a 30-day option to purchase up to 1,312,500 additional shares of common stock at the same price to cover over-allotments, if any.

In trading on Thursday, sporting goods & activities shares were relative leaders, up on the day by about 5.4%. Leading the group were shares of WMS Industries (WMS), up about 51.7% and shares of Vail Resorts (MTN) up about 1.6% on the day.

This morning, it was announced that Scientific Games (SGMS) would acquire WMS Industries (WMS) in a deal worth approximately $1.5 billion, or $26 per share. The acquisition was approved by both boards and will be immediately accretive to earnings.

Dow Chemical (NYSE:DOW) seeing lower than expected earnings this morning. The company posted EPS of 33 cents, just missing estimates of 34 cents a share. Revenue for the quarter fell one percent to $13.92 billion, higher than the $13.69 billion Wall Str

Canadian Pacific Railway (CP) had its numbers increased by Jefferies (JEF) due to better cost management as well as solid revenues. A hold rating was issued with a price target of $105.

Amazon. om (AMZN) had its price target increased by Jefferies (JEF) to $330, as operating income and margins were both better than expected.

OpenTable (OPEN) was downgraded by Oppenheimer (OPY) from outperform to perform with a price target of $54 as the firm believes the stock price is fully valued, and competing products may take away some market share from the company. Shares are lower by about four percent.

International Business Machines (IBM) maintained its quarterly dividend of 85 cents per share. Stockholders of record on Friday, February 8th will be given the dividend on Saturday, March 9th.