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July 8, 2014
16:23 EDTIPCI, NFLX, TXMD, SHPG, LRCX, FB, ABBVOn The Fly: Closing Wrap
Stocks on Wall Street opened lower and stayed in negative territory for the entire session. The tech-heavy Nasdaq was weighed down by slides in a number of "momentum" stocks, while the Dow fell below 17,000 after having eclipsed that milestone for the first time to end last week. The declines came as investors prepare for earnings season, which unofficially kicked off when Alcoa (AA) reported after today's closing bell. ECONOMIC EVENTS: In the U.S., the Job Openings and Labor Turnover, or JOLTs, report showed a 171K increase in job openings to 4.635M, marking a fourth straight monthly gain. Consumer credit grew $19.6B in May, which was fairly in-line with expectations for it to be up $19.8B. COMPANY NEWS: Shares of both AbbVie (ABBV) and Shire (SHPG) fell, despite the U.S. drug company raising its takeover bid for its U.K. peer by 11% to over $51B in cash and stock. Shire responded by saying that AbbVie did not make the revised proposal to Shire before the announcement and that its board will meet to consider the revised offer. Following the announcement of the new bid, Shire shares trading in New York fell $4.55, or 1.92%, to $232.92, while AbbVie slipped $1.71, or 2.98%, to $55.69. MAJOR MOVERS: Among the notable gainers was TherapeuticsMD (TXMD), which rose $1.34, or 32.45%, to $5.47 after research firm FBR Capital initiated the stock with an Outperform rating and $34 price target. Also higher was Lam Research (LRCX), which gained $1.06, or 1.54%, to $69.67 after providing updated financial guidance at its analyst and investor meeting. Among the noteworthy losers was Intellipharmaceutics (IPCI), which fell 52c, or 13.33%, to $3.38 after reporting a net loss for its second fiscal quarter. Also lower were shares of a number of prominent technology "momentum" stocks, including Facebook (FB), which slid $2.53, or 3.88%, to $62.76, and Netflix (NFLX), which dropped $15.57, or 3.38%, to $445.05. INDEXES: The Dow lost 117.59, or 0.69%, to 16,906.62, the Nasdaq declined 60.07, or 1.35%, to 4,391.46, and the S&P 500 dropped 13.94, or 0.7%, to 1,963.71.
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September 28, 2015
07:56 EDTNFLXNetflix appears to have a hit with Narcos, says UBS
UBS analyst Doug Mitchelson said the firm's "Evidence Lab" found that Netflix' Narcos is already among the top four most liked of the company's original shows on Facebook in less than 1 month after premiering, adding that the reception of the show has been particularly strong in Latin America. The apparent hit increases the firm's confidence in Q3 subscriber growth estimates for both the U.S. and international markets, Mitchelson told investors in a research note. The analyst also noted that Netflix ranked sixth in week 1 and 24th in week 2 in terms of iOS app downloads for Japan after launching there. Though the launch is the weakest internationally since 2013, the size of the market should still let it contribute to Q3, wrote Mitchelson who keeps a Buy rating and $143 price target on Netflix shares.
07:52 EDTSHPG, ABBVIIR Holdings to hold a conference
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07:46 EDTSHPGUBS to hold a field trip
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07:27 EDTABBVFDA and the Parental Drug Association to co-host a conference
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06:27 EDTNFLXNetflix acquires rights to three more TV shows, Variety reports
Netflix has acquired the global streaming rights to CW's "Jane the Virgin," USA's "Colony" and CBS's "Zoo," sources confirm to Variety. Netflix previously announced the acquisition of exclusive global rights to ABC's "How to Get Away with Murder." Reference Link
06:06 EDTFBFacebook 'dramaticlaly' increases virtual reality spending, Financial Times says
Facebook has increased its virtual reality investment since the Oculus acquisitoin and is expected to spend even more over the next decade, reports the Financial Times. Facebook CTO Mike Schroepfer said in an interview, "We are investing more year over year... We've got a multiyear plan for this worked out over a fairly long horizon. Although Schroepfer declined to give specific numbers, Facebook is expected to invest billions of dollars over the next several years. Reference Link
05:25 EDTABBVAbbVie's Viekirax receives approval in Japan
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September 25, 2015
16:35 EDTABBVStocks end week lower as biotechs sink, Volkswagen crashes
Stocks ended the week lower after concerns about drug prices were reignited, sinking biotech stocks, an emissions scandal engulfed Volkswagen (VLKAY), dragging down shares of automakers and their suppliers, and Caterpillar (CAT) announced that it may eliminate as many as 10,000 jobs in the next three years as commodity prices continue to slump. MACRO NEWS: Following the Federal Reserve's decision last week to wait before raising rates, the central bank made a concerted effort to give the market more clarity this week. Over last weekend, three Federal Reserve officials - San Francisco Fed President John Williams, St. Louis Fed President James Bullard and Richmond Fed President Jeffrey Lacker - all argued that an interest-rate increase is still warranted this year. Then, on Thursday night, Fed Chair Janet Yellen said during a speech at UMass Amherst that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago... In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. Durable goods orders for August declined 2.0%, versus expectations for a drop of 2.3%. When transportation items were removed, the core reading was breakeven, versus expectations for a rise of 0.1%. The third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... The Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. Markit's flash manufacturing PMI for China fell to 47.0 in September from 47.3 last month. Meanwhile, Japanese Prime Minister Shinzo Abe unveiled new economic targets, including a goal for a 20% increase in the target size of the Japanese economy to 600T yen, though he gave no timeframe for achieving this aspiration... In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Biotech stocks declined after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on its treatment for toxoplasmosis, reigniting a debate around drug prices that previously embroiled costly Hepatitis C drugs including AbbVie's (ABBV) Viekira Pak and Gilead's (GILD) Sovaldi and Harvoni. Presidential candidate Hillary Clinton sent the debate to center stage by criticizing the "outrageous" prices of specialty drugs and laying out a plan to tackle "price gouging" in the specialty drug market. The NASDAQ Biotechnology index fell roughly xxx% for the week amid the attention paid to Turing's drug and Clinton's response... Volkswagen (VLKAY) shares trading in New York fell sharply to begin the week and ended the week far from where they'd been last Friday before the EPA said it found manipulations that violate U.S. environmental standards while testing certain of the automaker's diesel cars. The EPA said Volkswagen may face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules, which could total as much as $18B, according to Reuters. In the wake of the scandal, Chief Executive Officer Martin Winterkorn resigned, with the company's supervisory board subsequently praising the decision and selecting Matthias Mueller, the former head of Porsche (POAHY), as Winterkorn's successor as the company's new CEO... Caterpillar (CAT) shares dropped after the heavy machinery maker announced plans for job cuts and lowered its revenue guidance for this year and next. Caterpillar said that it would lay off 4,000-5,000 of its employees between now and the end of 2016 and could lay off up to 10,000 employees by 2018. Caterpillar cut its fiscal year 2015 revenue forecast by $1B and said its sees its fiscal year 2016 revenue to be 5% below this year, adding that it expects revenue declines in all three large segments next year... Online and mobile deal provider Groupon (GRPN) said it plans to cut 1,100 jobs relating primarily to the company's international operations... Nike jumped after the athletic gear giant reported better than expected earnings and futures orders, prompting numerous price target hikes and at least one upgrade at Street research firms. Among other companies reporting earnings this week, BlackBerry (BBRY), ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell immediately following their quarterly reports... Apple (AAPL), which has previously been reported to be working on an electric car via its "Project Titan," is speeding up those efforts and setting 2019 as a target to ship its first vehicle, according to The Wall Street Journal... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in in the Asian nation, while Cisco (CSCO) announced a partnership with Chinese server maker Inspur Group... Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... GoPro (GPRO) finished the week about xxx% lower after Barron's contended in a feature article last weekend that the company's stock could plunge another 30% to $25 as Apple, Sony (SNE) and others pressure the company's "one-hit wonder" products... On the M&A front, Atmel (ATML) agreed to be acquired by German chipmaker Dialog Semiconductor in a deal valued at roughly $4.6B and Starwood Waypoint (SWAY) announced a stock-for-stock merger agreement with Colony American Homes. INDEXES: The Dow lost about 0.43% to close at 16,314.67, the S&P 500 fell about 1.35% to close at 1,931.34, and the Nasdaq declined about 2.89% to close at 4,686.50.
16:00 EDTFB, NFLXOptions Update; September 25, 2015
iPath S&P 500 VIX Short-Term Futures up 66c to 25.09. Option volume leaders: AAPL NFLX BAC FB AU NKE PFE INTC AMZN TSLA
11:58 EDTNFLXStocks with call strike movement; TWTR NFLX
Twitter (TWTR) January 32 call option implied volatility increased 2% to 53, Netflix (NFLX) January 115.7 call option implied volatility decreased 2% to 55 according to IVolatility.
10:48 EDTNFLXMorgan Stanley cautious on media, but sees several stocks punished too hard
Morgan Stanley cut its price targets on a number of media companies, citing the impact of cord cutting and skinny bundles. The firm also reduced its outlook for the pay-TV sector due to its belief that the adoption of skinny bundles will accelerate, while the outlook for cable TV ads has deteriorated slightly, given macro pressures. The firm kept a Cautious view on the media sector, but also identified several stocks in the space that it thinks have been punished too harshly by investors recently. WHAT'S NEW: TV networks in general, and cable networks in particular, have the highest margins in media and are encountering increased top and bottom line competitive pressures, Morgan Stanley analyst Benjamin Swinburne believes. On the top line, they are being hit by ratings and ad pressures as well as cord cutting and distribution consolidation, the analyst stated. Meanwhile, their profit is being hurt by the increased need to obtain new content and intensified competition for content from new sources like Netflix (NFLX) and Google's (GOOG) YouTube, Swinburne said. However, the analyst thinks that media stocks are "starting to get" cheap, given the leverage that many of the companies carry. Swinburne cuts his price target on 21st Century Fox (FOXA) to $31 from $37, on AMC Networks (AMCX) to $86 from $88, on CBS (CBS) to $46 from $56, on Time Warner (TWX) to $72 from $87 and on Viacom (VIAB) to $48 from $60. He kept Overweight ratings on Fox, AMC and CBS, an Equal Weight rating on Time Warner and an Underweight rating on Viacom. OVERDONE DECLINES: Swinburne believes that the declines in three media stocks - CBS, 21st Century Fox, and AMC Networks - have been overdone, while the decline in Comcast's (CMCSA) stock has also been excessive. CBS and 21st Century Fox are "best positioned for the skinny bundle" and have the cheapest valuations relative to their growth rates, Swinburne believes. Meanwhile, AMC Networks has "content momentum" and its EPS can exceed expectations, the analyst believes. Comcast is gaining share in the broadband Internet market, could take share in video soon, and has sufficient scale and offerings to benefit from the increased popularity of skinny bundles, according to the analyst, who kept an Overweight rating on the stock. The media sector could benefit from consolidation going forward, added Swinburne, who recommended that investors interested in buying potential takeover targets in the space focus on AMC Networks, MSG Networks (MSG) and Dreamworks Animation (DWA). He kept Overweight ratings on all three of those stocks. OTHERS TO WATCH: Besides Comcast, other pay TV companies include DISH Network (DISH) and Charter Communications (CHTR). PRICE ACTION: In early trading, Fox A shares lost 0.5% to $25.83, AMC fell 0.3% to $73.29, CBS added 0.2% to $41, Time Warner was little changed at $67.66 and Comcast A shares added 0.6% to $57.17.
10:00 EDTLRCXOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: 3M (MMM) upgraded to Outperform from Neutral at Credit Suisse... ACE Limited (ACE) upgraded to Buy from Neutral at Goldman... Applied Materials (AMAT) upgraded to Buy from Outperform at CLSA... Autoliv (ALV) upgraded to Sector Perform from Underperform at RBC Capital... Bed Bath & Beyond (BBBY) upgraded to Market Perform at Telsey Advisory... Box (BOX) upgraded to Buy at Canaccord... Chevron (CVX) upgraded to Peer Perform from Underperform at Wolfe Research... CyberArk (CYBR) upgraded to Buy from Neutral at Nomura... Exelon (EXC) upgraded to Buy from Neutral at Guggenheim... General Growth (GGP) upgraded to Outperform from Market Perform at BMO Capital... Intel (INTC) upgraded on positive checks, developments at JMP Securities... KLA-Tencor (KLAC) upgraded to Outperform from Underperform at CLSA... Lam Research (LRCX) upgraded to Buy from Outperform at CLSA... Marvell (MRVL) upgraded to Buy from Hold at Craig-Hallum... Nike (NKE) upgraded on share gains at Sterne Agee CRT... Spirit Airlines (SAVE) upgraded to Outperform from Market Perform at Cowen... United Rentals (URI) upgraded to Neutral from Underperform at BofA/Merrill.
09:34 EDTNFLX, FBActive equity options trading on open
Active equity options trading on open: AAPL BAC FB NKE NFLX PFE AU TSLA
08:24 EDTLRCX, LRCXLam Research upgraded to Buy from Outperform at CLSA
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07:22 EDTABBVEuropean Society for Medical Oncology to hold a conference
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07:16 EDTABBVAbbVie to advance onve-daily ABT-494 to Phase 3 by year-end
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07:15 EDTABBVAbbVie's ABT-494 meets primary endpoint in two Phase 2 studies
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06:21 EDTFBFacebook's free internet effort in developing countries 'inadequate,' WSJ says
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06:13 EDTNFLX, FBPiper's Munster sees building virtual reality momentum for Facebook
Piper Jaffray analyst Gene Munster says Facebook's (FB) virtual reality theme is building momentum after its Oculus unit announced a 50% price cut for its mobile VR solution headset to $99. Also announced was that the headset, named Gear VR, will work with five phones versus three in the past. A better virtual reality experience is now available to a larger market and the "critically important" content is growing, Munster tells investors in a research note. Oculus has partnerships with Netflix (NFLX), Hulu, Tivo (TIVO), Sega and Midway to bring their content into Gear VR, Munster points out. He expects Samsung to sell 5M-10M Oculus enabled Gear VR headsets next year, up from around 1M in 2015. Munster maintains an Overweight rating on Facebook with a $146 price target. The stock closed yesterday up 44c to $94.41.
05:58 EDTFBIndian Prime Minister to meet with Apple, Google CEOs, WSJ reports
Indian Prime Minister Narendra Modi will meet this weekend with Google (GOOG) CEO Sundar Pichai, Facebook (FB) founder Mark Zuckerberg and Apple (AAPL) CEO Tim Cook, among others, The Wall Street Journal reports. According to industry insiders, the tech executives will use the visit to push for better market access in India as well as clearer regulation on investment and startups. Reference Link
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