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July 25, 2014
16:49 EDTSODA, CMG, SBUX, YUM, TRLA, BA, NFLX, FB, IBM, Z, HOG, GM, AAPL, BBRY, MCD, AGN, AMZNS&P ends week little changed amid earnings deluge
The S&P 500 finished little changed this week as mixed U.S. economic data and continued geopolitical uncertainty offset strong earnings from a number of major companies and upbeat overseas economic data. MACRO NEWS: U.S. economic data was mixed, as fewer than expected jobless claims were reported and durable goods orders for June were slightly higher than expected, but new home sales for June and a preliminary purchasing managers' index for July came in below expectations... Investors received some positive economic news from overseas, as HSBC's preliminary China purchasing managers' index for July reached an 18-month high. Meanwhile, a preliminary PMI for the euro zone for July came in at 54, versus 52.8 in June... Ongoing conflicts between Israel and Hamas and Russia and Ukraine kept investors on edge, with Friday reports indicating that no truce accord had been reached in Israel and that Russia was building up its troop presence along the Ukrainian border. COMPANY NEWS: Among the notable companies whose stocks rose after they reported quarterly results were Facebook (FB), Apple (AAPL), Allergan (AGN) and Chipotle Mexican Grill (CMG). Notable companies whose stocks sold off following their results included Netflix (NFLX), Harley-Davidson (HOG), General Motors (GM), Boeing (BA), McDonald's (MCD) and Pandora (P)... McDonald's was also hit this week by revelations that its restaurants in China had sold expired meat that was allegedly intentionally supplied by a China-based company. Yum! Brands (YUM) and a provider of products to Starbucks (SBUX) are also believed to have bought and sold expired meat from the supplier... In M&A news, Bloomberg reported that real estate website operator Zillow (Z) held talks about buying its rival, Trulia (TRLA). Both stocks surged. Shares of SodaStream (SODA) also rallied after Bloomberg reported that the company is in talks about selling itself to an investment firm that would take the beverage system maker private... On Monday, hedge fund manager Bill Ackman promised on CNBC that his presentation about Herbalife (HLF) would show why the company "is going to collapse." But the shares actually surged higher during and immediately after Ackman's presentation. Ackman has a large short position in the stock and notably alleged it is a pyramid scheme... BlackBerry's (BBRY) CEO told the Financial Times that his company was in early talks about partnering with companies to target the enterprise markets, in order to counter a recently announced partnership between Apple and IBM (IBM). INDEXES: For the week, the Dow fell 0.83% to 16,960.57, the Nasdaq rose 0.4% to 4,449.56, and the S&P was flat at 1,978.34.
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September 29, 2015
09:27 EDTMCDOn The Fly: Pre-market Movers
HIGHER: Yahoo (YHOO), up 4.5% after the company's board authorized the company to continue to pursue its spin-off of Aabaco Holdings, a newly formed independent registered investment company that will hold all of Yahoo's remaining holdings in Alibaba Group (BABA)... Phoenix Companies (PNX), up 164% after Nassau Reinsurance agreed to acquire Phoenix for $37.50 per share in cash... McDonald's (MCD), up 1.4% after the stock was upgraded to Outperform at Credit Suisse... Johnson & Johnson (JNJ), up 1% following upgrade at Deutsche Bank. LOWER: Esperion (ESPR), down 29% after reporting that the FDA has encouraged the company to initiate a cardiovascular outcomes trial promptly since any concern regarding the benefit/risk assessment of ETC-1002 could necessitate a completed cardiovascular outcomes trial before approval... Solera (SLH), down 2% after IHS (IHS) said on its earnings call that it is not pursuing an acquisition of the company, as previouly indicated in media reports... Zosano (ZSAN), down 54% after the company announced that it would discontinue its ZP-PTH agreement with Eli Lilly (LLY).
09:19 EDTNFLXDeutsche Bank to hold a conference
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09:04 EDTAMZNSizmek selected to join Amazon Creative Partner Program
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09:01 EDTAMZNAmazon says Universal Music Group artists available for Prime members to stream
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08:57 EDTAGNCowen lists Vertex, Biogen and Amgen as hypothetical Allergan targets
Cowen analyst Ken Cacciatore noted that the price agreed for Allergan's (AGN) generic divestiture to Teva (TEVA) is fixed and that the cash value from this deal has not depreciated in any way while the corresponding valuations of potential targets have corrected, increasing the potential value creation available for Allergan as it decides how to deploy its capital. To illustrate the value creation that Allergan's capital deployment could generate, Cacciatore estimates the type of accretion potential that might be seen if the company were to buy Vertex with an acquisition price of $36.5B, if it were to acquire Biogen (BIIB) at a price of $91B or if it were to purchase Amgen (AMGN) with an acquisition price of $140B. Although the market correction has lowered Allergan's stock, the decline could be viewed as a near-term positive, given that a key component of its strategy and business model is to seek to aggressively deploy its capital, Cacciatore argues in a note to investors. The analyst keeps an Outperform rating and $400 price target on Allergan shares.
08:28 EDTAAPLApple data may not be good indicator of demand, says Bernstein
After Apple announced that the sales of its iPhone 6S and iPhone 6S+ exceeded 13M units over the first weekend of availability, Bernstein says the figure is "strong versus history." However, the firm thinks that the strength could have been caused by improved supply of iPhones, rather than increased demand for them. The firm says it's "hard to conclude" whether 6S sales Q4/Q1. will exceed 2014 levels. Bernstein keeps a $135 price target and Outperform rating on Apple.
08:18 EDTAGNAllergan initiated with a Buy at Nomura
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08:03 EDTAGNAllergan price target lowered to $311 from $357 at Leerink
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07:11 EDTAMZNWal-Mart expands pick-up service to new markets, Fortune says
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07:09 EDTAGNAllergan selloff brings 'compelling' buying opportunity, says JPMorgan
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06:56 EDTAAPLApple markets privacy, criticizes Google, Verge says
Apple (AAPL) continues to strengthen its credentials as a company caring about privacy, having updated its privacy site, adding in details on how data is collected for new iOS 9 features, such as the News app, the Verge reports. The site includes a letter from CEO Tim Cook, the report says. The company's description of Maps privacy may be a thinly-veiled criticism of Google (GOOG), the Verge says. Reference Link
06:44 EDTCMGChipotle initiated with a Market Perform at Telsey Advisory
Target $800.
06:37 EDTMCDMcDonald's upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse upgraded McDonald's to Outperform and raised its price target to $112 from $110. Analyst Jason West said checks indicate U.S. same-store-sales trends are beginning to turn driven by operational and menu changes, and some new product wins. West sees 5-6% potential upside to current 2016 forecasts and sees favorable risk/reward of 2-3% downside versus 20% upside, even if the turnaround is fairly modest.
06:31 EDTAAPLApple, Samsung agree to court-supervised mediation in patent dispute
According to a court filing, Apple (AAPL) and Samsung (SSNLF) have agreed to participate in court-supervised mediation of their years-long dispute over patents. "Pursuant to the September 18, 2015, Case Management Order, the parties jointly submit this update on alternative dispute resolution. The parties are willing to mediate with Judge Spero with a settlement conference deadline of November 15, 2015, and are conferring on scheduling," the court document says. Reference Link
06:20 EDTAMZNAmazon taps independent drivers for Flex service, WSJ reports
Amazon has recently rolled out a program in Seattle to bring merchandise to customers' homes using a network of independent contractors, the Wall Street Journal reports. The new service, called Amazon Flex, has people signing up for shifts through an app that gives them assignments from mini-warehouses, the report says. Amazon pays its drivers roughly $20 an hour to make deliveries, the report says. Reference Link
06:19 EDTAAPLIcahn a little longer than short the market, CNBC reports
Carl Icahn is positioned as a "little longer than short" the market, CNBC's Scott Wapner reports following the release of the billionaire's "Danger Ahead" movie. Icahn is keeping as is his long position in Apple (AAPL), Wapner added. The famed investor owns Freeport McMoRan (FCX) as a play on copper prices recovering over the long term, the reported noted after speaking with Icahn on the phone. Icahn last night raised his stake in Cheniere Energy (LNG).
06:17 EDTGMFiat Chrysler labor deal faces resistance, NY Times reports
Fiat Chrysler's (FCAU) tentative deal with the United Auto Workers union has seen resistance in early voting, with several plants rejecting the deal outright, the New York Times says. Voting at some of the largest plants will start Tuesday, and that fate of the proposed four-year deal will be determined by the middle of the week, the report says. Opponents to the deal have said that it does not offer any clear path for lower-tier workers to reach the highest levels of hourly play and fails to limit the number of entry-level workers, the report says. Fiat Chrysler's deal with its auto workers is viewed as a template for labor talks that General Motors (GM) and Ford (F) will have with their workers, the report says. Reference Link
06:13 EDTAAPLIcahn says sticking with Apple position, CNBC reports
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06:13 EDTBACargolux in talks to buy five more Boeing freighter jets, Reuters reports
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05:56 EDTAAPLApple's iPhone 6s expected to have strong sales in Q4, DigiTimes reports
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