Comcast (CMCSA), Lorillard (LO), MEMC Electronics (WFR), BNP Paribas (BNPQY), CNOOC (CEO) and Chiquita Brands (CQB) had ratings and price targets on them adjusted by analysts.
Jefferies (NYSE:JEF) initiated coverage on Lorillard (LO). They placed a "Buy" rating on the company.
MEMC Electronics (WFR) was upgraded by Jefferies from an "Underperform" rating to a "Hold" rating.
BNP Paribas (BNPQY) was downgraded by Société Générale from a "Buy" rating to a "Hold" rating.
CNOOC (CEO) was downgraded by Jefferies from a "Market Perform" rating to an "Underperform" rating.
Comcast (CMCSA) was downgraded by Argus from a "Buy" rating to a "Hold" rating.
Chiquita Brands (CQB) was downgraded by BB&T Capital from a "Buy" rating to a "Hold" rating.
Showing posts with label BNP Paribas. Show all posts
Showing posts with label BNP Paribas. Show all posts
Thursday, February 16, 2012
Wednesday, May 18, 2011
Ratings on (ACC) (AYI) (BDX) (BNPQY) (BSTC) Upgraded
Ratings on shares of American Campus Communities, Inc. (NYSE: ACC), Acuity Brands Inc (NYSE: AYI), Becton Dickinson And Co (NYSE: BDX), BNP Paribas (NASDAQ: BNPQY) and BioSpecifics Technologies Corp. (NASDAQ: BSTC) were upgraded by analysts.
UBS AG (NYSE:UBS) upgraded American Campus Communities, Inc. (ACC) from a “neutral” rating to a “buy” rating.
Canaccord Genuity upgraded Acuity Brands Inc (AYI) from a “hold” rating to a “buy” rating.
Goldman Sachs (NYSE:GS) upgraded Becton Dickinson And Co (BDX) from a “neutral” rating to a “buy” rating.
BNP Paribas upgraded BNP Paribas (BNPQY) from a “sell” rating to a “hold” rating.
Hapoalim Securities upgraded BioSpecifics Technologies Corp. (BSTC) from a “hold” rating to a “buy” rating. They have a price target of $27.00 on the company.
UBS AG (NYSE:UBS) upgraded American Campus Communities, Inc. (ACC) from a “neutral” rating to a “buy” rating.
Canaccord Genuity upgraded Acuity Brands Inc (AYI) from a “hold” rating to a “buy” rating.
Goldman Sachs (NYSE:GS) upgraded Becton Dickinson And Co (BDX) from a “neutral” rating to a “buy” rating.
BNP Paribas upgraded BNP Paribas (BNPQY) from a “sell” rating to a “hold” rating.
Hapoalim Securities upgraded BioSpecifics Technologies Corp. (BSTC) from a “hold” rating to a “buy” rating. They have a price target of $27.00 on the company.
Tuesday, May 17, 2011
Ratings on (ACM) (AEP) (ALLT) (BNPQY) (CHA) Upgraded
Ratings on shares of AECOM Technology Co. (NYSE: ACM), American Electric Power (NYSE: AEP), Allot Communications Ltd. (NASDAQ: ALLT), BNP Paribas SA (OTC: BNPQY) and China Telecom (NYSE: CHA) were upgraded by analysts.
Argus analysts upgraded AECOM Technology Co. (ACM) from a “hold” rating to a “buy” rating. They have a price target of $33.00 on the company.
Bank of America (NYSE:BAC) upgraded American Electric Power (AEP) from a “neutral” rating to a “buy” rating. They have a price target of $41.00 on the company.
ThinkEquity upgraded Allot Communications Ltd. (ALLT) from a “hold” rating to a “buy” rating. They have a price target of $17.00 on the company.
Morgan Stanley (NYSE:MS) upgraded BNP Paribas SA (BNPQY) from an “equal weight” rating to an “overweight” rating.
Credit Suisse (NYSE:CS) upgraded China Telecom (CHA) from an “underperform” rating to a “neutral” rating.
Argus analysts upgraded AECOM Technology Co. (ACM) from a “hold” rating to a “buy” rating. They have a price target of $33.00 on the company.
Bank of America (NYSE:BAC) upgraded American Electric Power (AEP) from a “neutral” rating to a “buy” rating. They have a price target of $41.00 on the company.
ThinkEquity upgraded Allot Communications Ltd. (ALLT) from a “hold” rating to a “buy” rating. They have a price target of $17.00 on the company.
Morgan Stanley (NYSE:MS) upgraded BNP Paribas SA (BNPQY) from an “equal weight” rating to an “overweight” rating.
Credit Suisse (NYSE:CS) upgraded China Telecom (CHA) from an “underperform” rating to a “neutral” rating.
Wednesday, May 11, 2011
Ratings on (ACC) (AYI) (BDX) (BNPQY) (BSTC) Upgraded
Ratings on shares of American Campus Communities, Inc. (NYSE: ACC), Acuity Brands Inc (NYSE: AYI), Becton Dickinson And Co (NYSE: BDX), BNP Paribas (NASDAQ: BNPQY) and BioSpecifics Technologies Corp. (NASDAQ: BSTC) were upgraded by analysts.
UBS AG (NYSE:UBS) upgraded American Campus Communities, Inc. (ACC) from a “neutral” rating to a “buy” rating.
Canaccord Genuity upgraded Acuity Brands Inc (AYI) from a “hold” rating to a “buy” rating.
Goldman Sachs (NYSE:GS) upgraded Becton Dickinson And Co (BDX) from a “neutral” rating to a “buy” rating.
BNP Paribas upgraded BNP Paribas (BNPQY) from a “sell” rating to a “hold” rating.
Hapoalim Securities upgraded BioSpecifics Technologies Corp. (BSTC) from a “hold” rating to a “buy” rating. They have a price target of $27.00 on the company.
UBS AG (NYSE:UBS) upgraded American Campus Communities, Inc. (ACC) from a “neutral” rating to a “buy” rating.
Canaccord Genuity upgraded Acuity Brands Inc (AYI) from a “hold” rating to a “buy” rating.
Goldman Sachs (NYSE:GS) upgraded Becton Dickinson And Co (BDX) from a “neutral” rating to a “buy” rating.
BNP Paribas upgraded BNP Paribas (BNPQY) from a “sell” rating to a “hold” rating.
Hapoalim Securities upgraded BioSpecifics Technologies Corp. (BSTC) from a “hold” rating to a “buy” rating. They have a price target of $27.00 on the company.
Tuesday, April 26, 2011
Volterra (VLTR) (PEET) (PLXT) TXN) Downgraded on April 26
Shares of Volterra Semi (NASDAQ: VLTR), Peet S Coffee & Tea Inc (NASDAQ: PEET), PLX Technology Inc (NASDAQ: PLXT) and Texas Instruments (NYSE: TXN) were all downgraded on April 26 by several brokerages.
Robert W. Baird downgraded Peet S Coffee & Tea Inc (PEET) from an “Outperform” rating to a “Neutral” rating. They have a price target of $48.00 on Peet S Coffee & Tea Inc, down from the prior $53.
Northland Securities downgraded PLX Technology Inc (PLXT) from an “Outperform” rating to a “Market Perform” rating. They have a price target of $4.00 on PLX Technology, down from the previous $5.
BNP Paribas downgraded Texas Instruments (TXN) from an “Outperform” rating to a “Neutral” rating.
Brigantine downgraded Volterra Semi (VLTR) from a “Buy” rating to a “Hold” rating.
Robert W. Baird downgraded Peet S Coffee & Tea Inc (PEET) from an “Outperform” rating to a “Neutral” rating. They have a price target of $48.00 on Peet S Coffee & Tea Inc, down from the prior $53.
Northland Securities downgraded PLX Technology Inc (PLXT) from an “Outperform” rating to a “Market Perform” rating. They have a price target of $4.00 on PLX Technology, down from the previous $5.
BNP Paribas downgraded Texas Instruments (TXN) from an “Outperform” rating to a “Neutral” rating.
Brigantine downgraded Volterra Semi (VLTR) from a “Buy” rating to a “Hold” rating.
Thursday, March 31, 2011
Citigroup (C), (CS), (BNP) Arrange $1.3 B ILFC (AIG) Loan
A group of 15 banks have committed to a $1.3 billion secured term loan for International Lease Finance Corp., as unit of American International Group Inc (NYSE:AIG). The loan was arranged by Citigroup (NYSE:C), Credit Suisse (NYSE:CS) and BNP Paribas.
International Lease Finance Corp, is a leading aircraft leasing company.
The $1.3 billion loan will be funded over the next year, and will mature in 2018.
ILFC said the funds will be used to prepay existing unsecured and secured bank facilities.
Included in the deal is the right for ILFC to raise the commitment by $200 million from other lenders.
AIG was trading at $35.33, falling $0.72, or 2.00 percent, as of 2:13 PM EDT.
International Lease Finance Corp, is a leading aircraft leasing company.
The $1.3 billion loan will be funded over the next year, and will mature in 2018.
ILFC said the funds will be used to prepay existing unsecured and secured bank facilities.
Included in the deal is the right for ILFC to raise the commitment by $200 million from other lenders.
AIG was trading at $35.33, falling $0.72, or 2.00 percent, as of 2:13 PM EDT.
Thursday, January 13, 2011
JPMorgan (NYSE:JPM) Downgrades Goldman (NYSE:GS), Likes Morgan Stanley (NYSE:MS) Better
The European Equity Research team of JPMorgan (NYSE:JPM) downgraded Goldman Sachs (NYSE:GS), saying the decision was based solely on valuation. Now they like Morgan Stanley (NYSE:MS) as their top choice in the U.S.
About Goldman, JPMorgan said it "has most of the headwinds in context of Europe-US regulatory arbitrage."
In the order of preference, JPMorgan now likes UBS (NYSE: UBS), Credit Suisse (NYSE:CS), Morgan Stanley (MS), BNP Paribas, Socgen, Barclays (NYSE:BCS), Goldman Sachs (GS) and Deutsche Bank (NYSE:DB).
JPMorgan said risk-reward now favors the the European IBs as, 1) US IBs outperforming European IB peers by 16%, 2) valuation gap widened with Swiss IBs now close to 0.7x ex WM tangible BV 2012E and BARC at 0.7x, 3) US IBs capital re-leveraging now priced in, based on releveraged PE at 8.8x 2012E.
JP Morgan downgraded Goldman Sachs (GS) from "Overweight" to "Neutral." Goldman closed Wednesday at $17.67, up $2.31, or 1.36 percent. Morgan Stanley closed at $28.71, up $0.75, or 2.68 percent.
About Goldman, JPMorgan said it "has most of the headwinds in context of Europe-US regulatory arbitrage."
In the order of preference, JPMorgan now likes UBS (NYSE: UBS), Credit Suisse (NYSE:CS), Morgan Stanley (MS), BNP Paribas, Socgen, Barclays (NYSE:BCS), Goldman Sachs (GS) and Deutsche Bank (NYSE:DB).
JPMorgan said risk-reward now favors the the European IBs as, 1) US IBs outperforming European IB peers by 16%, 2) valuation gap widened with Swiss IBs now close to 0.7x ex WM tangible BV 2012E and BARC at 0.7x, 3) US IBs capital re-leveraging now priced in, based on releveraged PE at 8.8x 2012E.
JP Morgan downgraded Goldman Sachs (GS) from "Overweight" to "Neutral." Goldman closed Wednesday at $17.67, up $2.31, or 1.36 percent. Morgan Stanley closed at $28.71, up $0.75, or 2.68 percent.
Tuesday, September 28, 2010
Citigroup (NYSE:C), BNP, Barclays (NYSE:BCS), RBS (NYSE:RBS) Leading BP (NYSE:BP) $3 Billion Bond Issuance
BP Capital Markets PLC, the funding unit of BP Plc (NYSE:BP), is close to issuing about $3 billion in bonds, led by Citigroup (NYSE:C), BNP Paribas, Barclays Capital (NYSE:BCS), Royal Bank of Scotland (NYSE:RBS) and Mizuho Securities USA Inc.
The bonds will be 5- and 10-year bonds sold in U.S. dollars.
Pricing of the bonds will be somewhere in the low to mid 200 basis points range over Treasuries, with tranches split close to equal.
BP PLC, the parent company, will be guaranteeing the bonds, which are projected to be rated A2 by Moody's Investors Service (NYSE:MC) and A by Standard & Poor's.
In a filing with the Securities and Exchange Commission BP said they will use the capital to pay for existing debt and other general corporate purposes.
A spokesman for BP said the bond issuance isn't specifically related to the BP oil spill and is part of normal financial management of the company.
The bonds will be 5- and 10-year bonds sold in U.S. dollars.
Pricing of the bonds will be somewhere in the low to mid 200 basis points range over Treasuries, with tranches split close to equal.
BP PLC, the parent company, will be guaranteeing the bonds, which are projected to be rated A2 by Moody's Investors Service (NYSE:MC) and A by Standard & Poor's.
In a filing with the Securities and Exchange Commission BP said they will use the capital to pay for existing debt and other general corporate purposes.
A spokesman for BP said the bond issuance isn't specifically related to the BP oil spill and is part of normal financial management of the company.
Wednesday, September 15, 2010
BNP Paribas Slashes Oil Estimate to $80 a Barrel
Citing the ongoing weak economies in the West, BNP Paribas cuts its oil price estimate to $80 a barrel, down from its prior projection of $82 a barrel for 2010.
Paribas also cut its 2011 oil price target from $89 a barrel to $86 a barrel.
With oil settling at $76.80 a barrel, and nothing out there to suggest economics in the West will improve any time soon, the $80 a barrel downward revisement for 2010 may even be optimistic.
An ongoing contango situation suggests to Paribas that oil will probably be stored on tankers rather than brought to market.
Paribas also cut its 2011 oil price target from $89 a barrel to $86 a barrel.
With oil settling at $76.80 a barrel, and nothing out there to suggest economics in the West will improve any time soon, the $80 a barrel downward revisement for 2010 may even be optimistic.
An ongoing contango situation suggests to Paribas that oil will probably be stored on tankers rather than brought to market.
Thursday, December 18, 2008
Apex Silver Provides an Update Regarding the Company's Restructuring and Financing Arrangements
Apex Silver Mines Limited (AMEX: SIL) today provided an update regarding the company's restructuring and financing arrangements.
Letter of Intent for Sale of San Cristobal to Sumitomo
As announced on November 14, 2008, Apex Silver Mines Limited ("Apex Silver") entered into a non-binding letter of intent with Sumitomo Corporation ("Sumitomo") providing for the sale of Apex's interest in the San Cristobal mine to Sumitomo for a cash purchase price of $22.5 million, payable at the closing of the sale. Apex Silver would continue to manage the mine following the sale. Apex Silver and Sumitomo are continuing to negotiate definitive documentation related to this transaction. Upon completion of the sale, the holders of the Apex Silver $290.0 million in convertible notes would be entitled, under the existing terms of the notes, to redeem the notes for cash. The non-binding letter of intent is subject to significant conditions, including the restructuring of the Apex Silver convertible notes in a voluntary reorganization under chapter 11 of the U.S. Bankruptcy Code.
Termination of Derivative Positions
Apex Silver, Sumitomo and Minera San Cristobal, S.A. ("MSC") have entered into agreements with BNP Paribas and Barlcays PLC for the termination of the derivative positions established as a requirement of the San Cristobal project financing arrangements. Apex Silver paid approximately $59.0 million, or 65% of the final net settlement amounts with respect to the derivative positions, and repaid Sumitomo $7.5 million in respect of 65% of funding previously provided by Sumitomo to MSC to settle certain derivative positions. Apex Silver made these payments from the $91.0 million previously deposited by Apex Silver as cash collateral for the benefit of the counterparties to the derivative positions. Apex Silver received the remaining cash collateral, totaling $24.5 million.
Project Finance Loans Acquired by Sumitomo
Sumitomo has acquired 90% of the San Cristobal project finance loans from the lenders at par plus accrued interest, together with the right to exercise remedies of the lenders against MSC, Apex Silver and other Apex Silver subsidiaries. As previously disclosed, Apex Silver anticipates that Sumitomo, as the current holder of the San Cristobal project finance loans and the rights to exercise remedies against MSC, will have the right to accelerate the indebtedness outstanding upon a default by MSC or Apex Silver and its affiliates including the circumstances described in Apex Silver's quarterly report on Form 10-Q, for the quarter ending September 30, 2008. As noted in that filing, Apex Silver does not have, and does not expect to have, sufficient cash to fully settle its share of the obligations if they were to become immediately due and payable and has reclassified such obligations as short-term in its consolidated balance sheets.
Amendment to Sumitomo Loan Agreement
Under the terms of the Amendment to the Loan Agreement dated August 11, 2008 with SC Minerals Aktiebolag, a subsidiary of Sumitomo ("SC Minerals"), SC Minerals has agreed to increase by $25.0 million the amount available for borrowing by MSC. SC Minerals is the 35% shareholder of MSC. The additional $25 million is to be used solely to fund MSC's operating expenses. The $25.0 million is in addition to the $125.0 previously borrowed pursuant to the original Loan Agreement and subsequent Amendments to the Loan Agreement. The additional loan amount may be borrowed by MSC at any time on or before December 31, 2008. Apex Silver expects that MSC will borrow the full Additional Loan Amount on December 22, 2008.
If the full amount available under the amended Loan Agreement is fully drawn (including the Additional Loan Amount), no payments are made by MSC prior to maturity, and SC Minerals were to convert all amounts payable into MSC shares as of the maturity date, Apex Silver's indirect ownership interest in MSC would be reduced to approximately 40.5% (approximately 48.2% on conversion of principal only).
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including statements regarding the intention of Apex Silver to enter into a definitive agreement relating to the sale of Apex Silver's interest in the San Cristobal mine and the restructuring of Apex Silver's capital structure, the expected continuation of Apex Silver as a management services and exploration company, and MSC's anticipated borrowing from SC Minerals. These statements are subject to risks and uncertainties, including those relating to the ability of Apex Silver and Sumitomo to reach a definitive agreement on all terms of the sale, including terms relating to Apex Silver's management of the mine, the risk that creditors of Apex Silver or the mine will not agree to a restructuring on terms satisfactory to Sumitomo, and the risk that SC Minerals does not advance funds to MSC. The ability of Apex Silver to achieve the contemplated sale could also be affected by other factors, including those relating to its operations such as further decreases in metals prices, whether and to what extent the financial markets continue to experience significant volatility; and political unrest and uncertainty in Bolivia. Apex Silver assumes any obligation to update this information.
CONTACT:
Apex Silver Mines Corporation
Jerry W. Danni
(303) 839-5060
Sr. Vice President Corporate Affairs
Letter of Intent for Sale of San Cristobal to Sumitomo
As announced on November 14, 2008, Apex Silver Mines Limited ("Apex Silver") entered into a non-binding letter of intent with Sumitomo Corporation ("Sumitomo") providing for the sale of Apex's interest in the San Cristobal mine to Sumitomo for a cash purchase price of $22.5 million, payable at the closing of the sale. Apex Silver would continue to manage the mine following the sale. Apex Silver and Sumitomo are continuing to negotiate definitive documentation related to this transaction. Upon completion of the sale, the holders of the Apex Silver $290.0 million in convertible notes would be entitled, under the existing terms of the notes, to redeem the notes for cash. The non-binding letter of intent is subject to significant conditions, including the restructuring of the Apex Silver convertible notes in a voluntary reorganization under chapter 11 of the U.S. Bankruptcy Code.
Termination of Derivative Positions
Apex Silver, Sumitomo and Minera San Cristobal, S.A. ("MSC") have entered into agreements with BNP Paribas and Barlcays PLC for the termination of the derivative positions established as a requirement of the San Cristobal project financing arrangements. Apex Silver paid approximately $59.0 million, or 65% of the final net settlement amounts with respect to the derivative positions, and repaid Sumitomo $7.5 million in respect of 65% of funding previously provided by Sumitomo to MSC to settle certain derivative positions. Apex Silver made these payments from the $91.0 million previously deposited by Apex Silver as cash collateral for the benefit of the counterparties to the derivative positions. Apex Silver received the remaining cash collateral, totaling $24.5 million.
Project Finance Loans Acquired by Sumitomo
Sumitomo has acquired 90% of the San Cristobal project finance loans from the lenders at par plus accrued interest, together with the right to exercise remedies of the lenders against MSC, Apex Silver and other Apex Silver subsidiaries. As previously disclosed, Apex Silver anticipates that Sumitomo, as the current holder of the San Cristobal project finance loans and the rights to exercise remedies against MSC, will have the right to accelerate the indebtedness outstanding upon a default by MSC or Apex Silver and its affiliates including the circumstances described in Apex Silver's quarterly report on Form 10-Q, for the quarter ending September 30, 2008. As noted in that filing, Apex Silver does not have, and does not expect to have, sufficient cash to fully settle its share of the obligations if they were to become immediately due and payable and has reclassified such obligations as short-term in its consolidated balance sheets.
Amendment to Sumitomo Loan Agreement
Under the terms of the Amendment to the Loan Agreement dated August 11, 2008 with SC Minerals Aktiebolag, a subsidiary of Sumitomo ("SC Minerals"), SC Minerals has agreed to increase by $25.0 million the amount available for borrowing by MSC. SC Minerals is the 35% shareholder of MSC. The additional $25 million is to be used solely to fund MSC's operating expenses. The $25.0 million is in addition to the $125.0 previously borrowed pursuant to the original Loan Agreement and subsequent Amendments to the Loan Agreement. The additional loan amount may be borrowed by MSC at any time on or before December 31, 2008. Apex Silver expects that MSC will borrow the full Additional Loan Amount on December 22, 2008.
If the full amount available under the amended Loan Agreement is fully drawn (including the Additional Loan Amount), no payments are made by MSC prior to maturity, and SC Minerals were to convert all amounts payable into MSC shares as of the maturity date, Apex Silver's indirect ownership interest in MSC would be reduced to approximately 40.5% (approximately 48.2% on conversion of principal only).
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including statements regarding the intention of Apex Silver to enter into a definitive agreement relating to the sale of Apex Silver's interest in the San Cristobal mine and the restructuring of Apex Silver's capital structure, the expected continuation of Apex Silver as a management services and exploration company, and MSC's anticipated borrowing from SC Minerals. These statements are subject to risks and uncertainties, including those relating to the ability of Apex Silver and Sumitomo to reach a definitive agreement on all terms of the sale, including terms relating to Apex Silver's management of the mine, the risk that creditors of Apex Silver or the mine will not agree to a restructuring on terms satisfactory to Sumitomo, and the risk that SC Minerals does not advance funds to MSC. The ability of Apex Silver to achieve the contemplated sale could also be affected by other factors, including those relating to its operations such as further decreases in metals prices, whether and to what extent the financial markets continue to experience significant volatility; and political unrest and uncertainty in Bolivia. Apex Silver assumes any obligation to update this information.
CONTACT:
Apex Silver Mines Corporation
Jerry W. Danni
(303) 839-5060
Sr. Vice President Corporate Affairs
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